Best Business Bank Account in Australia

Choosing the Best Business Bank Account in Australia depends on how a company handles payments, deposits, transfers and everyday banking. A low monthly fee may be important for a startup, while a cash-intensive business may need convenient branch services and suitable deposit allowances.

Australian banks offer different business transaction accounts for sole traders, companies, partnerships and other eligible structures. Options from NAB, CommBank, ANZ and Westpac differ in monthly fees, transaction arrangements, branch services and digital banking features.

For companies and partnerships, maintaining a separate business account also helps keep business income and expenses distinct for accounting and tax purposes. The Australian Government's business guidance states that partnerships, companies and trusts must have a separate bank account for tax purposes.

Which Business Bank Account Is Best for Different Businesses?

There is no single account that suits every company. The appropriate choice depends on transaction volume and the way the business operates.

• Online businesses: Look for low monthly fees, unlimited or high electronic transaction allowances and strong online banking.

• Startups: A $0 monthly-fee account can help reduce ongoing banking costs while transaction volumes are still low.

• Retail and cash-intensive businesses: Branch access, cash deposits and assisted transactions become more important.

• Professional service companies: Businesses receiving payments electronically may benefit from accounts with unlimited electronic transactions.

• Growing companies: Higher transaction limits, accounting integration and additional banking facilities may become more important as activity increases.

• International businesses: Companies dealing with overseas customers or suppliers should also evaluate international payment services and foreign-currency options.

Best Business Bank Account Australia: Major Options Compared

NAB Business Everyday Account

NAB currently offers a Business Everyday Account with a $0 monthly fee designed for businesses that mainly bank online. The account provides unlimited standard NAB electronic and NAB ATM transactions. Banker-assisted transactions are charged separately.

NAB also offers a $10 monthly-fee version aimed at businesses making a larger number of cash and cheque transactions, with 15 free eligible transactions each month.

Best suited for:

• Online-first businesses

• Businesses wanting unlimited standard electronic transactions

• Small companies looking for a $0 monthly-fee option

• Businesses requiring accounting-software integration

CommBank Business Transaction Account

CommBank's Business Transaction Account provides an online option with a $0 monthly account fee. Assisted transactions and QuickCash deposits can attract separate charges. Businesses that regularly use branch or post-office services can instead choose the $10 monthly option, which includes five assisted transactions.

Eligible applicants can apply online. CommBank states that online applicants generally need an ABN, ACN where applicable and identification. Private companies also need to confirm directors and beneficial owners.

Best suited for:

• Businesses that prefer digital banking

• Companies wanting an online application option

• Businesses that may require branch access

• Companies looking for integrated business banking services

ANZ Business Essentials

ANZ Business Essentials currently has a $0 monthly account service fee and unlimited ANZ ATM and electronic transactions. Certain staff-assisted, cheque and manual merchant-deposit transactions are charged separately.

ANZ Business Extra is another option, currently carrying a $10 monthly account service fee and offering unlimited ANZ ATM and electronic transactions, with an optional business overdraft.

Best suited for:

• Small businesses with primarily electronic transactions

• Businesses seeking a $0 monthly-fee transaction account

• Companies that may later require an overdraft

• Businesses wanting access to additional ANZ savings products

Westpac Business One

Westpac's Business One currently has a $0 monthly fee and $0 electronic transaction cost, while branch transactions are charged at $3 each. Westpac identifies it as suitable for online-first businesses and sole traders.

Business One Plus has a $10 monthly fee and includes five free branch transactions per month, making it more relevant for businesses that regularly need assisted banking. Westpac states that both accounts are available to businesses, subject to eligibility.

Best suited for:

• Online-first businesses

• Businesses wanting $0 monthly fees

• Sole traders and small businesses

• Businesses requiring occasional or regular branch assistance

How Should You Compare Business Bank Accounts in Australia?

The monthly fee is only one part of the comparison. Before choosing an account, assess the following:

1. Monthly account fee

Check whether the account has a fixed monthly fee and whether any waiver conditions apply.

2. Electronic transactions

For online businesses, unlimited or generous electronic transaction allowances can be more valuable than a low headline fee.

3. Cash and cheque deposits

Businesses accepting cash should examine deposit arrangements and charges rather than choosing an account based only on electronic banking features.

4. Branch access

If directors or staff regularly need face-to-face banking, compare the cost and availability of assisted transactions.

5. Debit cards

Check whether business debit cards are available and how additional cards can be issued to authorised users.

6. Online banking

Consider mobile and internet banking, payment management, accounting integrations and user-access controls.

7. International transactions

Companies trading internationally should examine foreign-currency accounts, international transfers and applicable transaction charges separately from everyday banking.

8. Additional banking facilities

A business may eventually require overdrafts, savings accounts, merchant services or other facilities. Choosing a bank with suitable business products can simplify future banking arrangements.

Can You Open a Business Bank Account Online in Australia?

Several Australian banks support online applications for eligible business structures.

NAB states that eligible applicants can apply for its business transaction accounts online, with its application process advertised as taking as little as 10 minutes.

CommBank allows eligible sole traders, Australian private companies and certain other structures to apply online for its Business Transaction Account. Its current online process involves providing applicant details, identity verification and business verification.

Westpac also provides online applications for eligible Australian businesses, while applicants who do not qualify for online opening may need to apply through a branch.

Online availability should therefore be checked against the company's legal structure, ownership and applicant circumstances.

What Documents Are Required to Open a Business Account?

The exact requirements vary between banks and business structures. Common information can include:

• Australian Business Number (ABN)

• Australian Company Number (ACN), where applicable

• Registered business name

• Government-issued identification

• Company and business details

• Director information

• Beneficial-owner information

• Details of authorised account operators

• Business address

CommBank, for example, currently requires an ABN, ACN where applicable and identification for online applications, while private companies must confirm director and beneficial-owner information.

Foreign-owned companies or foreign entities may face additional verification and should not assume that the standard online application route will apply.

What Should Non-Residents Consider?

Non-resident founders and foreign-owned companies should assess eligibility before selecting an Australian bank account.

The bank may need to establish:

• The legal existence of the company

• Australian registration or business presence where applicable

• Directors and beneficial owners

• Tax residency

• Nature of the business

• Expected transaction activity

• Source of funds where required

• Countries connected with the business

The online account-opening options published by Australian banks are not necessarily available to every foreign-owned or foreign-registered entity. For example, CommBank specifically directs foreign entities to obtain further information through its branch or telephone channels.

How Can YKG Global Assist With Australian Business Banking?

YKG Global assists international entrepreneurs and companies with the preparation and coordination involved in Australian business banking.

Support can include:

• Identifying banking requirements based on the company's structure

• Preparing corporate and KYC documentation checklists

• Coordinating director, shareholder and beneficial-owner information

• Assisting with application documentation

• Supporting foreign founders with non-resident banking requirements

• Coordinating communication during the account-opening process

The banking application must ultimately satisfy the selected bank's eligibility, identification and compliance requirements.

Call us or fill out our contact form to schedule a consultation today.

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