TSB Business banking account. The types, requirements and fees.
Looking to open a business bank account with TSB? We’ve got you covered. Here’s all you need to know about the fees, account types and requirements.
Owning your own business can be a rewarding venture financially and on a person level. It does come with many decisions including choosing which business bank account is best suited to your situation.
In this article we’ll take a look at some of the top business bank accounts available in New Zealand, and give you a few tips for what to look for when making your decision.
💸 Looking for a stress-free international business account, with multiple cards, bank and accounting integration as well as mass payments? |
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Discover the Wise Business account
In no particular order, here’s a list of banks and services whose business accounts we’ll be delving into.
An alternative to the traditional brick and mortar banks, Wise is an authorised online financial services provider that specialises in multi-currency accounts and international transactions. The Wise Business Account provides you business functionality and integrations in a flexible online package. The send money service enables you to easily send and receive money from overseas at the mid-market exchange rate.
Businesses and freelancers conducting business locally and overseas.
With a Wise Business account you’re able to store 40+ currencies in a single account. You can also gain access to local account details for several of the world's major currencies including NZD, AUD, USD and EUR.
There’s greater flexibility to work with international suppliers as you can pay invoices in over 70 countries.
To streamline the accounting process, the Wise Business account can also be connected to certain accounting programs including Xero.
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Australia and New Zealand Bank is an award winning traditional bank that offers a range of business banking services.¹ When it comes to everyday business banking one of their main offerings is the ANZ Business Current Account.
Businesses that primarily operate within New Zealand or start-ups and non-profits looking for account fee relief.
The ANZ Business Current Account enables your funds to be managed online, over the phone or in a branch with the support of an ANZ customer service representative.³
It’s possible to make cash deposits and ATM withdrawals and the account has options for overdraft and loans.³
If you run a start-up that’s less than 2 years old, ANZ offers transaction and monthly account fee relief for the first year of service.³ Nonprofits may also be exempt from paying certain fees.
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Bank of New Zealand has been the bank of choice for many New Zealanders since it first opened in 1861.⁴ Today they offer two types of business transaction account.⁵
Let’s focus on the Business First Transact Account.
Businesses of any size that primarily operate within New Zealand.
The BNZ Business First Transact Account offers 24/7 access to your business funds through their Internet banking portal and Mobile Business Banking app.⁵ You’ll also have access to telephone banking and branch support.
To help with cash flow your business can have a pre-approved overdraft limit allowing you to overdraw anytime.⁵
BNZ do have an option for you to start your application online, making it easier to open a business account if you’re not near a BNZ branch.⁵
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Read more: A guide to business bank accounts with BNZ |
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Kiwibank is a New Zealand bank that openly states that all of their profit stays within the country.⁶ For businesses they offer a range of accounts including the Business Edge Account.⁷
Businesses that mainly do electronic transactions.
The Kiwibank Business Edge Account comes with free electronic transactions (excluding bulk payments) and 25 free in-branch deposits per month.⁷
You get access to a Visa Debit Card or multiple ATM/EFTPOS cards depending on the number of signatories on the account.⁷
To make accounting tasks easier, the Kiwibank Business Edge Account can be integrated with a range of accounting softwares including Xero, MYOB and TenanSee.⁷
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Read more: Business banking with Kiwibank |
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ASB were the first in New Zealand to introduce internet banking and mobile phone payments.⁸ Their everyday transactions account for small businesses is the Business Focus Account.
Small businesses that mostly do electronic transactions.
With a Business Focus Account your monthly base fee gives you access to unlimited basic electronic transactions.⁹
The account can be connected to a FastCash EFTPOS card and the initial card is sent to you for free.⁹
When it comes to accounting software integration, ASB has enabled the Business Focus Account to be connected to Xero and MYOB.⁹
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Read more: Business banking with ASB |
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One of New Zealand’s Big Four banks, Westpac NZ have a range of personal and business products. For everyday business banking they offer the Business Transact Account.
Businesses or sole traders that mostly transact within New Zealand.
Using a Westpac Business Transact Account you can manage your funds 24/7 using their Smart ATMs, Business Online banking or Westpac One.¹⁰
Depending on how your account is set up it’s possible to attach a Mastercard Debit card for easy daily spending.¹⁰
The account comes with optional overdraft and the ability to accept payments in a range of ways including direct debit and through EFTPOS facilities.¹⁰
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What you need to open a business bank account in New Zealand varies depending on the bank. Here’s a general idea of what you might need to provide.
While a business bank account isn’t always legally required, it’s generally a good idea to have as it makes it easier to separate your personal and business financial records.
Some banks will ask you to pay a minimum deposit to be able to open an account with them. Ideally you want to find an account with the services you need and low or no minimum deposit.
When deciding which business bank account to go with it’s a very good idea to read through the related fee schedules to make sure you know all of the fees that apply to the account. Here’s a few to look out for.
Many bank accounts have inbound and outbound transfer limits so aim to find one with a higher limit than you’d generally expect to need for your business endeavours.
If you have a team of people in your business who you trust with the business debit card, it’s a bonus to find an account that allows for multiple cards to be issued. With multiple cards you don’t need to worry about who needs the card when and it’s generally easier to track who’s spending what.
Many people rely on online banking to manage their accounts. If this sounds like you, it’s a good idea to check what services and transaction types you can access online.
Here’s a few things to consider when it comes to a bank's customer service.
If you think you’ll need access to branch services you may want to check how many branches there are in your area and what services those branches actually offer.
It’s possible that a situation may arise where your business needs to access a line of credit or go into overdraft. When choosing a business bank account it’s a good idea to look at what they have available, if the amount would be enough for your business and what the approval process entails.
The Wise Business account is an affordable and secure way to manage your everyday business banking. There’s no monthly account fees to worry about.
As well as doing transactions within New Zealand, you can send and receive money around the globe. There’s no hidden fees and your money is exchanged using the mid-market rate, just like you see on Google.
To make running your business easier, Wise enables you to have multiple business debit cards. You can pay up to 1000 people at one and there’s options for accounting software integration.
If the Wise Business account sounds like it might be the solution for your business banking needs, why not take a look at the account for yourself - you can get started in minutes.
Register your Wise business account
in minutes 🚀
Sources:
Sources checked on: 17 June 2022
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
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.
Looking to open a business bank account with TSB? We’ve got you covered. Here’s all you need to know about the fees, account types and requirements.
Your essential guide to BNZ business bank accounts, including how to open one and the fees you need to know about.
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Looking to open a business bank account with Westpac in New Zealand? We’ve got you covered. Here’s all you need to know.
Everything you need to know about ASB business bank accounts, including fees, how to open one and the documentation you’ll need.
Looking to open a business bank account with Kiwibank? We’ve got you covered. Here’s all you need to know.