Top no-fee bank accounts for businesses in Australia
Last updated: 25 Nov 2025
Looking for a business account without the fees? Discover the best no-fee options in Australia to keep more of your money and simplify your finances.
Key takeaways
- No-fee business accounts help small businesses cut costs by removing monthly maintenance charges
- Many offer essential features like debit cards, online banking and accounting integrations at no extra cost
- Multi-currency accounts like the World Account are ideal for businesses trading globally as there’s no fee for setting up an account or receiving international payments
- Some providers waive fees conditionally, so it’s important to review eligibility and transaction limits
- Choosing the right account depends on how your business banks – online, in-person, or internationally
Bank fees add up fast. For small businesses that are just getting off the ground, these fees quietly cut into profits. Choosing a no-fee business bank account is one of the easiest ways to avoid unnecessary costs and keep more of what you make.
In this guide, we’ll explain what no-fee bank accounts are, their benefits and the best no-fee business bank accounts for businesses in Australia.
Table of Contents
What are no-fee bank accounts?
No-fee bank accounts are business bank accounts that don’t charge a monthly fee to keep the account open.
Many banks and payment providers charge businesses a monthly fee for account maintenance or access to certain features. With a no-fee bank account, this cost is removed, helping you protect your profit margins.
But no fee doesn’t always mean everything is free. You might still pay for domestic or international transfers, overdrafts, debit cards or cash handling.
Benefits of no-fee bank accounts for businesses
No-fee bank accounts aren’t just about saving money. They come with practical benefits that help you manage your business finances with ease.
No monthly fees or account-keeping fees
No-fee bank accounts take away the cost of monthly maintenance or account-keeping fees, meaning you aren’t paying just to keep your account open.
Access to essential business features
Even though there’s no monthly fee, many of these accounts still offer important features that businesses rely on every day. Debit cards are often included, giving you a straightforward way to make purchases or withdraw cash when needed.
Some accounts also integrate directly with popular accounting software like Xero and let you keep track of your business income and expenses. This means you can manage payments, reconcile transactions and stay on top of your financial records without needing to move data from one tool to another.
Flexibility and convenience with digital banking
Most no-fee business accounts in Australia also come with full access to online banking and mobile apps. This gives you the freedom to manage your money wherever you are – whether you’re on the go, at your desk or working from home.
You can check your balance, make payments, transfer funds and track your transactions all in real time. It removes the need to visit a branch, giving you control over your finances from the palm of your hand.
No minimum monthly deposit requirements
Many no-fee bank accounts don’t require you to deposit a certain amount every month, which is great for businesses that experience ups and downs in their cash flow. This flexibility means you won’t face penalties or account closures if you have a slower month. However, it’s important to compare business bank accounts to be clear about the terms and conditions.
Fee-free debit cards
Some no-fee business bank accounts come with a fee-free debit card, which gives you easy access to your funds for everyday spending. Some banks also offer cards with no foreign transaction fees on specific currencies, which can be a big plus if you travel for business or make international purchases.
Types of no-fee bank accounts for businesses
These are the types of no-fee bank accounts designed to fit different business needs:
Everyday transaction bank accounts
Everyday transaction accounts, also known as business checking accounts, are designed to handle the daily ins and outs of your business finances. They make it easy to:
- Pay suppliers and contractors
- Receive payments from customers
- Transfer wages to staff
- Manage regular expenses like rent and utilities
With no monthly fee, the best business bank accounts let you manage all this without extra costs for simply holding the account.
Business savings accounts
Business savings accounts help grow your savings by keeping funds separate from daily expenses and earning interest over time. Some Australian banks offer these accounts with no monthly fees or deductions.
Multi-currency accounts
Businesses in global trade can use multi-currency accounts to make cross-border transactions simpler. These accounts let you send, receive, and hold funds in different currencies. You also get access to foreign currency account details including an account number and bank code, which you can use to collect payments from customers and global marketplaces.
Benefits of multi-currency accounts, include:
- Receiving and holding funds in foreign currencies which avoids double conversions
- Collecting payments from customers and paying suppliers in their preferred local currency
- Converting currencies when rates are favourable
Some Australian payment providers offer multi-currency accounts with no monthly fee, but it’s important to check the other account fees before signing up.
Top no-fee business bank accounts in Australia
1. NAB Business Everyday account
The NAB Business Everyday account with no monthly fee is designed for businesses that want a simple way to manage daily transactions without paying just to keep the account open. It includes key features like unlimited electronic transactions and easy access to digital banking tools, making it a practical choice for everyday use.1
| Pros | Cons |
|---|---|
NAB fees2
| Account setup fee | Zero |
|---|---|
| Monthly account service fee | Zero |
| Fee for receiving payments | Zero for same-currency payments and up to $35 for international payments |
| Fee for sending payments | Zero to AUD 3, depending on the transfer method. International transactions can be charged up to AUD 30 |
| Currency conversion charges | A markup is added to the mid-market exchange rate |
| Intra-account transfers | Zero |
| Debit card | Visa debit card available at no extra cost |
2. CommBank Business Transaction account
CommBank’s Business Transaction account offers a no monthly fee option where you only get access to online banking services. For in-branch services, you’ll have to pay AUD 10 every month. It offers integration with accounting software and access to Australia’s largest branch and ATM network through its debit card.3
| Pros | Cons |
|---|---|
CommBank fees4
| Account setup fee | Zero |
|---|---|
| Monthly account service fee | Zero |
| Fee for receiving payments | Zero for same-currency payments and up to 3.5% for international payments |
| Fee for sending payments | Domestic payments cost up to AUD 5 depending on the transfer method. International payments can be charged up 3.5% of the total transaction value |
| Currency conversion charges | A markup is added to the mid-market exchange rate |
| Intra-account transfers | Zero |
| Debit card | Visa debit card available at no extra cost |
3. ANZ Business Essentials account
The ANZ Business Essentials account offers businesses a straightforward banking solution with no monthly account service fee. It provides unlimited ANZ ATM and electronic transactions. The account also includes access to ANZ Internet Banking and a business Visa debit card at no extra cost.5
| Pros | Cons |
|---|---|
ANZ fees [2]
| Account setup fee | Zero |
|---|---|
| Monthly account service fee | Zero |
| Fee for receiving payments | Zero for same-currency payments and up to AUD 15 for international payments |
| Fee for sending payments | Starts at AUD 2.50 for domestic transfers and up to AUD 32 for international transfers |
| Currency conversion charges | A markup is added to the mid-market exchange rate |
| Intra-account transfers | Zero |
| Debit card | Visa debit card available at no extra cost |
4. Westpac Business One
Westpac’s Business One Plus account offers a no monthly fee option for eligible businesses like sole traders or a Westpac business customer, helping you manage everyday transactions. This account is designed mainly for business owners who bank online mostly and don’t need in-branch transactions.7
| Pros | Cons |
|---|---|
Westpac fees8
| Account setup fee | Zero |
|---|---|
| Monthly account service fee | Zero |
| Fee for receiving payments | Zero for same-currency payments and up to 3% for international payments |
| Fee for sending payments | Domestic payments cost up to $3 depending on the transfer method. International transactions can be charged up 3% of the total transaction value |
| Currency conversion charges | A markup is added to the mid-market exchange rate |
| Intra-account transfers | Zero |
| Debit card | Mastercard debit card available at no extra cost |
Alternative to business bank accounts: WorldFirst
If your business deals with international suppliers, customers or marketplaces, WorldFirst offers a fee-free alternative to traditional business bank accounts. With no setup fees, no fees to receive international payments, and no fees to get up to 20 multi-currency business debit cards, it’s designed to support growing Australian businesses that operate across borders.
With a World Account, you can:
- Open local currency accounts in 15+ currencies with no overseas entity required
- Get paid from 130+ global marketplaces and payment gateways with zero receiving fees
- Pay in 100+ currencies to over 200 countries and regions
- Spend globally using multi-currency debit cards with no foreign exchange fees in supported currencies (using available balances)
- Lock in exchange rates with forward contracts or access competitive real-time rates to manage margins
- Integrate with Xero for seamless bookkeeping
- Instantly transfer funds between World Accounts for free
- Manage your account comfortably with no minimum banking requirements
Whether you’re expanding internationally or just want more flexibility than your standard business transaction account allows, WorldFirst is a no-fuss, cost-effective option built for global business.
WorldFirst fees
| WorldFirst | |
|---|---|
| Monthly fee | Zero |
| Access to local currency accounts | Zero (15+ currencies) |
| Receiving funds | Zero |
| Sending payments to WorldFirst users | Free and instant |
| Sending payments to other accounts | |
| Holding funds in multiple currencies | Zero |
| Currency conversion | |
| Multi-currency card | Up to 20 virtual cards available at no additional cost |
- 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
Things to consider when getting a no-fee business account
A no-fee business bank account can help you cut down on costs, but it’s important to look beyond just the monthly fee. Here are a few key things to keep in mind before choosing the right account for your business:
Eligibility criteria
Even for no-fee accounts, banks and payment providers often have specific eligibility requirements. This might include factors like your annual business turnover, how you use the account and how old your business is. Some accounts waive the monthly fee only if you meet certain conditions, like maintaining a minimum balance or making a set number of transactions. Always check these details upfront so you’re not caught out by unexpected charges if you don’t meet the criteria.
Fees and charges
While the account itself may not have a monthly fee, there could still be other costs involved. Look at things like:
- Monthly free transaction cap
- ATM fees, especially if you withdraw cash often
- International transaction fees for currency conversion or overseas payments
- Inactive or dormant account fees
Debit cards
Check whether the account comes with a debit card and if there are limits or extra costs attached. Some banks offer one free debit card, but charge for any additional cards, which can be a problem if you have multiple staff needing access. Also, find out if the debit card has foreign transaction fees or ATM withdrawal charges, especially if you travel or make international purchases.
Account features
Don’t just focus on the fee – the features included matter just as much. Look for accounts that offer:
- Online banking
- Mobile banking apps
- Integrations with accounting software like Xero
- Speed of payments
Support offered
Good customer support can make a big difference, especially when you run into issues. Check what kind of support the bank offers – is there 24/7 help available through phone or chat? Can you visit a local branch if needed, or is support online only? Knowing what help you can access gives peace of mind if anything goes wrong with your account.
Select the right business account to trade globally with confidence
Choosing a no-fee business bank account comes down to your business needs. Some accounts are better for everyday transactions, others for international payments or multi-currency management. Each option has its pros and cons, so it’s worth comparing features, fees, and flexibility before deciding.
For businesses looking to trade globally without monthly charges, the World Account is a compelling choice. It’s completely free to open, with no ongoing fees, and competitive exchange rates for international payments.Ready to save more with a no-fee business account? Open a World Account today.
Sources
- https://www.nab.com.au/business/business-bank-accounts/transaction-accounts/no-monthly-fee-business-account
- https://www.nab.com.au/important-information/business/banking-fees-charges#1-opening-a-business-account
- https://www.commbank.com.au/business/bank-accounts/business-transaction-account.html
- https://www.commbank.com.au/business/bank-accounts/business-transaction-account/rates-and-fees.html
- 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
- https://www.westpac.com.au/business-banking/transaction-accounts/business-one/summary/
- https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/bb/deposit-accts-bus-customers-tandc.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.
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