Comparison of the best business bank accounts in Australia

All businesses, whether they’re a sole trader or a large-scale multi-national company, should look to set up a business account. Not only is it important to keep business and personal finances separate, but dedicated business accounts will usually offer enticing perks and benefits that can actually help the company in both the short and long-term.

The trouble for many businesses is often finding the right business account. There are almost 100 banking providers⁷ operating across Australia (as of this year), and that’s not to mention the fintech (financial technology) companies that are starting to gain a foothold in the sector, such as Wise¹. It can be a tricky thing to navigate.

That’s why we’ve put together this guide highlighting what we believe to be the best business bank accounts in Australia for 2025. We’ll offer a breakdown of the features each provider offers, as well as the pros and cons. We’ll also provide some useful information on what you need to do in order to set up a business bank account.

Table of contents
What is a business bank account? Comparison of the best business accounts Wise Business - Alternative Commonwealth Bank Westpac National Australia Bank (NAB) ANZ Bank Factors to consider Finding the right business bank account! FAQs

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What is a business bank account?

A business bank account is an account that has been specifically set up to manage a business’s finances. A business will typically have many types of transactions to handle, including receiving customer payments, payroll, and tax requirements. Keeping business transactions separate from personal ones is vital in order to make sure cash flow is accurate and all business-related exchanges are being carefully recorded and accounted for.

There are several different types of business accounts that you can choose from. These include:

• Business transaction account - best suited for a business’s daily financial operations
• Business savings account - allows for a business’s spare funds to accrue interest over time, to be used at a later date
• Business term deposit account - similar to a savings account, these allow businesses to tuck away funds for a fixed period in return for high interest rates
• Specialised business account - these usually specialise in things such as international payments and foreign currency holdings.

The providers that we’ve listed can facilitate all of these operations, though it is worth keeping in mind that there are dedicated providers for each of the above if you only require your business account for a single, specific purpose.

Alternatives to business bank accounts - What are they?

While traditional business bank accounts are a common choice for managing finances, several alternatives cater to specific needs and preferences. These alternatives often provide unique features, lower fees, or a more streamlined digital experience.

For instance, alternative providers like the Wise Business account facilitates currency conversion at low transparent fees with no hidden markups on the mid-market rate. This means that businesses don't have to lose money on hefty fees and charges when making transfers across different currencies.

The Wise Business account can be used to manage global currency transactions in addition to local AUD finances. For a one-time fee of 65 AUD, Wise Business offers local account details in major currencies like USD, EUR, GBP, AUD, CAD, NZD, and more. This allows businesses to receive payments in certain currencies as if they had a local bank account in these regions.

What's more is that, Wise Business account allows users to integrate with accounting softwares like Xero or QuickBooks where both domestic and international transaction data gets synced automatically.

Tired of hidden fees and complex processes when making overseas payments?

Sign up for the Wise Business account! 🚀

Comparison of the best business accounts in Australia (2025)

Now that we’ve let you know what to look out for when choosing your ideal business account, it’s time to take a look at the some of the business bank account providers and alternatives in Australia.

Wise Business - Alternative

Rather than being a traditional account, Wise Business is a secure payment provider that specialises in international multi-currency accounts. The Wise business account enables you to easily send and receive money around the world at the mid-market exchange rate.

Pros and cons

Pros

• No minimum balance and no monthly/recurring subscriptions
• No hidden fees
• Multi-card access for team members
• Hold, send, and receive multiple currencies within a single account

Cons

• Cash deposits aren’t possible
• No overdraft available

Great for - freelancers working with international clients and companies engaging in business locally or overseas.

Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, Quickbooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD

Sign up for the Wise Business account! 🚀

Commonwealth Bank

Commonwealth Bank³ is the first of Australia’s Big Four banks that appears on this list. They offer two types of business transaction accounts to choose from, the first of which is a five-time Mozo Award winner:

• Online - $0 monthly account fee, with $5 per assisted transaction. As the name suggests, this is a great option for businesses who conduct all of their transactions online.
• In branch - $10 monthly account fee, with five assisted transactions included. As the name suggests, this is the better option if you require more in-branch or post office options.

Additional account fees (for both types of account)

• Free electronic transactions
• 3.5% international transactions
• $15 overdraft fee

Additional features

• Free cash withdrawals from domestic CommBank ATMs
• Free business insight tools
• New customer offers and discounts for Google Ads and Google Workspace

Pros and cons

Pros

• Choice of account fee level
• Smooth integration with accounting software
• Personalised insights

Cons

• No particular benefits for international trade
• You may need to visit a branch to open the account

Great for - domestic companies looking for versatility in how they conduct their transactions.

Westpac

The second of the Big Four, Westpac⁴, has a number of business accounts to choose from. This is both a benefit and a drawback; there is an impressive range of features on offer from this bank, but no account is set up to easily handle all types of business transactions simultaneously.

The types of account that are on offer from Westpac are as follows:

• Business One - a Canstar award-winner, there are no monthly fees and $3 per staff assisted transaction made in-branch. There is no interest earned on this account.
• Business One Plus - there is a $10 monthly fee with this account, with 25 staff-assisted transactions per month. There is no interest earned on this account.
• Community Solutions Plus - there is no monthly fee with this account, and unlimited in-branch transactions. Interest can be earned on this account, though you have to set it up in-branch.

Additional account features

• $100 welcoming fee
• Seamless mobile payments
• Xero and QuickBooks connection

Pros and cons

Pros

• Monthly allowance for free business transactions (on Business One Plus)
• Smooth integration with accounting software
• Generous deals for new customers

Cons

• Deposit required to gain welcome offer
• No interest paid on Business One account

Great for - businesses that prefer to bank online and mostly transact within Australia.

National Australia Bank (NAB)

There are two types of business transactional accounts available from NAB⁵, with an additional account that’s more specifically designed for savings.

The two accounts go by the same name, but offer slightly different features, and are as follows:

• NAB Business Everyday Account ($0 monthly fee) - predominantly for businesses that conduct all of their transactions online.
• NAB Business Everyday Account ($10 monthly fee) - more suited to businesses who require in-branch access who handle regular cash deposits. You receive 15 free transactions with this account

Additional account fees (on $10 monthly account once initial 15 transactions have been used)

• $3 per transaction for EBD, CDM, and ECD deposits
• $3 per banker-assisted transactions

Additional account features

• Everyday support (including weekends)
• Integration with accounting packages
• NAB business visa debit card

Pros and cons

Pros

• Free online standard transactions
• Multiple accounts to choose from
• No minimum deposit required

Cons

• No interest earned on business accounts
• Additional fees for multiple funds transfers

Great for - businesses who transact online or for those who regularly handle cash

ANZ Bank

ANZ Bank⁶ is the final Big 4 bank to feature on this list. It now offers two types of accounts to put it in line with most of its competitors. The two accounts that are available from ANZ are:

• ANZ Business Essentials - $0 monthly account service fee with unlimited ANZ ATM transactions - however, there is a $2.50 fee for staff-assisted transactions, cheque transactions and manual merchant deposits
• ANZ Business Extra - $10 monthly account service fee, with 20 monthly ANZ transactions included.

Additional account fees

• 3% on international transactions

Additional accounts features

• Easy integration with accounting software
• $0 on terminal rental fees for six months

Pros and cons

Pros

• Choice between accounts
• Small amount of interest paid on account (over $5,000)
• ANZ App spending analytics

Cons

• Potentially steep international transaction fees

Great for - businesses who also want to earn interest on their accounts.

Factors to consider when choosing a business bank account

Before we look into comparing some of the best business bank accounts and alternatives in Australia, here are some things to keep in mind when you’re choosing the best bank account for your business.

Your business type

If you’re a sole trader, you don’t technically have to open a business account, as everything will likely be going through you anyway, and your personal finances will likely be impacted. We still recommend looking into it though.

If you’re a company, partnership or trust, it makes sense to have a separate business bank account as it makes managing finances across multiple layers and complex structures, much easier. However, it is advisable to find the right fit that suits your business. While some might have local transactions only, others might be looking at global staff, clients, or even suppliers that would require multi-currency accounts to send and track finances efficiently.

Account opening deposits and limits

Most banks require a starting deposit in order to open a business bank account. Check this for each provider to see which one offers the lowest value.

There are also limits of transaction amounts for some providers. Your own business circumstances will dictate whether this will be an issue.

Availability of multiple card ownership

If your business is likely to require multiple people making payments and having access to the account, then your business account will need to be able to facilitate multi card ownership. Assigning individual cards to different users makes it easier to set limits, track and manage spend efficiently.

Online business bank control

Many banks and fintech providers conduct most of their operations online. Whether you require an online-only service, or whether there are some tasks that you would prefer to conduct in-person, will have an impact on the provider you choose.

Customer support

Not all providers (particularly those that are online-only) offer the same level of customer support. When making your decision, look into the customer support available and the methods of getting in touch. You should also look to research existing customers to see whether they seem happy with the levels of support they receive.

Credit and overdraft facilities

In much the same way as for a personal account, business owners are entitled to use credit options and overdrafts for their business if needed. Check the various rates of interest on credit cards and overdraft limits to see whether they are suitable for your expected business requirements.

Finding the right business bank account!

Setting up a business bank account is an important step for all businesses - fortunately, it’s never been easier, and there are a vast range of providers to choose from. We’ve listed the most prominent, as well as a leading alternative with an international business account from Wise.

If you’re still in need of a little more information, then check out this article where we go into more detail on how to open a business bank account in Australia.

And if you believe that Wise Business is the way to go for your business financial transaction needs, then sign up today!

Sign up for the Wise Business account! 🚀

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Sources:

1. Wise international business account home page
2. Wise business pricing and features
3. CommBank business bank account main page
4. Westpac business account features page
5. NAB business bank account main page
6. ANZ business bank account main page
7. Number of banks in Australia

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FAQs on best business bank accounts

What you need to open a business account in Australia

How to open a business bank account in Australia varies depending on the bank, but here’s a few things that are commonly requested.

• An Australian ABN or ACN
• Contract details for company directors
• ID documents for the person making the application
• Person applies has to be the owner or a company director

What are the fees charged by business bank accounts — local and international transactions?

When banks advertise their business accounts they usually don’t mention all of the applicable fees so make sure you read through the fee schedule.

Here’s a few things to look out for.

• Are there fees for multiple funds transfers?
• What are the fees for transferring funds locally and internationally?
• What do they base their exchange rate on?
• Do they have a profit margin on the exchange rate?
• What fees apply to in-branch services?

What are the account limits on business bank accounts?

Ideally, the account and transaction limits of your business bank account should be higher than what you expect you’ll be holding and moving around.

Are businesses allowed to have multiple cards?

If you work with a team of people it's handy to have the option to have multiple linked business debit cards for added security and convenience. For instance, alternative providers like Wise Business offers debit cards that can be ordered and assigned for each team member. This way, admins can set limits, track and manage expenses efficiently.

Can you control your account online?

For many people being able to control their business bank account online is essential. You should check to see what transactions and services you can access online and if there’s anything that you can only do through a bank staff member.