Top picks for the best small business bank account in Australia 2025
Last updated: 23 May 2025
Looking for the best small business bank accounts in Australia? Compare top options to find the right fit for your business and streamline your financial management.
Key takeaways:
- Small business bank accounts help separate personal and business finances for tax compliance and credibility
- Look for accounts with low or no monthly fees and minimal transaction charges to reduce costs
- Multi-currency support can help businesses save on conversion fees and simplify international transactions
- Fast and reliable transfers, including same-day payments, can improve cash flow and vendor relationships
- Business debit or credit cards with expense tracking tools make managing team spending easier
- Security features like two-factor authentication and fraud protection are essential for safe transactions
Running a small business comes with enough challenges – managing your finances shouldn’t be one of them. Whether you’re an importer, a retailer or an e-commerce seller collecting payments from customers all over the world, the right small business bank account can help protect your profit margins, streamline payments and support your business growth.
In this guide, we’ll compare the top small business bank accounts in Australia so you can find the best fit for your company’s financial success.
Table of Contents
What is a small business bank account?
A small business bank account is specifically designed to help small business owners manage their income, expenses and transactions separately from their personal finances to ensure tax compliance and improve professional credibility.
These small business accounts have features and fees tailored to the needs of fast-growing businesses that may not have significant capital reserves. They often include low or no monthly fees, transaction limits that accommodate growing businesses and integrations with accounting software.
Features to look for in a small business bank account in Australia
If you’re looking for a small business account in Australia, compare business bank accounts based on the features below.
Account setup and maintenance fees
Some banks and payment providers will charge a one-time fee for opening a new account and a monthly fee for using the account.
Pro tip: Look for a small business account that has no or low monthly maintenance fees.
Transaction fees
Transaction fees are important to consider if your business has overseas partners and you plan to send and receive international payments.
Pro tip: Look for business bank accounts that have low or no fees for sending and receiving international payments. Foreign exchange rates should also be competitive and most importantly, transparent.
Fast and reliable transfers
A small business bank account should support same-day and instant transfers, even for international payments. Timely payments can help you maintain strong relationships with partners and vendors, reducing the risk of any supply chain disruptions.
Multi-currency support
If you often make payments in multiple currencies, consider getting a multi-currency or foreign currency account for your business. With a multi-currency account, you can send, hold and receive funds in multiple currencies while avoiding unnecessary conversion fees.
Compliance and security
The business bank account provider should comply with all the necessary regional regulations. They should also offer strong fraud protection measures for domestic and cross-border transactions. At the bare minimum, your account should have a two factor authentication (2FA) and encryption for secure payments.
Business cards
Globally accepted business cards help small businesses manage their subscription payments, team expenses and travel costs seamlessly. Look for a business account that offers separate cards for company and employees. Virtual and physical cards for team members should also come with spending limits, real-time tracking and integrate expense management tools for easy reconciliation.
- 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
Top small business bank accounts in Australia
Westpac
Westpac offers two different small business transaction accounts: a AUD 0 /month online banking-only account and AUD 10/month account with access to online, mobile and in-branch banking [1]. There’s also a Mastercard-powered debit card available. The account supports unlimited electronic transactions with a 3% fee for foreign transactions [9].
Westpac also has a separate foreign currency account for businesses.
Westpac fees [1] [2]
| Account setup fee | Zero |
|---|---|
| Monthly account service fee | Zero (AUD 10 for in-branch account) |
| Fee for receiving payments | Zero for same currency payments and up to 3% for international payments |
| Fee for sending payments | Domestic payments: Up to AUD 3 depending on the transfer method International transactions: Up to 3% of the total transaction value |
| Currency conversion charges | A markup is added to the mid-market exchange rates |
| Intra-account transfers | Zero |
| Debit card | Mastercard debit card is available at no extra cost |
NAB (National Australia Bank)
NAB offers two small business accounts, both with online and in-branch access. The first has no monthly fee, perfect for businesses that rely on electronic and ATM transactions. The second, at AUD 10/month, suits businesses handling high volumes of cash and cheques [3]. There’s no fee for domestic electronic transfers, but foreign transfers attract a separate fee of up to AUD 30[4].
NAB also has a separate foreign currency account for businesses that make frequent international transactions.
NAB fees [3] [4]
| Account setup fee | Zero |
|---|---|
| Monthly account service fee | Zero (AUD 10 for account with up to 15 free eligible transactions every month) |
| Fee for receiving payments | Zero for same-currency payments and up to AUD 35 for international payments |
| Fee for sending payments | AUD 0–AUD 3, depending on the transfer method International transactions: Up to AUD 30 |
| Currency conversion charges | A markup is added to the mid-market exchange rates |
| Intra-account transfers | Zero |
| Debit card | Visa debit card available at no extra cost |
ANZ (Australia and New Zealand Banking Group Limited)
ANZ offers two business transaction accounts for small businesses. There’s a zero monthly fee account ideal for sole traders and new businesses. The AUD 10/month account includes a limited number of assisted transactions and an optional overdraft facility [5]. Visa-powered credit cards are also available. The accounts support foreign transactions with a fee of up to 3% [6].
For global businesses, ANZ also offers a foreign currency account.
ANZ fees [6]
| Account setup fee | Zero |
|---|---|
| Monthly account service fee | Zero (AUD 10 for Business Extra account) |
| Fee for receiving payments | Zero for same currency payments and up to 3% of the transaction amount for international payments |
| Fee for sending payments | Domestic transfers: Start at AUD 2.50 International transfers: Up to 3% of the transaction amount |
| Currency conversion charges | A markup is added to the mid-market exchange rates |
| Intra-account transfers | Zero |
| Debit card | Visa debit card available at no extra cost |
CommBank
CommBank has two main business bank accounts, both with online and in-branch support. The first account with zero monthly fees is ideal for sole traders who prefer digital banking. The other one with a AUD 10 monthly fee comes with five free assisted transactions every month [7]. The accounts also come with Visa-powered business cards.
CommBank accounts also support foreign transactions with a fee of up to 3.5% [8]. CommBank also offers a separate foreign currency account.
CommBank fees [8]
| Account setup fee | Zero |
|---|---|
| Monthly account service fee | Zero (AUD 10 for in-branch account) |
| Fee for receiving payments | Zero for same-currency payments and up to 3.5% for international payments |
| Fee for sending payments | Domestic payments: Up to AUD 5 depending on the transfer method. Internal transactions can be charged up 3.5% of the total transaction value |
| Currency conversion charges | A markup is shared above the market exchange rates |
| Intra-account transfers | Zero |
| Debit card | Visa debit card available at no extra cost |
Alternative to small business bank accounts in Australia: WorldFirst
WorldFirst is a regulated digital payment provider helping fast-growing Australian businesses make secure, fast international payments. With a single World Account, you can send, collect and hold funds in 20+ currencies, including GBP, USD, AUD, CAD, EUR, NZD and CNH.
Setting up a World Account and receiving payments is free. Sending payments comes with low and transparent transaction fees. You can also make payments to suppliers and business partners in 100+ currencies across 200+ countries and regions at competitive exchange rates
Here are the key features of a World Account:
- No setup costs: There are no charges for opening and maintaining your World Account
- Instant transfers between World Accounts: Sending payments to other World Accounts is instant and free
- Quick batch payments: Send up to 200 payments in one transaction
- Manage your exchange rates: Target an exchange rate or lock in an exchange rate for up to 24 months to ensure stability
- Contact the team any time: Our support team is available 24/5 via phone, email and live chat
Sources
- https://www.westpac.com.au/business-banking/bank-accounts/small-business-accounts/
- https://www.westpac.co.au/about-us/legal-information-privacy/international-service-fees/
- https://www.nab.com.au/business/business-bank-accounts
- https://www.nab.com.au/important-information/business/banking-fees-charges#5-international-payments
- https://www.anz.com.au/business/accounts/transaction-accounts/
- https://www.anz.com.au/content/dam/anzcomau/documents/pdf/transaction-accounts-fees-charges.pdf
- 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.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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