Best business bank accounts in Australia 2025

If you run a UK business and plan on expanding or relocating operations to Australia, you most likely need to open an account with a traditional Australian bank. Usually, opening this type of account involves registering your business with the Australian government.

To help you pick the right bank for your business, we put together this detailed review of some of the best business bank accounts in Australia, including their fees, eligibility criteria, and features.

Alternatively, you can consider opening a Wise Business account and create local account details in Australia - which lets you easily transact in multiple currencies at the mid-market rate. It could be a great option if you need a fast and low-cost medium to start trading in Australia right away, without needing a physical presence.

Get started with Wise Business 🚀

Best business bank accounts in Australia: overview

Of Australia’s 97 authorised banks, the big four, ANZ Bank, Commonwealth Bank, National Australia Bank, and Westpac dominate the market¹. Compared to smaller and regional banks, they offer rounded banking services and have a wide network of branches. However, regional banks also have the perks of personalised services and niche (regional or industry) experience.

Generally, Australian banks offer three types of accounts:

• Free and paid business transaction accounts for everyday business transactions, equivalent to business current accounts in the UK.
• Savings accounts to store reserve cash for a term or an undefined period. You can earn interest on a specified minimum amount.
• Specialist accounts that are usually designed to help professionals like solicitors and farmers save funds. In some cases, these include foreign accounts.

If your preferred bank doesn’t offer foreign accounts, this isn’t a problem. You can open a Wise Business Account and transact in up to 40+ currencies and enjoy mid-market exchange rates without hidden fees. This means you’ll increase your ease, speed, and margin on international business.

Here’s an overview of some of Australia’s best business bank accounts with their key features, fees, and eligibility criteria

Bank/ Provider	Business account options	Key features	Monthly fee	Opening requirements
**ANZ	Business transaction account² Business savings accounts² Specialist accounts²	Unlimited ANZ ATM and electronic transactions³ ANZ Business Visa Debit card⁴ Fraud protection⁴	Business Essentials account: $0³ Business Extra accounts: $10 monthly service fee³	Age: 18+³ Australian businesses only³ Owner/director with two types of ID and your ABN or ACN³
Commonwealth Bank	Business transaction account⁵ Business Online Saver⁵ Capital Growth Account Flexi Business Investment Account⁵ Business Investment Account⁵	Visa Debit Card⁵ Smart Mini EFTPOS with same-day payments and 1.1% transaction fees⁶ Business overdraft with flexible repayment⁷	$0-$10 monthly account fee⁵	ABN and ACN (if you have one)⁵ ID e.g. Australian driver's licence, birth certificate, passport⁵ Confirm directors, beneficial owners or trustees.⁵
Westpac	Transaction accounts⁸ Savings account⁸ Specialist⁸ Not for profit accounts⁸	Partner discounts ⁹ Business Debit Mastercard with temporary card lock feature¹⁰ Optional overdraft facility¹¹	$0 Business One⁹ $10 Business One Plus⁹	Be a sole trader or sole director within Australia¹⁰ Applicant and signatories must be 18+ years old¹⁰
National Australia Bank	Business¹² transaction accounts Savings and term deposit accounts¹² Specialised accounts¹²	Accounting software integrations¹³ Unlimited standard NAB transactions¹³	$0 account fee¹² or $10 monthly fee for 15 free most expensive eligible transactions monthly¹².	Sole trader, partnership, director of an Australian private company or a trustee of a trust¹³ Be tax resident in Australia¹³ Active ABN or ACN unless you are a sole trader with no ABN¹³
Wise Business	Multi-currency account and cards	Hold, send and receive 40+ currencies at mid-market rates Batch payments and payment links Multi-user access Built-in integrations	£45 one-time set-up fee	Registered business details Company photo ID information and proof of address Business documents - depending on entity type

Types of business accounts

Before delving deeper into the providers, it’s worth considering the types of business accounts available to ensure its capabilities match your organisation’s financial goals and priorities.

The common types of accounts are:

• Business transaction accounts (equivalent to current accounts in the UK): Business transaction accounts are highly liquid bank accounts specifically for receiving paychecks, paying bills, making purchases, withdrawing cash at an ATM, and managing your everyday financial transactions.
• Business savings accounts: These are high-yield accounts that allow you to store excess cash and earn interest on your money. Unlike checking accounts that are used for frequent business transactions, savings accounts are designed for holding money that there’s no immediate need for. They are less liquid than checking accounts, meaning you can access
• Multi-currency digital accounts These are business accounts that operate primarily on digital channels, which can often be more favourable for non-residents to get the ground running. Wise Business is a great example of this, providing more capabilities such as generally lower FX fees, faster international payments and numerous integrations tied into one platform.

1 - ANZ

ANZ offers varied business bank account types, including transaction accounts, business savings accounts, and specialist accounts designed for solicitors, real estate agents and conveyancers².

The bank is one of Australia's largest banks in assets (AUD 1.3T in assets, March 2025).¹⁴ It also won Canstar’s Small Business Bank of the Year between 2022 and 2025.

You can earn up to 0.90 tiered interest rate p.a. through its Business Online Saver account and 3.60% fixed interest rate p.a. on term savings from $5,000 plus.

If you offer legal or agricultural services and products, you can benefit from ANZ’s Statutory Trust Account and its Farm Management Deposit Account. Additionally, the bank’s FX platform is available to businesses with a minimum of $250,000 (AUD) annual transactions in foreign currency¹⁵.

Trustpilot Score: 1.3 ( from 594 reviews)¹⁶

Best for: ANZ is best for sole traders and SMEs looking for a simple, secure, and cost-effective online and in-person business bank account.

Some key features of ANZ’s business accounts include:

Type of business account	Features	Fees
Business transaction account²	Unlimited ANZ ATM and electronic transactions² ANZ Business Visa Debit card⁴ Fraud protection⁴	Business Essential account³: $0 monthly account service fee³ $2.50 for staff-assisted transactions, manual merchant deposits and cheque transactions³ Varying fees for other transaction types³ Business extra accounts: $10 monthly with overdraft and 20 cheque withdrawals and deposits, manual merchant deposits and staff-assisted transactions (combined) per month³
Other benefits	Business Transaction account: Integrates with MYOB and other accounting software³. Offers 11 months of MYOB access for 1 1-month MYOB subscription³ No terminal rental fees (first 6 months)³	-

Eligibility³

• Age: 18+
• Australian business only
• Be the owner/director
• Two forms of ID with ABN or ACN for verification

2 - Commonwealth Bank

Founded in 1911, with its headquarters in Sydney, Australia, Commonwealth Bank (CommBank) has assets worth $810.28 billion¹⁷, serving over 17 million corporate customers in Australia¹⁸. CommBank is one of Australia's top banks with an award-winning $0 Business Transaction Account⁵. It also offers business savings and term accounts.
You can earn from CommBank’s savings accounts, including⁷:

• Online Business Saver: up to 0.90% p.a. variable interest rate on your full balance
• Capital Growth Account: up to 3.25% variable interest rate p.a.
• Flexi Business Investment Account: Earn up to 3.50% p.a. fixed interest rates on $5,000 and above
• Business Investment Account: Earn up to 3.75% p.a. fixed interest rates on $5,000 upwards

Trustpilot Score: 1.6 (258 reviews)³⁰

Best for: Sole traders and small businesses looking for affordable banking and EFTPOS with low rates.

Here are some key features of the Commonwealth Bank’s business bank account

Type of business account	Features	Fees
Business transaction account⁵	Visa Debit Card⁵ Smart Mini EFTPOS with same-day payments and low 1.1% transaction fees⁵ Business Overdraft with flexible repayment⁷	Online: $0 monthly account fee⁵ $5 for each assisted transaction or $10 per QuickCash deposit⁵ In branch: $10 monthly account fee⁵ 5 assisted transactions (included)⁵ $5 for each assisted transaction or $10 per QuickCash deposit after using five⁵
Other benefits	Syncs with accounting software Google Ads credit bonus (expires 31 December, 2025)⁵ 25% off on Google Workspace Business Standard plans (expires 31 December, 2025)⁵

Eligibility⁵

• ABN and ACN (if you have one)
• ID (if you’re new to CommBank)
  • Australian drivers licence
  • Birth certificate
  • Passport
• Confirm directors, beneficial owners or trustees (Private companies). They'll also need to verify their details online.

3 - Westpac

Westpac is Australia’s oldest bank, founded in 1817 with 800 branches across Australia²⁰ and aims to expand co-located branches to 140 by 2027²¹.

With Westpac business accounts, you can open an account for daily business transactions and earn up to 3.90% p.a. fixed interest through a fixed term deposit account and complete international transactions using a foreign account.

Additionally, you can enjoy Westpac’s partner discounts on business services like Optus, MYOB, Bit Defender, and AWS⁹.

Trustpilot Score: 1.6 (309 reviews)²³

Best for: Businesses of all sizes with a global customer base and a need for discounted online business services.

Some key features of Westpac's business accounts include:

Type of Business Account	Features	Fees
Transaction accounts⁸	Business One: Partner discounts¹⁰ Business Debit Mastercard with temporary card lock feature¹⁰ Optional overdraft facility¹⁰ Business One Plus: Same as Business One¹¹ 25 staff-assisted transactions a month¹¹	Business One: $0 monthly fee¹⁰ $0 international transfers¹⁰ Unlimited free electronic transactions¹⁰ $3 staff-assisted transactions¹⁰ Business One Plus: $10 monthly fee¹¹
Eligibility

• For Sole traders or sole directors who run their business in Australia with an Australian address
• Applicant and signatories must be 18+ years old

4 - National Australia Bank business account

NAB is one of Australia's largest banks, serving over 8.5 million customers²⁴. Its business banking services include transaction accounts, savings accounts and specialised accounts, which include foreign currency accounts that offer 16 major global currencies²⁵. You can earn up to 3.70% p.a. fixed interest rate on your term savings²⁶.
NAB was awarded the Best Small Business Bank in Australia by The Digital Banker’s 2025 Global SME Banking Innovation Awards.

Trustpilot Score: 1.6 (from 394 reviews)²⁷

Best For: Businesses of all sizes with an international customer base.

Here are some key features of National Australia Bank business accounts:

Type of business account	Features	Fees
Business transaction accounts¹²	NAB Business Everyday Account ($0 monthly fee)¹² Accounting software integrations¹³ Unlimited standard NAB transactions¹³ NAB Business Everyday Account ($10 monthly fee with 15 free eligible transactions every month)²	No account or electronic transactions fees¹³ $0 account fee or $10 monthly fee for 15 free, most expensive eligible transactions monthly.¹³ $3 per transaction: Express Business Deposits (EBD), Coin Deposit Machine (CDM), Express Cheque Deposits (ECD) (+$3 for each cheque to be deposited)¹³ $3: Banker-assisted transactions¹³
Other benefits	Business credit card²⁸ Business visa card²⁸ EFTPOS, Payments and Merchants services²⁸ Offers and discounts from partners like Honcho, Virgin Australia, Easy Companies, and Microsoft.²⁹ NAB integrates with MYOB, Xero and NAB Bookkeeper (6 months free trial)²⁹

Eligibility¹³

• For sole traders, partnerships, directors of Australian private companies or trustees of trusts.
• Reside in Australia and must be an Australian resident for tax purposes.
• Active ABN or ACN, unless you are a sole trader with no ABN.

Consider a non-banking alternative with Wise Business

Wise Business is a reliable alternative to the best Australian traditional business bank accounts. It is built to offer transparent and low-cost international banking services to UK businesses, including SMEs and startups.

Wise offers a single account for 40+ currencies with no monthly fees or hidden transaction charges. You can send and receive payments at the real mid-market exchange rate.

With Wise Business, you can open a UK account and create a local account in Australia to hold funds in AUD and handle foreign transactions. It's a great place to begin before opening a traditional bank account in Australia, especially if you want to expand and trade there from the UK quickly.

Type of business account	Features	Fees
Wise business multicurrency account	One multi-currency account Payment links Accounting software integration Free invoicing tool Hold, send and receive 40+ currencies at mid-market rates without markups	£45 one-time Account opening fee

How to choose the right bank account in Australia

Business structure and bank eligibility requirements

Find out if you can open a bank account using your UK business structure or if you need to register an Australian business. Most traditional banks require an ACN, ABN and tax residence in Australia to open an Australian bank account.
Non-bank entities like Wise Business let you to create a local Australian account to send and receive payments to Australian individuals and businesses

Account types and features

The big four Australian banks dominate the banking sector and offer business transaction accounts, savings accounts and specialised accounts for different industries. Other regional and smaller banks may offer other services like profit sharing and more flexible lending criteria.
Choose bank accounts with features that fit your business needs, such as multi-currency access, lower exchange rates, and accounting software integrations.

Interest rates

If you're opening a savings bank account, find out the interest rates, preterm withdrawal conditions, minimum balance required to earn interest and term options. Some banks offer up to 4.0% interest rates p.a., while others require much less. Some require $5000 minimum savings to earn interest, while others may require $50,000 minimum balance.

Fees

Research the fees, like account set-up fees, account maintenance fees, international transfer fees, and staff-assisted transaction fees to calculate the total cost of banking.

FX services

Assess their foreign exchange services, what's their exchange rate? Does it include a markup? How many currencies can you transact in?

H2: Grow your business in Australia with Wise Business

Wise Business is an easy way to get AUD account details for non-residents, so you can begin expansion or trading in Australia right away.

Opening a business bank account internationally can be a bit of a nightmare for non-residents. Visiting in person may not be possible, and international bank accounts require a hefty financial commitment.
If your local bank has a correspondent banking relationship, this could be a good solution for you — but it could take some time to set up. It’s worth calling your bank and seeing how they can help.

Though if you need a fast and low-cost way to send and receive AUD, then try Wise Business. After the fast registration, all you need to verify your identity is your government ID. You can then top-up your account and start sending and receiving payments around the world!

Get AUD account details with Wise Business 🚀

---

Sources used in this article:

1. Banking industry in Australia - statistics & facts - Statista
2. Business Accounts - ANZ
3. Business transaction accounts - ANZ
4. ANZ Business Essentials- ANZ
5. Business transaction account - CommBank
6. Eftpos, payments & eCommerce - CommBank
7. Business bank accounts - CommBank
8. Business Bank Accounts - Westpac
9. Business Transaction Account - Westpac
10. Business One No Monthly Fee Bank Account - Westpac
11. Business One Plus Flexible Bank Account - Westpac
12. Business transaction accounts | Apply in under 15 minutes - NAB
13. NAB Business Everyday Account ($0 monthly fee) -NAB
14. ANZ Banking - Assets -ANZ
15. ANZ FX Online - ANZ
16. ANZ Reviews | Read Customer Service Reviews of anz.com.au -TrustPilot
17. Commonwealth Bank | Company Overview & News -Forbes
18. Commonwealth Bank of Australia - World Economic Forum
19. Commonwealth Bank Reviews | Read Customer Service Reviews of commbank.com.au -TrustPilot
20. Submission in response to Regional Banking Taskforce - Westpac
21. Westpac maintains branches in regional Australia -Westpac
22. Business Term Deposit - Fixed term savings account - Westpac
23. Westpac Banking Reviews-TrustPilot
24. About us | National Australia Bank - NAB
25. NAB Foreign Currency Account - NAB
26. Business term deposits | Compare our fixed term rates - NAB
27. NAB Reviews | Read Customer Service Reviews of www.nab.com.au - Trustpilot
28. Business bank accounts - NAB
29. Offers for NAB business transaction account holders from partner companies -NAB
30. Commonwealth Bank of Australia Reviews | Read Customer Service Reviews of netbank.com.au- Trustpilot
    Sources last checked: 15-Aug-2025