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How to open an Australian business account from overseas: A UK guide

Last update:

April 28, 2026

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Opening an Australian business account can be time-consuming, especially if you’re applying from overseas.

You’ll likely need to provide extensive documentation, complete in-person identity checks and wait several weeks for the account to be approved. This can be a little frustrating – and can slow down your plans for business expansion.

However, there’s another way. If you’re a UK company operating across borders, you can send and receive Australian dollars without opening a traditional Australian business account.

At WorldFirst, we offer a digital alternative to traditional bank accounts, where you can hold 20+ currencies – including AUD – all in the same place. You’ll receive local Australian bank details too, so you can send and receive funds like a local.

It only takes 10–15 minutes to sign up for a World Account and, in most cases, you’ll be approved in under 48 hours.

In this article, we’ll cover:

Five things to do before you can open a traditional Australian business bank account
World Account: The simpler, faster alternative to traditional business accounts
What documents will you need to open a business bank account in Australia?
Four Australian business account options for UK SMEs

Open a World Account for free and start doing business in AUD, without needing a local presence.

5 things to do before you can open a traditional Australian business bank account

If you’re opening a traditional Australian business bank account from the UK, a bit of preparation can help you avoid delays or rejected applications.

In this section, we share some of the key steps you’ll need to complete before opening an account.

If you want to get started more quickly, though, open a World Account instead. You’ll be able to skip most of this hassle and start holding AUD within 48 hours.

1. Register your business in Australia first

Australian banks often require foreign businesses to register with the Australian Securities and Investments Commission (ASIC) before opening a business account.

You don’t need to be an Australian resident, but many banks require your business to have some form of local registration or presence.

In practice, that means you’ll need one or more of the following identification numbers, depending on how your business operates in Australia:

ACN (Australian Company Number): required when setting up a local Australian company. This is issued by the Australian Securities and Investments Commission, and identifies your company in official records.
ARBN (Australian Registered Body Number): required when registering a foreign company in Australia. It allows your overseas entity to operate locally without setting up a separate company.
ABN (Australian Business Number): not legally required in every case, but essential for most businesses. Issued by the Australian Taxation Office, it’s used for invoicing, tax reporting and registering for GST (Australia’s 10% sales tax).

2. Prepare certified company and identity documents

Foreign applicants are usually required to provide certified copies of key documents.

This typically includes passports for directors and beneficial owners, proof of address and company registration documents. Banks use these to verify who owns and controls the business.

In most cases, these documents must be certified by a solicitor, accountant or notary public before they’re accepted.

3. Get ready for detailed compliance checks

Australian banks follow strict anti-money laundering rules set by the Australian Transaction Reports and Analysis Centre (AUSTRAC).

You’ll likely be asked to provide detailed information about your business, including your ownership structure, source of funds and expected transaction activity.

These checks are standard, but they tend to be more thorough for non-resident businesses to help prevent financial crime, like money laundering.

4. Check whether an in-person visit is required

Many Australian banks let you start your application online, even from overseas.

However, most will still require at least one director to visit a branch to verify their identity or complete the process before the account can be used. This added step can impact how long the process takes.

Approval times vary depending on the business. Simpler setups may be quicker, but foreign or more complex structures can take several weeks, often 2–6 weeks or longer to be fully approved.

5. Clearly explain your business activities in Australia

Finally, banks will want to understand why you need an Australian account.

So, be prepared to explain how your business operates in Australia. This could include contracts with local customers or suppliers, expected transaction volumes and a brief overview of your activities in the country.

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World Account: The simpler, faster alternative to traditional business accounts

Opening a traditional Australian bank account can take weeks, from registering your business and getting an ABN to gathering certified documents and, in most cases, visiting a branch in person.

WorldFirst offers a faster, simpler alternative.

For over 20 years, we’ve helped 1.5 million customers make same-day or next-day payments in AUD (and other major currencies). To open a multi-currency World Account for free, you only need to gather a few documents and can apply online in under 15 minutes.

Once approved, you can receive payments in Australian dollars (or top up your account) just as you would with a local business account.

Here’s how a World Account helps you easily manage payments to Australia.

Get your free account approved in under 2 days and manage your transactions completely online

With a World Account, there’s no need to open a traditional overseas business account. You can sign up online in 10–15 minutes, and get approved within two working days (and in some cases, just a few hours).

It’s free to open an account, free to hold multiple currencies and there are no monthly fees. Once your account is set up, you can then manage all your currencies in one place, track payments in real time and get notified as soon as money arrives.

You can even settle multiple invoices at once, with our batch payments feature. Instead of paying them one by one, you can schedule up to 200 at once – saving time and reducing admin.

Get local AUD account details (and 20+ more) and make same-day payments from the UK

With a World Account, there’s no need to open a bank account in every country you do business in. Instead, you can send payments in 150+ currencies to 210+ destinations, all from one platform.

You can also receive and hold funds in 20+ major currencies, including AUD and GBP. A multi-currency business account not only makes it more convenient to manage international payments – it makes it more affordable too.

That’s because, instead of converting AUD back to GBP, you can simply hold local currency and pay Australian businesses when you need to. This way, you can avoid unnecessary FX fees.

Each currency also comes with its own local account details, so you can pay as if you were local in Australia. This means faster payments: 80% arrive the same day, compared to 3–6 days with traditional international transfers.

Get low, transparent FX fees capped at 0.5% and lock FX rates for up to 24 months

Traditional ways of sending money internationally can be expensive.

Banks often add a 3–4% markup to the exchange rate, along with transfer and intermediary fees that aren’t always clear upfront. On large transfers, that can mean losing a few hundred pounds to FX costs alone – before any additional fees are applied.

With WorldFirst, currency conversions are based on the mid-market rate, with a low, transparent markup of up to 0.5% on major currencies.

And if you want more certainty over the fluctuating mid-market rate, you can also use forward contracts to lock in an exchange rate for up to 24 months. This way, you know exactly what you’ll pay in the future.

4 Australian business account options for UK SMEs

While WorldFirst is a strong option for managing business transactions in Australia, you may still be considering a business account with a local traditional bank. In that case, Australia’s four major banks can be a good option for non-resident businesses.

1. Commonwealth Bank of Australia (CBA)

Commonwealth Bank is one of Australia’s largest banks, with a strong international presence across the UK and Asia-Pacific.¹

You can start the application online, but if you’re applying as a non-resident, you’ll usually need to complete identity verification in person before the account is fully operational.

What foreign businesses should know

Even if you apply online, most customers must complete a 100-point ID check in person at an Australian branch (see more below)
Foreign exchange markups can be higher than some alternatives (typically around 4–5% above the interbank rate²)
Costs can add up if you’re regularly sending or receiving money internationally

What sets it apart

It has Australia’s largest branch and ATM network, making it convenient if you plan to operate or travel within Australia

2. Westpac Banking Corporation

Westpac is Australia’s oldest bank and has strong expertise in international trade and cross-border banking.⁴

It offers a range of business accounts, from simple low-fee options to more advanced accounts for higher-volume businesses.

What foreign businesses should know

Account options vary, so choosing the right one matters as fees and features differ across tiers
Westpac typically charges a fee (around AU$12 in many cases) to receive international payments, often waived for smaller amounts⁵
Multi-currency accounts are available, allowing you to hold and manage several major currencies, with some options available online

What sets it apart

Westpac has a strong focus on trade and international banking, making it a good fit for businesses involved in supply chains or cross-border commerce

3. Australia and New Zealand Banking Group (ANZ)

ANZ is one of Australia’s largest banks, with a strong presence across Australia, New Zealand and the wider Asia-Pacific region.

It offers a range of business accounts, from low-fee everyday options to more specialised products for businesses with more complex needs.⁶ Its digital platform and international payment capabilities make it a common choice for businesses operating across borders.

What foreign businesses should know

Fees vary depending on the account type and payment structure
International transfer and receiving fees can differ, but are often around AU$15–$25 per transaction⁷
Costs can add up if you’re sending or receiving payments frequently

What sets it apart

It has a strong presence across Asia-Pacific, making it particularly useful for businesses expanding beyond Australia into nearby markets

4. National Australia Bank (NAB)

NAB is often seen as one of the most SME-friendly banks in Australia⁸, offering straightforward business accounts with competitive pricing.

It provides a range of options for different needs, including everyday accounts that don’t charge monthly fees.

What foreign businesses should know

As with most Australian banks, foreign applicants will usually need to complete identity verification at a branch before the account is fully activated
FX markups are typically around 3–4% above the interbank rate
International transfers can cost up to AU$35 per transaction, depending on the payment type⁹

What sets it apart

It’s one of the few major Australian banks offering a fee-free everyday business account, making it a strong option for cost-conscious SMEs (although international payments still come with added costs)

What documents do you need to open a business bank account in Australia?

Most Australian banks will ask for a combination of company documents, identity verification and detailed business information (with additional requirements for foreign-owned businesses).

Australian banks also use a “100-point” ID system to confirm your identity when opening an account. You’ll need to provide a mix of documents, like a passport or driver’s licence, and each one is given a certain number of points. Together, they need to add up to at least 100 points.

In some cases, you can submit these online. If not, you may need to visit a branch to finish the verification. Keep in mind that the more complex your business structure is, the more documentation you’ll likely need, especially as a foreign applicant.

What’s generally required (almost always)

These are standard across most Australian banks:

Company registration documents (from your home country and Australia, if applicable)
ABN, ARBN and/or ACN (depending on how you set up your business)
Passports or ID for directors, beneficial owners (UBOs) and authorised signatories (someone assigned to make payments or sign documents)
Proof of address for key individuals
A short description of your business activities

Often required (especially for foreign businesses)

These are commonly requested for non-resident businesses:

Certificate of incorporation
Company constitution/articles of association
Board resolution to open the account
Proof of overseas registration (if not incorporated in Australia)
Source of funds information
Tax residency details

Sometimes required (case-by-case)

These depend on the bank and risk level:

Visa documentation
Proof of Australian business address (e.g., utility bill)
Additional verification of ownership structure

Sign up for a World Account and start overseas transactions to Australia within minutes

With WorldFirst, there’s no need to set up a full Australian business presence, apply for an ABN or deal with lengthy bank processes.

You can sign up online in just minutes and typically get approved within two days. From there, you can open an AUD account and start sending and receiving Australian dollars – all from one place.

Before you get started, make sure you have:

Access to your email and your mobile phone
A copy of your company’s Articles of Association
A valid ID for the applying director (passport, driving licence or ID card)
ID copies for any shareholders who own 25% or more of the business

Once you have these ready, you can sign up for your free World Account.

FAQs:

How long does it take to open a foreign business bank account in Australia?

For foreign businesses, the account opening process can take anywhere from 2–6 weeks or more, depending on the bank, your eligibility and your business structure. Delays often come from compliance checks, document verification and, in some cases, in-person identity checks.

What is the best Australian business account for UK SMEs?

For most UK SMEs expanding into Australia, a digital payments provider, like WorldFirst, is often the most practical option.

It allows you to open an Australian account remotely without setting up a local entity, receive AUD like a local business and manage multiple currencies in one place – making it especially useful if you’re operating from the UK or testing the market.

Traditional banks such as Commonwealth Bank, Westpac, National Australia Bank and ANZ also offer a wide range of banking services, but typically require a locally registered entity, an Australian presence and in-person verification. As a result, they’re generally better suited to businesses with established operations on the ground.

What are the alternatives to opening an Australian business bank account?

Instead of opening a traditional account, many businesses use multi-currency accounts like WorldFirst. These accounts support global money transfers and let you send and receive payments without needing a local bank account.

This can be a simpler option if you want to operate in Australia without the time, cost and complexity of setting up a local banking relationship, while also reducing banking fees and transaction fees.

Do you need an Australian Business Number (ABN) to open an account?

In many cases, banks will require an Australian Business Number (ABN) as part of the account opening process, particularly if you’ve completed business registration in Australia. Some may also ask for a tax file number for tax reporting purposes.

However, requirements vary depending on the provider. Alternative platforms may allow you to operate without a local entity, depending on your structure and eligibility.

Sources:

https://www.finder.com.au/bank-accounts/100-point-system

https://www.commenda.io/australia/opening-a-business-bank-account-as-a-foreigner#

Jennifer Dodd leads marketing for WorldFirst UK, and has over 20 years' experience in financial services and publishing.

Jennifer Dodd

Author

Regional Marketing Lead, WorldFirst UK

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