Best business accounts for sole traders in Australia
Sole traders in Australia benefit from having a dedicated business account to keep their personal and business finances separate. This makes it easier to track your performance, file and pay taxes, and manage business payments effectively.
This guide compares and reviews the best business accounts for sole traders in Australia, looking at key features, costs, and benefits, to help you make an informed decision for your unique business.
Does a sole trader need a separate bank account?
As a sole trader in Australia you are not obliged to have a separate business bank account.
However, having a sole trader business account is recommended by the government to help you keep track of your business income, expenses and profitability. This makes for easier tax preparation and can reduce your admin burden overall. Having a business account also helps you build a professional brand as you can issue invoices in your business name, rather than using a standard personal account.
Comparing popular business accounts for Australian sole traders
We’ve rounded up five of the best accounts for a sole trader in Australia, so you can see if any suit your needs. We’ve got a side by side summary here, with more detail on each right after the table.
| Account | Opening fee | Monthly fee | Transaction fees | International transfer fee |
|---|---|---|---|---|
| Wise Business account | 65 AUD for full account access | No fee | No Wise ATM withdrawal fee to 400 AUD, then 2.69% | From 0.63%
No fee to receive money using local payment methods in 8+ currencies |
| OFX Global Business account | No fee | 0 AUD – 75 AUD/month | 1 AUD fee for domestic payments outside plan limits
1.5% foreign transaction fee using corporate card |
10 AUD outgoing fee, 5 AUD incoming SWIFT/wire fee
No fee to receive money using local payment methods in 5 currencies |
| Commbank Business Transaction Account | No fee | Online accounts have no monthly fee, In branch accounts cost 10 AUD/month | 5 AUD per assisted transaction or 10 AUD per QuickCash deposit
2 AUD – 5 AUD international ATM fee; 3.5% foreign transaction fee |
No fee for digital payments |
| Westpac Business One account | No fee | Business One accounts have no monthly fee, Business One Plus accounts cost 10 AUD/month | 3 AUD per assisted transaction
3% foreign transaction fee |
No fee for digital payments |
| ANZ Business account | No fee | Business Essentials accounts have no monthly fee, Business Extra accounts cost 10 AUD/month | 2.5 AUD per assisted transaction
5 AUD international ATM fee; 3% foreign transaction fee |
No fee for digital payments |
*Details correct at time of research – 20th May 2026
**Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks
Wise Business account for sole traders
Wise Business accounts are optimised for sole traders who handle foreign currency payments frequently. As well as holding, sending and receiving AUD you can also get paid in 20+ foreign currencies, and transfer money to 140+ countries using the mid-market rate. Overall, accounts can hold 40+ currencies to allow you to connect easily with customers, clients and contractors all around the world.
- Hold and exchange 40+ currencies: Exchange uses the mid-market rate and low, transparent fees
- Receive payments in foreign currencies: No fee to receive payments in 8+ currencies, with low fixed fees for incoming SWIFT payments in 20+ currencies
- Time saving features to reduce admin: Accounting integrations, batch payment solutions, API access and multi-user permissions available
OFX Global Business account for sole traders
OFX offers a Global Business account which can be used to hold, receive and spend in 30+ currencies. You can receive client funds with local account information in 5 currencies, or SWIFT/wire payments in 30+ currencies – incoming card payments are also supported. There are options for a basic plan with no ongoing fee, as well as the Full Suite plan which costs 75 AUD/month for up to 5 users, and then an additional 10 AUD/month per user beyond that.
- Hold 30+ currencies: Global accounts support 30+ currencies to receive, hold and pay, plus you can receive USD, GBP, EUR, CAD, AUD with local account information
- Choose the plan to fit your needs: Basic plans have no ongoing fees but limited features, or you can pay 75 AUD/month for a Full Suite Package
- Take customer card payments: Receive international payments from Visa and Mastercard cards, and domestic payments from AMEX, Visa and Mastercard
Commonwealth Bank Business Transaction Account for sole traders
Commbank is a popular bank, serving 3 in every 5 Australians. For sole traders, Commbank recommends its Business Transaction Account which is available as an online only version, or an ‘In branch’ service which includes some over the counter transactions in part of the monthly fee. You’ll then pay 5 AUD for every out of plan transaction, such as depositing or withdrawing cash or cheques in a branch. Accounts hold AUD only, and although sending money abroad has no upfront fee you may still pay a charge that’s been added into the exchange rate used for currency conversion.
- Large banking network: If you need to transact in person you can do so at a Commbank branch or Australia Post location
- No ongoing fees for a digital only account: If you don’t need to deposit cash or cheques, an online transaction account may suit your needs, with no monthly fee
- No fees for international transfers: No Commbank fee for outgoing payments, although costs may be applied to the rates available
Westpac Business One account for sole traders
Westpac offers sole traders the Business One account which has no monthly fee, or the Business One Plus account which has a fee of 10 AUD/month. The Business One account is a pay as you go option with transaction fees of 3 AUD while the Plus account has 5 free transactions included monthly before these fees begin. This can present good value for sole traders who need to deposit cash or cheques in AUD. International fees apply when spending abroad, and costs may also creep into the exchange rates used if you need to send a payment overseas to a supplier or contractor.
- PAYG or inclusive package options: Choose to pay no monthly fee and cover the costs of every transaction – or pay 10 AUD a month to get 5 free transactions
- Accounting integrations: Link your account to services like MYOB, Xero, and Quickbooks to make tax time easier
- No fee for international transfers: Digital payments overseas have no Westpac fee although costs may apply on the exchange rate used
ANZ business accounts for sole traders
The ANZ business accounts recommended for sole traders include the Business Essentials account which has no monthly fee, and the Business Extra account at 10 AUD/month. Essentials customers pay 2.5 AUD per assisted transaction, while Extra accounts offer 20 transactions for free monthly before this fee begins. Sole traders can apply for either of these account types online, and you may also benefit from discounted access to MYOB and Xero.
- Low transaction costs: Out of plan transactions cost just 2.5 AUD, including in branch deposits and withdrawals
- No fee for overseas payments: Digital transfers have no upfront charge, although exchange fees may apply
- Partner discounts: Get MYOB for free for a year, and heavy discounts on Xero access, as well as low cost terminal rental from Worldline Payment Solutions
Key features to look for in a sole trader business account
Look out for these features when choosing a business account as an Australian sole trader:
- Digital banking solutions – intuitive online and in app services can help save time
- High transaction limits – check limits on outgoing payments if you’ll need to pay suppliers from your account
- International services – look out for ways to receive, hold and send foreign currency transfers with low fees
- Customer payment types – if you need customer card payments look for a provider which can offer this as part of their package
- Great service and support – check the reputation of your provider so you’ll know there will be help on hand if you ever need it
Fee structures: What to watch out for
- Monthly fees – banks and providers often have different plans so you can choose a pay as you go service or pay a monthly fee to unlock extra features
- Transaction fees – banks are likely to charge for assisted transactions such as depositing cash or cheques
- Card fees – business accounts usually offer a linked debit card for easy payments and withdrawals, which can have a foreign transaction fee of up to 3.5% as well as ATM charges
- International transfer costs – banks often waive upfront fees for overseas payments but may still include a charge in their exchange rate
- FX markups – compare the exchange rates offered against the mid-market rate from Google to see if a markup (a fee) has been added
International transactions and foreign exchange
Sole traders often need to send money abroad to suppliers and contractors, and receive incoming foreign payments from customers. International transfers and foreign exchange with banks can result in unexpected costs – particularly from FX markups – while specialist providers may provide better value for sole traders dealing globally.
Australian banks usually only offer sole traders business accounts which hold AUD, while a specialist service like Wise or OFX can allow you to hold foreign currencies alongside AUD in one account. Both give you local account details so customers abroad can pay you as though you’re in their home country, and you can receive and hold foreign currency payments conveniently. This avoids unnecessary currency conversion and puts you back in control of your money.
How to choose the best business account for your sole trader business
There’s no single best business account for sole traders, so you’ll need to invest some time into thinking about the features that really matter to you – both now and for the future.
If you’ll need to deposit cash or cheques, an account from an Australian bank may make sense. Weigh up the options to pay a monthly fee in return for some free transactions if you’ll need to use branch services frequently.
For sole traders who need to send or receive foreign currency payments, a specialist account from a provider like Wise or OFX can also be handy. As both offer products with no ongoing fee, you can choose this service in addition to your Aussie bank if you’d prefer to have both options available. Or as both Wise and OFX also offer comprehensive ways to manage AUD transactions day to day, you may find that a fully digital account from a specialist is all you need to manage your sole trader finances.
How to set up a sole trader bank account
Sole traders can often open a business bank account in Australia online or in-app with no need to go to a physical location to get everything set up. You’ll need to select the service you prefer and follow their digital application process.
To give an idea, here’s how to set up a sole trader account with Wise:
- Visit the Wise Business website or download the Wise app
- Click “Register” and create a profile with your email, Google, Apple, or Facebook account
- Select “Business account” and follow the prompts to enter the business and owner details
- Submit documents for verification following the onscreen instructions
- Once your account has been verified you can start to transact
Documents required
When you set up a business account as a sole trader in Australia you’ll need to provide some information and documents. While different banks may have slightly different requirements, the basic process is usually pretty similar as banks all need to comply with the same financial legislation.
To give an example, when you open a sole trader account with Commbank you need to provide the following information:
- Full business name and address
- Australian Business Number (ABN), if you have one
- Industry type or code
You’ll also be asked to provide documents for an ID check, which can be:
- Your passport
- Australian or New Zealand drivers licence
If you can’t provide either of these documents there’s also a list of secondary ID documents available, covering things like your birth certificate or ATO correspondence in your name. You’ll need to provide two items of secondary documentation in this case.
All documents must be originals, or certified copies – and they’ll need to be translated to English if they’re from overseas, by an accredited translator.
Frequently Asked Questions about business accounts for sole traders
Do I need a business bank account as a sole trader in Australia?
You don’t legally require a business bank account as a sole trader in Australia, but having one can make it far easier to track your business performance, file taxes and manage payments.
What documents do I need to open a business account as a sole trader?
You’ll need to provide a personal ID document like your passport or driving license, as well as some business information to open a business account as a sole trader.
Can I use my personal bank account for my sole trader business?
Yes, you can continue to use a personal bank account as a sole trader. However, this is not recommended as it can be difficult to properly track your business performance and may increase the tim spent on administration in the end.
Can a sole trader have a business bank account?
Major Australian banks have sole trader accounts, and specialist services like Wise and OFX also offer account products which can support sole traders who need to manage their money across currencies.
Sources
- Wise Business account for sole traders
- OFX Global Business account for sole traders
- Commonwealth Bank business account for sole traders
- Westpac business account for sole traders
- ANZ business accounts for sole traders
- Commbank sole trader checklist – example of the documents required to open an account
- Australian government – sole trader information
