The best business transaction accounts in Australia
Last updated: 20 Nov 2025
Find the right business account to streamline payments, reduce fees, and grow globally
Key takeaways
- Business transaction accounts support payments, payroll, and expense tracking while keeping finances separate and compliant
- Leading banks offer online banking, debit cards, and accounting tool integrations, but charge for in-branch services or international transfers
- Fees vary widely across providers, with hidden costs for foreign exchange, assisted transactions, and multi-user access common in traditional bank account
- WorldFirst’s World Account lets businesses hold, send, and receive multiple currencies with zero foreign exchange fees in supported currencies (using available balances)
Business transaction accounts offer much more than a place to hold funds. Many are built specifically for business users, with features like accounting software integration, bulk payments, business debit cards, and role-based access to support teams and workflows.
But if your business trades globally and sends, receives, or holds funds in multiple currencies, then a domestic transaction account alone may not be enough. Traditional banks often charge high fees on international transfers and don’t provide flexibility when it comes to foreign currencies.
This guide compares the top business transaction accounts in Australia based on the features that matter most: fees, cards, integrations and customer support. We’ll also show how WorldFirst’s global solution stacks up if your business needs to operate beyond Australian borders.
Table of Contents
What is a business transaction account?
A business transaction account is a type of bank account specifically designed for businesses to manage day-to-day payments and keep business finances separate. It’s used for regular activities like:
- Paying suppliers
- Receiving customer payments
- Managing payroll
- Handling bills and operating expenses
It works just like a personal account, but it’s set up under a business name and may come with extra features that suit business needs like tools for accounting, GST tracking or multiple user access.
Every business, whether a sole trader or a company, should have a business bank account to separate personal and business finances. There are a range of business transaction accounts available depending on your size, turnover and how you prefer to manage your banking – online, in-branch or through a mobile app.
Benefits of using business transaction accounts
A business transaction account gives you the basic tools to manage incoming and outgoing payments for your business effectively. Here’s why businesses use them:
Keeps business and personal finances separate
When you open a business bank account, you create a clear divide between business and personal finances. This is critical for accurate bookkeeping in line with ATO requirements, especially if you’re running a company.
A dedicated business bank account makes it easier to track income, claim deductions, prepare financial reports, and manage your business activity statements. It also helps in audits and when applying for loans, because your financial activity is clean and specific to the business. Keeping things separate supports credibility and ensures your records match what the ATO expects.
Accepts and tracks business payments easily
A business account is set up to handle payments coming from different sources such as EFTs, card settlements, direct debits and more. Everything lands in your business name, which looks professional and meets the requirements of payment platforms and suppliers.
Whether you’re receiving payments once a week or dozens of times a day, this type of account helps you stay organised. If you’re using a small business bank account, most banks also offer alerts and downloadable transaction lists that simplify reconciliation and reduce time spent chasing payment records.
Makes paying suppliers and expenses straightforward
Business transaction accounts are built for making payments – wages, supplier bills, subscriptions, tax and more. They usually support BPAY, scheduled transfers and direct debits. Many also allow for dual authorisation, so multiple people can approve large payments.
This kind of setup adds control without slowing you down. If you’re looking to compare business accounts, check what each bank offers in terms of payment types, limits, fees, eligibility criteria, and how easily the account works with your existing systems. For businesses with regular outgoings, these differences matter day to day.
Enables integration with accounting and payroll systems
A key benefit of using a business transaction account is how well it works with accounting software. Banks in Australia offer direct feeds into tools like Xero, MYOB and QuickBooks. This removes the need to upload files manually and lowers the chance of errors.
Transactions flow straight into your ledger, which makes GST, payroll and BAS reporting easier. Some accounts also include invoicing or payment tracking tools if you’re not yet using external software. When you’re dealing with ongoing international transactions, this integration also makes currency reporting simpler and more accurate.
Builds your business banking history
A business account helps build trust with banks, suppliers and clients. As you use the transaction account regularly, it shows your business is active, reliable and managing money properly. This can support future applications for credit or finance, because lenders look at your transaction history when assessing risk.
For businesses that rely on receiving payments from multiple sources, a strong banking record also helps when applying for merchant facilities or supplier credit terms. Over time, this consistent usage becomes part of your business identity.
Factors to consider when choosing a business transaction account
Before you select a business account, here are the factors to consider:
Account management and reporting
When it comes to business banking, you also need visibility. Real-time balances help you spot issues the moment they happen, not three days later.
Dashboards that you can customise to highlight overdue invoices or filtered spending categories give you an up-to-date picture of your business. Add to that the ability to export statements in CSV or PDF formats, and reconciling your books becomes far less tedious. Also, role-based permissions let you keep control without blocking access to what your team needs.
Payments and collections
Not all business accounts handle money movement the same way. You’ll want to check how the account supports both domestic and international transfers. If you deal in multiple currencies, can the account hold different currency funds and let you use them later, or does it convert everything into AUD?
What are the foreign exchange rates and how long does it take for the transactions?
Also think about scale: if you’re doing weekly payroll or client payouts, does the bank support batch payments via CSV or API? Some banks issue multiple debit or virtual cards for staff, with limits you can control, handy for teams that spend on the go.
Fees and pricing structure
Pricing can vary wildly between banks, and some of the most important costs aren’t on the front page. Beyond the monthly account fee, look at how much you’re charged for each international transfer for the business transaction account, especially if you move significant business funds.
Check for card issuance or usage fees, especially if you’ll have multiple users. Foreign exchange markups are often hidden inside the rate, so if you’re making regular international payments, request the full FX fee breakdown.
Note: If you have a global business and make frequent international money transfers in different currencies, you may want to look for a foreign currency account in Australia. With foreign currency accounts, you can send, receive, and hold funds in multiple currencies.
Digital tools and integrations
Digital functionality varies significantly across business accounts. Some offer only the basics, while others are built to work directly with your existing systems.
When assessing a business account, consider:
- Does it support direct feeds to software like Xero?
- Are mobile and web platforms fully functional, or limited to basic viewing?
- Can reports be exported in clean formats for reconciliation or review?
- Are there options to connect via API if your business uses custom tools?
For businesses processing a high volume of transactions or relying on regular reporting, these features aren’t just helpful, they’re necessary. Efficient integration reduces manual work and lowers the risk of accounting errors and helps streamline business banking.
Security and compliance
Security and regulatory compliance are core requirements for any business transaction account. Look for business accounts that support
- Two-factor authentication (2FA) should be available for both login and transaction authorisation
- Encryption standards must cover data at rest and in transit, ensuring all account activity is protected
- Fraud detection tools, such as transaction monitoring or login alerts, help flag suspicious activity early
- Regulation by ASIC or APRA confirms the provider is licensed and held to Australian standards
Before opening a business transaction account, review the provider’s published security protocols. Businesses handling multiple users, high-value transfers or international payments should confirm that all users are covered under the same security measures. Compliance frameworks are especially important when dealing with customer or third-party financial data.
- Open 15+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Take control of spending with the World Card, a business expense card that saves you more with 1% cashback. Learn more
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
Support and relationship management
Access to responsive support can make a significant difference in day-to-day operations, especially when managing time-sensitive payments or transaction account issues.
Consider the following when comparing business accounts:
- Availability of a dedicated business banker or relationship manager
- Live chat or phone support that connects you with real staff, not automated systems
- Onboarding assistance for setting up user roles, payment templates and integrations
- Access to educational material, such as webinars or guides focused on cashflow or reconciliation
Reliable support ensures that if issues arise, whether technical or transactional, they can be resolved quickly without impacting business continuity.
Best business transaction accounts in Australia
CommBank
CommBank offers two Business Transaction Account options: a zero digital-only plan and a AUD 10 plan that includes limited in-branch access. Both accounts support daily banking needs and include card access for sole traders and established businesses.1
| Pros | Cons |
|---|---|
NAB
NAB offers two Business Everyday Account options: a zero monthly fee account for businesses that primarily bank online, and a AUD 10 monthly fee account suited for those handling frequent cash and cheque transactions. Both accounts offer digital banking tools and include a Visa debit card.2
| Pros | Cons |
|---|---|
Westpac
Westpac offers two Business One transaction accounts:
- Business One account, which is ideal for businesses that primarily operate online with zero monthly fees,
- Business One Plus account, designed for businesses that require regular in-branch services. It offers 25 free staff-assisted transactions per month for a AUD 10 monthly fee.4
| Pros | Cons |
|---|---|
ANZ
ANZ offers two primary business transaction account options: ANZ Business Essentials with no monthly fee and ANZ Business Extra with AUD 10 monthly fee.6 These accounts cater to different business needs, from basic digital transactions to more comprehensive banking requirements.
| Pros | Cons |
|---|---|
World Account: A smarter alternative to business transaction accounts
While a local business transaction account is a great starting point, it may not give you the flexibility and control you need when expanding into international markets. If your business sends or receives payments across borders (or plans to) consider opening a World Account with WorldFirst.
WorldFirst is an authorised and regulated payments provider trusted by businesses worldwide. The World Account is built for businesses that operate globally, offering the ability to send, receive, and hold funds in multiple currencies, all from one account.
World Account holders can also get up to 20 virtual multi-currency debit cards to pay for advertising, subscriptions, travel and business expenses. The card supports 150+ currencies, with zero foreign exchange fees in 15 supported currencies, as long as you have sufficient funds in your account.
With WorldFirst, you can:
- Open virtual local currency accounts in 15+ currencies, without setting up overseas entities
- Pay suppliers and employees in over 200 countries and regions in 100+ currencies
- Collect payments from 130+ marketplaces and payment gateways at zero cost
- Get access to real-time exchange rates or lock in rates for up to 24 months
- Simplify accounting with Xero integration
- Make instant and free transfers between World Accounts
- No minimum balance requirements
Whether you’re selling internationally, sourcing from overseas, or expanding into new markets, WorldFirst helps you stay in control while reducing costs.
Sources
- https://www.commbank.com.au/business/bank-accounts/business-transaction-account.html
- https://www.nab.com.au/business/business-bank-accounts
- https://www.nab.com.au/business/business-bank-accounts/nab-business-visa-debit-card
- https://www.westpac.com.au/business-banking/transaction-accounts/
- https://www.westpac.com.au/business-banking/transaction-accounts/business-one-plus/
- https://www.anz.com.au/business/accounts/transaction-accounts/business-essentials/
- https://www.anz.com.au/content/dam/anzcomau/documents/pdf/anz-business-general-service-fees-charges.pdf
Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
The best business transaction accounts in Australia
Compare top business bank accounts in Australia and explore smarter global solutions to manage local and international payments.
Nov / 2025
Foreign transaction fee: Meaning and when it applies to you
Learn what foreign transaction fees are, when they apply and how to minimize them with effective strategies for your business.
Nov / 2025
Report: an entrepreneur's guide to Australian cities
Our report reveals the best Australian cities for entrepreneurs, analysing key factors for success such as survival rates in a difficult economic climate.
Oct / 2025Choose a category below for more business, finance and foreign exchange support from WorldFirst.
- Almost 1,000,000 businesses have sent USD$300B around the world with WorldFirst and its partner brands since 2004
- Your money is safeguarded with leading financial institutions
