Looking for the best business accounts in Australia? Here’s a break down of the key features, fees and benefits to simplify your decision
Key takeaways
- A business bank account is legally required for registered companies and trusts in Australia
- Key features to compare include fees, international transaction costs and platform integration
- Some banks charge several different fees for international transactions, while others may offer lower fees
- Choosing the right business bank account depends on transaction needs, global reach and costs
- Security features like fraud protection and multi-factor authentication are crucial for business accounts
- Opening a business bank account requires company registration details, ID verification and ownership proof
According to the Australian Government, you need a separate business bank account if you have a company or a trust. Even if you’re a sole trader, a business account can help separate your business and personal transactions.
With so many options available, you can take the time to compare and find the best business bank account in Australia that aligns with your requirements.
What is a business bank account?
A business bank account is mainly designed to help you manage your business-related transactions. Business accounts protect your transactions and make integrating your banking details into accounting and reporting tools easier.
These business bank accounts are designed specifically for fast-growing businesses and their day-to-day challenges. Depending on the provider, some benefits of business accounts could include fast global transactions, support for multiple currencies, competitive exchange rates and bulk payouts.
Types of business bank accounts
Choosing the right business bank account depends on how you manage your finances. Some accounts are designed for daily transactions, while others help you save or handle international payments. Here are the main types:
Business transaction accounts
A business transaction account helps handle daily financial operations. It allows you to receive customer payments, pay suppliers and manage overhead costs.
Business savings accounts
If you want to grow your cash reserves, a business savings account provides a place to store funds while earning interest. These accounts are typically designed with features that suit business needs, like higher deposit limits, flexible access, or integration with your main business account.
They can offer higher interest rates than transaction accounts and may have features like automatic transfers to encourage savings. Some banks also provide bonus interest for businesses that maintain a minimum balance.
Multi-currency accounts
A multi-currency account lets businesses hold, send and receive multiple currencies without constant conversions. This is ideal for global businesses, importers, exporters and online sellers handling frequent international transactions. By using a foreign currency account, businesses can avoid frequent exchanges and reduce exposure to fluctuating rates. Benefits of a multi-currency account include:
- Low conversion fees
- Easy global transactions
- Access to multi-currency debit or credit cards for international spending
Small business bank accounts
A small business bank account is designed specifically for smaller operations, offering lower fees and more flexibility than traditional business accounts. Unlike regular business bank accounts, these are often easier to open, require less paperwork and come with tailored features to suit small business needs.
Key features to look for in a business bank account
Business bank accounts come with various features, but these are the key ones to look for:
Low or no monthly fees
Some banks and payment providers offer accounts with little to no monthly fees. Choosing these options can help manage cash flow – especially during months with fluctuating income – by avoiding unnecessary costs.
Competitive transaction fees
Low domestic and international payment fees help you save money if you pay overseas suppliers or sell to international customers. Choosing an account with minimal transaction costs ensures better cash flow and higher profitability.
Multi-currency and international transactions
A multi-currency account lets you hold, send and receive funds in different currencies, reducing unnecessary conversions. If your bank provides such accounts, it makes dealing in multiple currencies easier. While these accounts may have some fees, they generally offer competitive exchange rates. You can withdraw funds to your bank account in your base currency whenever needed.
Integration with accounting and e-commerce platforms
When you open a business account, ensure it integrates with accounting platforms like Xero for seamless financial management. This allows you to sync transactions, track expenses and automate reports without manual data entry.
Ease of access and online banking
When you compare business accounts, choose one with easy online access anytime, anywhere. Look for features like real-time transaction tracking, instant payments and invoice management. Many payment providers now let you open your account completely online, making the process quick and without hassle.
Security and fraud protection
With cyber threats increasing, your business bank account needs to have strong security measures to protect your funds. Look for multi-factor authentication, secure login, real-time fraud monitoring and instant alerts to detect suspicious activity.
Top business accounts in Australia
1. ANZ Bank business account
ANZ offers a business bank account called Business Essentials and Extra. The Business Essentials bank account is a simple account that helps keep business and personal banking separate.1 The Business Extra account comes with a monthly fee of AU$10 which gets you an overdraft facility and 20 no-cost transactions per month.1
| Pros | Cons |
|
|
ANZ fees2
| Account setup fee | Zero |
| Monthly account service fee | Zero (AU$10 for Business Extra account)1 |
| Fee for receiving payments | Zero for same-currency payments and up to AU$15 for international payments |
| Fee for sending payments | Starts at AU$2.50 for domestic staff-assisted transfers and up to AU$32 for international transfers1 |
| 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 |
*Fees checked in August 2026
2. NAB business bank account
NAB offers two types of business bank accounts: one with no monthly fee and another with a AU$10 monthly fee.3 The main difference is that the AU$10 account includes 30 no-cost assisted transactions per month. Beyond that, transaction fees apply.
| Pros | Cons |
|
|
NAB fees4
| Account setup fee | Zero |
| Monthly account service fee | Zero (AU$10 for Business Everyday account) |
| Fee for receiving payments | Zero for same-currency payments and up to AU$35 for international payments |
| Fee for sending payments | Zero to AU$3, depending on the transfer method. International transactions can be charged up to AU$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 |
*Fees checked in August 2026
3. CommBank business transaction account
CommBank also offers two types of business accounts: online and in-branch. The online account is more suited for businesses that do most of their banking online.1 The in-branch account costs AU$10 per month and is mainly for businesses that prefer to do their banking at a branch.5
| Pros | Cons |
|
|
CommBank fees6
| Account setup fee | Zero |
| Monthly account service fee | Zero (AU$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 cost up to AU$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 |
*Fees checked in August 2026
4. Westpac Bank business account
Westpac offers two business bank accounts: Business One and Business Plus. Business One has no monthly fees and is mainly aimed at online banking businesses.7 Business One Plus has a AU$10 monthly fee and it is aimed at businesses that prefer to bank both online and at branches.7
| Pros | Cons |
|
|
Westpac fees8
| Account setup fee | Zero |
| Monthly account service fee | Zero (AU$10 for in-branch account)7 |
| 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 AU$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 |
*Fees checked in August 2026
5. Macquarie Bank
Macquarie offers business accounts for daily payments, saving and investing.9 Its business accounts support online and mobile payments, PayID (bank transfers using a mobile number or email) and BPAY (bill payments), and accounting software integration.9
Businesses can also choose from savings, cash management, investment and term deposit accounts.9 Account-keeping and transaction fees are zero, but the account does not come with a debit card.9
| Pros | Cons |
|
|
Macquarie fees
| Account setup fee | Not specified |
| Monthly account service fee | Zero |
| Fee for receiving payments | Not specified |
| Fee for sending payments | Not specified |
| Currency conversion charges | Not specified |
| Intra-account transfers | Not specified |
| Debit card | Not available with the business savings account |
*Fees checked in August 2026
6. Suncorp Bank
Suncorp Bank offers business accounts for everyday banking, savings and term deposits.10 Its Business Premium Account has zero monthly account-keeping fees and unlimited no-fee electronic and staff-assisted transactions.10
It comes with a Business Visa Debit card for everyday business expenses, plus Xero and MYOB integration to help manage finances.10 Businesses can make unlimited withdrawals at Suncorp and atmx ATMs. Accounts can be managed online, through the app, by phone or in branches.10
| Pros | Cons |
|
|
Suncorp Fees
| Account setup fee | Not specified |
| Monthly account service fee | Zero |
| Fee for receiving payments | Not specified |
| Fee for sending payments | Not specified |
| Currency conversion charges | Not specified |
| Intra-account transfers | Not specified |
| Debit card | Available |
*Fees checked in August 2026
Business account head-to-head comparison
| Feature | CommBank6 | NAB4 | Westpac8 | ANZ2 | Macquarie9 | Suncorp10 |
| Monthly account fee |
|
Zero (AU$10 for Business Everyday account) |
|
AU$10 for Business Extra account | Zero | Zero |
| Transaction fees | Electronic: Zero; assisted: AU$5 | Zero to AU$3 | Up to AU$3 | Domestic assisted: AU$2.50 | Zero | Zero |
| International transaction fee | 3.5% | Up to AU$30 | Up to 3%, depending on transaction | Up to AU$32 | Not specified | Not specified |
| Cards | Available | Available | Available | Available | Not Available | Available |
Can global businesses benefit from multiple bank accounts?
Yes. Global businesses can benefit from keeping an AUD business account alongside a separate multi-currency account, as each can support different types of transactions:
- Currency conversion costs: An AUD-only account converts USD, GBP, EUR and other foreign-currency payments into AUD when received. Overseas supplier payments also require converting AUD into the supplier’s currency, with each conversion potentially including an FX markup
- Double conversion: Receiving USD and converting it to AUD, then later converting AUD back to USD to pay a US supplier, can result in two currency conversions and two FX markups
- Cash flow management: Businesses receiving multiple currencies can hold funds in the original currency and choose when to convert, rather than converting everything when payments arrive
- Marketplace payouts: Sellers on Amazon, Etsy and Shopify may receive payouts in foreign currencies. A matching-currency account can allow these funds to be received without immediate conversion
- Domestic vs international banking: An AUD business account can handle local payments, payroll, cheques and cash management, while a multi-currency account can handle international payment flows
Using both accounts is not necessarily an either/or choice. An AUD account can support domestic operations, while a multi-currency account can support international transactions
The World Account: Built for global businesses
WorldFirst is an international payments provider that helps Australian businesses handle international payments and foreign-currency transactions. Its World Account is a multi-currency account that provides local currency accounts in 20+ currencies, including USD, GBP, EUR, CNH and AUD, allowing businesses to receive, hold and send funds in supported currencies.
The account is also linked to a multi-currency card, the World Card, which is a Mastercard-powered business payment card that supports spending in 150+ currencies. There are no fees when paying in any of the 15 supported currencies, provided sufficient balance is held in that currency. Cashback is available on eligible spending, subject to terms and conditions, and businesses can have up to 20 multi-currency cards at no extra cost.
Key features of the World Account include
- Open local currency accounts in 20+ currencies, including USD, GBP, EUR, CNH and AUD
- Send payments in 100+ currencies across 200+ countries and regions
- Receive payments from 130+ marketplaces and payment gateways, including Amazon, Shopify, Etsy and Stripe
- Make zero-cost, instant transfers between World Account holders
- Pay 1688 suppliers through World Pay, the authorised international payment provider for 1688.com
- Use forward contracts for eligible Australian business payments
- Integrate with Xero and NetSuite to simplify accounting and payment management
- No minimum balance required
WorldFirst fees
| Monthly fee | Free |
| Opening a multi-currency account | Free (20+ currencies) |
| Account maintenance fee | No |
| Receiving funds | Free |
| Holding funds in multiple currencies | Free |
| Sending payments to users in the same network | Free |
| Sending payments to other accounts |
|
| Withdrawing funds | Zero fees to home bank account
A WorldFirst conversion rate applies for cross-currency conversions |
| Getting a debit card | Free |
| Markup/margin over currency exchange rates |
|
*Fees checked in August 2027
How to compare business bank accounts
Before choosing an account for your business, make sure to compare business accounts and consider the different features they provide.
Ongoing/monthly fees: Review the monthly maintenance or account-keeping fees that you’ll be expected to pay. You can also consider fees for in-branch transactions, assisted transactions, ATM usage and cash/cheque deposits.
Speed of transactions: Consider the transactions that matter the most to your business (domestic or international) and check how fast your new business account can execute them. Delayed payments can lead to cash flow issues and create a bad reputation with vendors.
Ease of cross-border payments: If you plan to source supplies from different regions, you need a business bank account that simplifies cross-border transactions.
Marketplace collections: Online e-commerce businesses expanding quickly can look for a business account provider that can streamline collections from global marketplaces at low costs.
Support for multiple currencies: If your e-commerce business has suppliers based abroad and customers worldwide, you need a business account that allows you to send, receive and hold funds in multiple currencies.
International transaction fee: Most payment providers charge a percentage of the total transaction amount when it comes to international payments. If you make frequent cross-border payments, look for a business account with the lowest international transaction fees.
Security and access: Look into the payment provider or bank’s approach to cyber security. How are they regulated? How do they keep customer accounts secure? What proactive steps do they take to avoid unauthorised access?
Support for businesses: Customer service is important for businesses expanding their operations. Choose a provider that supports your business goals at every stage of growth.
Take your business global with the right account
With a variety of business bank accounts available, the best choice depends on your specific needs – whether it’s managing daily transactions or handling international payments. Consider fees, multi-currency support, integration with accounting tools and security features before making a decision.
If your business operates globally, WorldFirst offers a multi-currency account with competitive exchange rates and easy cross-border transactions. Open a World Account to simplify international payments today.
FAQs
1. Do I need an ABN to open a business bank account in Australia?
Yes, most banks require an Australian Business Number (ABN) or Australian Company Number (ACN) to open a business account.
2. Can I open a business bank account online?
Yes, many banks and payment providers allow online applications, but some banks may require you to visit a branch for identity verification.
3. What information is required to open a business bank account in Australia?
Requirements vary depending on the bank or payment provider, but you’ll typically need to provide your ABN, business address, average annual turnover, and personal identification documents.
4. Which bank is best for a business account in Australia?
The above featured banks have different fee structures, account types, cards and international transaction costs. Businesses can compare these factors against their transaction volume, business structure and banking requirements.
5. Which bank is best for a business account?
There is no single account structure for every business. Monthly fees, transaction costs, branch access, cards, digital banking and international requirements can be compared across the featured banks.
6. Can a business have multiple business accounts?
Yes. A business can hold multiple accounts with the same bank or different banks and providers. Separate accounts can be used for different currencies, operating expenses, savings or business functions.
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.
Sources:
- 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.nab.com.au/business/business-bank-accounts
- 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.westpac.com.au/business-banking/bank-accounts/small-business-accounts/
- https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/bb/deposit-accts-bus-customers-tandc.pdf
- https://www.macquarie.com.au/business-banking.html
- https://www.suncorpbank.com.au/business-banking/bank-accounts/business-premium-account.html#fees
- https://www.suncorpbank.com.au/help-support/ways-to-bank/visa.html
