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Are you tired of the high-fee business bank offerings from traditional bricks and mortar financial institutions? If you’re an eCommerce company or use EFTPOS for transactions, the Tyro business bank account may be just what you’re looking for.
Read on to discover how it works, the features and benefits, and the way to open an account. Then take a look at how the Wise Business account compares.
|💸 Looking for a stress-free international business account to pay abroad like a local? With multiple cards, AUD and foreign currency account details?
Established in 2003, Tyro is Australia’s largest EFTPOS provider of all ADIs outside the big four. It currently supports over 61,000 Australian businesses.¹ In 2016 it was the first technology company to obtain a full Australian banking licence. It launched the Tyro bank account that same year.
Tyro went public in 2019 and was the largest successful IPO by market capitalisation on the ASX for that year.¹
|Read more: Pin Payments Review. Online card payments solution.
The Tyro business bank account is only available to current Tyro EFTPOS and eCommerce customers. It simplifies and facilitates the payment settlement process. It operates geographically in Australia.²
For context, electronic funds transfer at point of sale (EFTPOS) is a globally used payment system. Payments get made by credit or debit cards at payment terminals located at points of sale.
At the end of each day, all the transactions need to get settled. This process is the transfer of funds received from these terminals into a business transaction account. This business account doesn’t need to be with the financial institution that the EFTPOS account is with, but it helps.
Therefore the primary purpose of the Tyro business bank account is to accept EFTPOS settlements from its existing clients. By linking these, the funds are available straight away.²
Designed for seamless EFTPOS settlements, the Tyro account offers many of the same features as a traditional bank account, including: ²
- 24/7 mobile banking with the Tyro app
- Integration with Xero
- Flexible settlements, 7 days a week
- Link the Tyro Bank Account with any other Australian Financial Institution
- Voice command payments via Siri
- Automatic low-balance reminders
- Safe payment notifications
- Interest on deposited funds
- Bonus interest the longer funds remain in the account
To apply, you must already be a Tyro business customer.
Follow these steps:⁴
- Tap on the banking icon on the bottom left of the main screen
- Press the open now button located at the bottom right
- An important information screen will open. Click ‘I Understand’ if appropriate
- Next, agree to the terms and conditions — also only if appropriate
- If you’re an eligible customer, the account will be available immediately
- The final step is to choose a settlement time — between 8 pm and 5 am AEST — for funds every day
If you can’t open the account immediately, a pop-up saying “more information required” will appear. You may get asked to provide some documents. A Tyro customer support agent will contact you within 2 business days to let you know what’s required.
Once you’ve provided the documents and all is going well, the account will be ready in 7–15 working days.
The Tyro business account has no fees. No account-keeping, batching, transaction, monthly statement, or overdrawn fees.
You need no minimum account balance to keep the Tyro bank account active.³
Unfortunately, international wire transfers aren’t currently available with a Tyro bank account.³
While their site says, this may be an option developed in the future, why wait?
The Wise Business account, on the other hand, offers transfers to 70+ countries — based on the mid-market rate. Just like the Tyro one, it also had no account-keeping fees — more on this account in a sec.
Tyro takes your security seriously. The Financial Claims Scheme protects deposits up to $250,000 per account holder. This support means that if anything happens to Tyro, a repayment up to the threshold will be made at an authorised deposit-taking institution.³
Tyro is the issuer of its own financial products and holds an Australian Financial Services Licence (AFSL) number 471951. Its Australian Company Number (ACN) is 103 575 042.²
|Read more: Airwallex Business account in Australia
Tyro can be contacted in several ways, depending on the urgency of the request. You can begin by completing an online form on its contact page, with a guaranteed turnaround of 24 hours. Alternatively, you can use any of these methods:
- Consult the FAQs for answers
- Call the contact centre 24/7 on 1300 00 TYRO (8976)
- Email Tyro at cs (at) tyro.com (replace (at) with @ symbol)
If international payments are a part of your business, then the Wise business account is one to consider.
Unlike Tyro, which focuses on ecommerce payment settlement and EFTPOS, the Wise business account is more flexible and supports more features.
With the Wise business account, you can make international business payments to over 70 countries in over 50 currencies. Wise uses the mid-market rate like the one you see on Google, for all international transfers, which means no markups.
The Wise business debit card is available to business owners and additional cards can be ordered for your team and staff members. It allows you to spend money globally with zero transaction fees coupled with low foreign exchange conversion charges.
By opening a Wise Business account, you can get your own local AUD account details and local account details in 9 other major currencies. You could integrate with Stripe or Pin Payments to receive money from ecommerce sales or work side-by-side with your Tyro business account.
The end result is that you can enjoy seamless settlements and access to low-fee international transfers.
To learn more about how much Wise could save your business, check out the Wise Business account. You can register online with a few clicks — in minutes.
Sources checked on: 30 October 2022
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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