Thriday Tireless Transacting business account review. What are the fees and how does it work?

Managing bookkeeping and juggling business banking is undoubtedly one of the primary challenges many small business owners face.

Keeping on top of invoicing, bill payments, wages, tax obligations, expenditures, cash flow and more can seem impossible. Add in bank fees and the cost of professional accounting and things can be even more challenging to balance.

There are a variety of solutions available to help you better manage your business finances and avoid unnecessary fees. One of these options is the business account and linked financial management tool offered by Thriday. In this guide, we’ll take a look at what’s offered with a Thriday Business Account, including features, fees, how to apply and more.

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Business account

What is Thriday?

Thriday is a financial services provider that offers an alternative banking solution for Australian small business owners. It was founded by Michael Nuciforo and Ben Winford in 2020 and launched in 2022.¹

Intended to eliminate the many hours business owners spend each week on bookkeeping, Thriday facilitates business banking as well as better management of key accounting tasks.

Marketed as an all-in-one solution, Thriday does this by offering business banking through their Business Accounts paired with accounting features such as tax forecasting, receipt tracking and more.²

What is the Thriday Business account and how does it work in Australia?

Rather than offering a single Business Account on sign-up, Thriday allows up to 10 linked accounts under their introductory Business Banking Plan.³

This allows you to set up multiple transaction accounts such as a profit account, tax account, spending account or similar and distribute funds to them as needed.

From these, you can also schedule payments, send and receive funds and make BPAY payments.²

A Thriday Visa Debit Card connected to your chosen account allows you to make in-person payments or withdraw funds both in Australia and overseas. Cash deposits are also possible and facilitated by Bank@Post.³

The main features of the Thriday Tireless Transacting Business account

Thriday offers several features with its base Business Banking Plan. Also referred to as a Tireless Transaction account, these include⁴:

• Access to multiple business accounts for easier budgeting and distribution of funds
• The option to automate accounting payments such as GST, tax, super and payroll
• Cash flow and tax forecasting
• Detailed transaction data for easier expense tracking and insights
• Quote and invoice creation and distribution
• Bill uploading for automated payment scheduling
• Physical and digital Thriday Visa Debit Card with Apple Pay and Google Wallet integration
• The ability to send and receive funds via electronic transfer or BPAY within Australia
• Thriday Debit card to make withdrawals or payments while overseas
• Downloadable PDF statements monthly
• Option to export transaction data to approved third-party applications or into a CSV file
• A mobile app for iOS and Android devices

Additional accounting features are also available on higher-tier plans, however, a different fee structure applies.³

Please refer to individual plans for more details on which features are included and to determine whether this product is suited to your business needs.

What fees and charges are involved with a Thriday Tireless Transacting account?

Thriday operates on a tiered subscription model with three core plans available at this time. The below details their introductory Tireless Transacting or lead-in Banking Plan.

*As seen on 19 February 2024

What are the international transfer fees with Thriday Australia?

Currently, there is limited information on Thriday’s website regarding international transfers and associated fees.

Based on available information, it appears you can receive international payments to a transaction account, but not send them. An AUD$15 charge applies per transaction received.⁵

Intermediary fees accrued during processing by correspondent banks may also be deducted from the amount received depending on the payee’s instructions.

Please speak with Thriday directly for clarification on this service as needed.

What is the exchange rate used by Thriday?

As outlined in the above table, Thriday uses Visa’s exchange rate for any payments or withdrawals made while overseas.

While Thriday and Regional Australia Bank (RAB) as their facilitator do not levy a margin on this exchange rate, Visa does include one as part of their charge.⁶

Keep in mind, however, that a 3.5% currency conversion fee will be charged by Thriday in addition to Visa’s charges.⁵

How to open a Thriday Tireless Transacting account

It takes just a few minutes to become a Thriday member and set up a Tireless Transaction Account.⁴

You’ll need to have at hand:

• A valid Australian Business Number (ABN)
• Two forms of ID, accepted formats are current driver’s licence, passport or medicare card
• The details of any other business directors (where applicable)

Who can open a Thriday Business Account?

Before making an application, you should also ensure you meet Thriday’s qualifying criteria.⁷

• You must be a sole trader or small business owner
• You must be an Australian Citizen or permanent resident

Steps to apply

1. To sign up for a new Thriday account, simply navigate to their website and click ‘Join For Free’ on the main landing page.

You can also join by downloading the app and following the prompts.

1. From here you’ll be directed to complete the registration process using the documentation above and answering details about your business.⁴
2. Once all information has been entered, submit the form and await verification from Thriday.

Thriday advises that once your details are verified you’ll have immediate access to your account online and via a digital Thriday Visa Debit card.⁴

Is Thriday safe?

As a subsidiary of Regional Australia Bank, Thriday is authorised to represent RAB and distribute certain services and products under its registration and licensing.⁸

RAB is registered with the Australian Securities and Investment Commission (ASIC) and holds an Australian Financial Services License (AFSL).⁹

This means they are considered a safe provider of financial services within Australia and that customer funds are protected as per ASIC regulations.

Additionally, Thriday advises that they utilise bank-grade security systems across all their tech infrastructure and that all data is fully encrypted and securely stored.¹⁰

Things to keep in mind

• Fund transfers are only possible to Australian bank accounts currently¹¹
• Thriday offer limited customer care, only available to speak with during weekdays between core business hours
• At the time of writing Thriday is available to sole traders or small businesses only⁷
• Not all accounting features are available on the base plan, to access these a higher-tier subscription with a monthly fee applies
• Only one debit card per account opened is available which may make it unsuited to those with several employees needing account access

Thriday contact details

If you would like to speak with Thriday regarding their business accounts or their platforms accounting capabilities you can do so at:

• 1800 8474 329 between 9 am and 5 pm Monday to Friday AEDT

They also offer a live chat service online during these hours. There are no overseas contact details available for business travellers.

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