Best bank account for small businesses in Australia 2025

If you’re a sole proprietor, or have an Australian registered business, you’ll want to get a dedicated business account to help you manage your money effectively, and to keep your personal and company finances separate. You can choose to open a dedicated business account from a bank – or an alternative specialist provider which might offer more flexible services with low fees.

In this guide we’ll introduce 5 top options for the best bank account for small business – and also touch on Wise Business and Revolut Business as specialist services which provide powerful international account and card services for businesses in Australia. Let’s dive in.

What is the best bank account for a small business?

The best bank account for you will depend on your specific small business’ needs. That may mean picking an account which offers low cost assisted transactions if you need to deposit cash, an account which can offer overdraft services, or one which lets you hold and exchange foreign currencies cheaply, for example. In this guide, we will provide details on 5 banks and 2 alternative providers, looking at their features and fees, pros and cons, to help you decide which is best.

Here are a few factors to take into account when you select the best bank or provider account for your small business:

• Are there any minimum deposit requirements? If a minimum deposit is needed, this ties up your spare cash and can make managing your money more difficult than it needs to be
• What are the monthly or annual fees, and what do you get for that? Banks in Australia often offer accounts with the option to either pay a monthly fee, or work on a pure pay as you go model – weigh up what you get for your money if you choose to pay monthly charges
• Which transaction fees will apply to your account? All business accounts will include transaction fees for some services. Providers like Wise and Revolut may include some services with no charges based on your account plan, and then use fair usage fees once your plan limits are exhausted
• Does your account offer multi-currency and international features? Business accounts from banks seldom come with ways to hold foreign currencies, and receiving international payments can be costly. Consider alternatives like Wise and Revolut if you trade across currencies regularly

Best small business bank accounts

As an Australian business owner you can choose between a pretty broad range of business accounts from banks, or you might find you can get more flexible account options from an alternative provider. Many Australian banks offer a selection of business accounts which look pretty similar to each other on the surface – but it’s important to read through the details of each account option carefully, including all of the fees for services you use often, as these can vary quite a bit.

Here we’ve picked out 5 popular banks which have business checking and saving account products, and a couple of specialist business accounts from alternative providers, to give you a feel of your options. We’ve got more coming up about each option right after this overview:

Details correct at time of research – 22nd April 2025

Commbank business account

Great for: Award winning account with options to pay monthly, or per transaction, with many free electronic services included

Commbank has a small business account which you can either use with no monthly fee, and pay 5 AUD per assisted transaction, or choose to pay a monthly 10 AUD fee to get 5 free assisted transactions. Many electronic services such as online and card payments or withdrawals are free, to give flexibility for both digital first businesses and companies which need to pay in cash.

The Commbank business account has won awards as the best business bank account in Australia. You won’t earn any interest on your balance, and it’s helpful to know that you can only hold AUD, which may be a drawback if you trade internationally.

Eligibility: Sole traders and businesses with an ABN or ACN – online account opening is not offered for new customers who don’t already bank with Commbank

Best features: Commbank business account

• Free to open pay as you go account option, or pay a monthly fee to get 5 free assisted transactions a month
• Electronic transactions like payments, deposits and withdrawals may be free
• Transact at a branch or post office if you prefer a face to face service
• Award winning, locally based service

Commbank business account fees

You can choose either an account with 0 AUD or 10 AUD/month fee depending on your need for assisted transactions, with no fee for electronic transactions in most cases. If you’re on the pay as you go model you pay 5 AUD for assisted transactions. It’s worth nothing that there’s a 3.5% foreign transaction fee for card use overseas, and receiving a payment from abroad to your account will mean paying a fee of up to 11 AUD.

Westpac business account

Great for: Up to 25 assisted transactions a month for a 10 AUD fee, or no ongoing fees if you only need digital transactions

Westpac offers its Business One account with no monthly fee, and 3 AUD charge per assisted transaction, or you can pay a flat 10 AUD a month to get up to 25 assisted transactions if you need to deposit cash or prefer to bank in branch. The account also offers many free electronic transactions, and card services.

Westpac offers partner discounts on business friendly services like getting a SIM for your phone, which can help you save even more money. As with most bank business accounts, this account is AUD denominated and there’s a 3% foreign transaction fee for card use. You’ll also pay 12 AUD when receiving an overseas payment to your account.

Eligibility: Sole traders and businesses with an ABN or ACN – online account opening is available to some customers, subject to entity type

Best features: Westpac business account

• Account options with no ongoing fees if you only need to make electronic transactions
• 25 assisted transactions offered for a 10 AUD monthly fee, with additional assisted transactions costing only 3 AUD
• Partner offers and discounts available to customers
• Bank feeds to connect to accounting software like MYOB, Xero, and Quickbooks
• Award winning in the value banking segment

Westpac business account fees

You can open your Westpac account with no ongoing fees and pay 3 AUD for assisted transactions, or choose to pay a 10 AUD/month fee to get 25 assisted transactions included every month. There’s no fee for electronic transactions, but there is a 3% foreign transaction fee for card use, and a fee of 12 AUD for incoming payments.

NAB business account

Great for: Account options which include free electronic transactions and which can connect to NAB bookkeeping tools to manage your invoicing and expenses

NAB business account options include one which has no monthly fee, with free electronic transactions and a 3 AUD pay as you go charge for assisted transactions. Or you can choose to pay 10 AUD a month to get 15 assisted transactions. Add on extra services including the NAB bookkeeping tool, which connects to NAB business accounts seamlessly, are also available.

If you travel for work, there’s a relatively low 2% foreign transaction fee for card use, but it’s worth noting that you can pay up to 15 AUD to receive incoming foreign transfers.

Eligibility: Australian sole traders, partnerships, and directors of an Australian private company or a trustees of a trust, living in Australia and Australian resident for tax purposes.

Best features: NAB business account

• 0 AUD or 10 AUD monthly fees, depending on your preferences – 10 AUD gets you 15 assisted transactions per month for free
• 3 AUD assisted transaction fee when you deposit cash or need an in person service
• Relatively low 2% foreign transaction fee for card use
• NAB Bookkeeping service available for expenses and invoices
• Most customers can apply online with 2 pieces of ID and company information

NAB business account fees

Choose to either pay 0 AUD or 10 AUD/month fee, with no fee for electronic transactions. There’s a charge of 3 AUD for assisted transactions – but if you choose the account with monthly fees you can get 15 transactions a month free as part of the service. You pay a 2% foreign transaction fee for card use – and although there’s no transfer fee for digital international payments, you do pay up to 15 AUD for incoming payments.

ANZ business account

Great for: Fast to open account with no monthly fee – or pay 10 AUD a month to get extras including an optional business overdraft

ANZ offers its Business Essentials account with no monthly fee and free electronic transactions, which is good for new businesses which do not use branch services often. You’ll then pay 2.5 AUD when you need an assisted transaction. Or if you’ve got a more established business, the Business Extra service may appeal, with monthly fees that get you 20 included assisted transactions and an optional overdraft.

International costs may apply with this account, including a 3% foreign transaction fee for card use. If you’re making an international transfer of under 10,000 AUD there’s also a 9 AUD fee, with no transfer fee for digital international payments over 10,000 AUD.

Eligibility: Sole traders and business directors, with Australian registered businesses – in app and online account opening options for many customers

Best features: ANZ business account

• Pay as you go, or pay monthly for more features including an optional business overdraft
• Low assisted transaction costs to pay
• Extras available like discounts on accounting software and partner products
• Business analytics included to allow you to spot growth opportunities
• Full suite of business services available

ANZ business account fees

ANZ accounts for small businesses and sole traders have either a 0 AUD or 10 AUD/month fee. There’s no fee for electronic transactions, and a fee of 2.5 AUD for assisted transactions outside of your plan. The basic account has fees for all assisted services, while the 10 AUD/month account includes some free assisted service when you need it. 3% foreign transaction fee for card use, and if you’re making an international transfer of under 10,000 AUD there’s also a 9 AUD fee.

Macquarie Bank business account

Great for: Business savings account option which pays 4.4% at the time of research, with no fees

We’ve featured the Macquarie Bank business account here to give an example of a business savings account which might suit some Australian businesses trading locally. This account stands out as there are basically no fees to pay, so you can earn money on your spare business cash with no risk.

It’s helpful to know that the interest you earn does depend on the balance you have in your account. This account does not give any details about how to send or receive international payments, so you’ll need to receive transfers from overseas to an alternative account.

Eligibility: Check your eligibility online with the Macquarie Bank tools available

Best features: Macquarie Bank business account

• Interest earning account, with variable returns depending on the amount you have in your balance
• No fees to worry about
• Make payments using BPAY and PayID conveniently
• You may be able to open your account online depending on your entity type

Macquarie Bank business account fees

There are pretty much no fees, but the account features are somewhat limited in return.

Wise Business account

Great for: Hold 40+ currencies, and transact with no ongoing fees and the mid-market exchange rate

Wise is not a bank, but offers business account and card services with powerful international features. You can hold and exchange 40+ currencies, receive payments in 8+ foreign currencies to your account, spend with your Wise debit and expense cards all over the world and send payments to contractors and suppliers overseas seamlessly. There’s a one time account opening fee of 22 AUD with no ongoing costs after that.

Wise uses the mid-market exchange rate on all currency conversion and splits out its low fees for transparency.

Eligibility: Wise is available to freelancers, sole traders and business owners in Australia and many other countries and regions, offering real international support for customers

Best features: Wise Business account

• Hold and exchange 40+ currencies
• Mid-market exchange rates with low, transparent fees
• Cards available for the account owner and employees to manage expenses
• Cloud accounting integrations, batch payments and a powerful API
• Very broad international service offerings

Wise Business account fees

There’s a one time account opening fee of 22 AUD and then no ongoing fee. Once you have money in your account it’s free to spend a currency you hold, and there’s no fee to receive with local account details. Send money internationally from 0.65%, and get the mid-market rate when you convert.

Revolut business account

Great for: Multi-currency account and card options with monthly fees that unlock many features and benefits

Revolut customers in Australia have the option to open plans with monthly fees of 21 AUD or 79 AUD. There’s also the option to get a custom made package for your larger business. All accounts come with cards and support a range of foreign currencies for holding and exchange. Many account services are offered with no additional fee, to your plan limit. After that you’ll usually pay a fair usage fee

The exact features and services you can get with Revolut do depend on the plan you select, but this gives flexibility to customers to trade up or down according to their needs and business growth.

Eligibility: For sole traders and business owners in Australia and many other countries and regions

Best features: Revolut business account

• Hold and exchange many currencies in one account
• Choose different account plans based on your transaction needs
• All accounts offer card services for convenience
• Popular global provider which focuses on international features and services

Revolut business account fees

You’ll pay either 21 AUD or 79 AUD a month for your Revolut business plan, but this will then include some no fee transactions. Over this, you pay fair usage fees – overall, the costs can depend on your account plan.

How to open a small business bank account

The application process for business accounts varies across banks and providers, and may also change based on your entity type. In some cases you can open your account online with a bank, but this isn’t always possible – you might have to visit a branch instead. Digital first providers like Wise and Revolut offer online account opening and onboarding.

Here’s what you’ll usually need to do to open a business account with your preferred bank:

1. Choose the provider and account that suits your needs
2. Check and gather all the information and documents required
3. Complete the application form in hard copy or online
4. Provide your documents to the provider – either uploading digital copies or presenting them in a branch
5. The bank or provider will verify your account, which may be instant, or may take a day or two
6. Once your account is verified you’ll be able to add funds, and get your linked card for easy spending

The documents needed do vary, but can include:

• Your government issued ID document like a passport or driving license
• Your ABN or ACN if relevant

Other business documents based on the account and entity type may also be required.

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Learn more about how to open a business bank account

How to open a small business account online

Some banks will let you open a small business account but this isn’t always an option. Providers like Wise and Revolut offer all customers easy ways to open their accounts online or in app.

Here’s how to open a business account with Wise as an example:

1. Download the Wise app or open the Wise desktop site
2. Click Sign up and create an account with your email, Facebook, Google or Apple ID
3. Follow the prompts to enter the personal, business and contact details needed
4. Upload your business, ID and address documents
5. Once your account has been verified you’re good to go

The documents needed are usually pretty similar to opening an account in a bank branch – your proof of ID, proof of address and business registration information. The key difference is that you’ll just need to take a quick photo of your document and upload that, rather than visiting a branch to show the original.

Online business account fees

The fees associated with a business account will depend on the bank or provider you select, the way you transact, and the specific account you prefer. Banks often offer their accounts with either an option to pay a fee monthly and get some free assisted transaction, or to pay no ongoing costs but pay per transaction instead. Bear in mind that some services pretty much always come with a cost, such as sending money abroad or receiving a payment – the fees may be built into the exchange rates used for cross currency transactions instead of being split out separately.

There’s no one single best business account when it comes to costs – it’ll depend on your specific needs and preferences. Weigh up a few options to decide which suits you best. Here’s a summary of the business account fees for the banks and providers we looked at earlier.

Details correct at time of research – 22nd April 2025

The business account options available from banks do tend to follow a similar pattern, with digital only accounts that have no monthly fee, or the option to pay a fee of 10 AUD a month to get some free assisted transactions. The costs of assisted transactions on a pay as you go model, or when you’ve used up your monthly allowance, can vary a lot – from 2.5 AUD with ANZ through to 5 AUD with Commbank. Read the bank’s fee schedule carefully to make sure you understand all the costs which might apply.

If you’re looking for an account for digital transactions, you might also want to compare WIse and Revolut which both offer low transaction and service fees. You can’t deposit cash, but you can use your card to spend, send payments, receive money in foreign currencies and exchange currencies in your account in just a few taps.

Best free business checking accounts for small businesses

No business banking service is entirely free, accounts will always have various charges whether it’s account opening, maintenance or various transaction fees. You’ll need to carefully compare the providers’ fee structures, and decide based on your specific transaction needs.

Here’s a quick reminder of the bank and provider accounts we looked at earlier, and what free services you may get:

• Commbank business account: No fee for electronic transactions. Either pay no monthly fees and get assisted transactions on a pay as you go model, or get up to 5 assisted transactions a month for a 10 AUD fee. Assisted transaction above plan limit cost 5 AUD
• Westpac business account: No fee for electronic transactions. Either pay no monthly fees and get assisted transactions on a pay as you go model, or get up to 25 assisted transactions a month for a 10 AUD fee. Assisted transaction above plan limit cost 3 AUD
• NAB business account name: No fee for electronic transactions. Either pay no monthly fees and get assisted transactions on a pay as you go model, or get up to 15 assisted transactions a month for a 10 AUD fee. Assisted transaction above plan limit cost 3 AUD
• ANZ business account name: No fee for electronic transactions. Either pay no monthly fees and get assisted transactions on a pay as you go model, or get up to 20 assisted transactions a month for a 10 AUD fee. Assisted transaction above plan limit cost 2.5 AUD
• Macquarie Bank business account: No stated fees
• Wise business account: No ongoing fees, some free ATM use monthly, free multi-user access, batch payment options and API access
• Revolut business account: Accounts with varied monthly fees, which all have some no fee transactions monthly depending on the plan selected

Best business bank accounts with no deposit for small businesses

None of the providers we’ve covered in this guide state any minimum deposit requirement. That’s great as it frees up your cash and can make managing your business finances much easier.

Conclusion: best business account for small businesses

There are many different account options on the market for Australian sole proprietors and business owners, including accounts from major banks, and accounts from specialist services like Wise and Revolut. The account profiles from banks do tend to look quite similar to each other, with options to open an account with no monthly fee, or pay 10 AUD a month to get some free assisted transactions. Compare your options carefully though as the number of free transactions can range from just 5 through to 25 – and the fees for above plan assisted transactions varies from 2.5 AUD to 5 AUD.

If you don’t need to make deposits of cash in a branch, and tend to bank online and in app anyway, an account from a service like Wise or Revolut might be a good choice. Both offer card services, international payments, ways to receive money from customers in foreign currencies, and low cost currency exchange. Wise has no monthly fee to pay, while Revolut has fees of 21 AUD to 79 AUD. Compare the options open to you based on your business size and needs, to pick a perfect match.

Bank account for small businesses FAQs

How long does it take to open a business account?

If you’re opening a business account with a bank you may need to visit a branch to show your paperwork – this can take a little while and does require some planning. Otherwise you might want to open an account with a provider like Wise Business or Revolut Business, with digital account opening you can sort from home in just a few minutes.

What is the best small business bank account in Australia?

The best bank account will depend on your specific small business’ needs. You might want an account which offers low cost assisted transactions if you need to deposit cash, an account which can offer overdraft services, or one which lets you hold and exchange foreign currencies cheaply, for example. Compare a few banks – and also providers like Wise Business or Revolut Business to help you decide.

What is the easiest business bank account to open for a small business?

You should find opening a business account pretty straightforward as long as you have a locally registered business and all the required paperwork. Banks might need you to visit in person to open an account, while providers like Wise Business or Revolut Business let you open online or in app for convenience.