The best bank accounts for small businesses in Australia in 2026

Key takeaways

• The best small business account depends on your needs. Sole traders may prioritise low fees, while growing businesses need scalability and multi-currency support.

• Traditional banks offer familiarity but often charge higher fees for international transactions. Fintech alternatives can save small businesses significant money.

• Airwallex's Business Account offers small businesses low fees, multi-currency accounts in 20+ currencies, and features like Yield that traditional banks don't match.

Choosing the right small business bank account is one of the first big decisions you'll make for your small business – and you're in the right place. With 2.73 million actively trading businesses in Australia and 437,150 new businesses starting in 2024–25 alone, we've done the research so you don't have to. This guide breaks down everything you need to know to find the best small business bank account for your needs.

This guide covers the business bank accounts for small businesses in Australia, covering traditional banks and modern fintech alternatives. We compare the fees, features, and international capabilities to help you find the right  bank account for your small business needs.

Do I need a business bank account as a small business?

If you're a sole trader, you're not legally required to have a separate business account. That said, it's highly recommended. Keeping your personal and business finances separate simplifies tax preparation, makes bookkeeping far easier, and presents a more professional image when clients see a business name on invoices and payment requests. It also makes it much clearer come tax time exactly what's a deductible business expense.

For companies, partnerships, and trusts, the situation is different. You're legally required to have a separate business bank account in the business entity’s name. Beyond compliance, having a dedicated business account gives you access to business-specific features like expense management tools, integration with accounting software, and potentially better lending options when your business needs them.

Features to look for in a bank account for your small business

Low or no monthly fees

Every dollar matters when you're running a small business. Monthly account fees can range from $0 to $30 or more, and over a year, that adds up. Many banks and fintech platforms now offer fee-free options for businesses that primarily transact online, though some waive fees only if you meet minimum deposit requirements. Look carefully at the conditions attached to any "free" account.

Transaction fee structure

Most business accounts now offer unlimited free electronic transactions, including BPAY, transfers, and direct debits. Where fees still apply is typically on assisted transactions. That means anything requiring a bank staff member to process, in-branch or over the phone. If you regularly deal in cash or cheques, check what these transactions will cost you.

International capabilities (if needed)

Even if you're a domestic business, you might need to pay overseas suppliers or contractors. Traditional banks typically charge 2–4% FX margins plus fixed fees for international transfers. Fintech providers like Airwallex often offer better rates, with some charging as little as 0.5–1% above the interbank rate. If you're regularly sending money overseas, multi-currency accounts can save you significant money by letting you hold and pay in foreign currencies without repeated conversions.

Digital banking experience

For most small business owners, the days of visiting a branch are over. You want an account with a solid mobile app, intuitive online banking, and the ability to set up and manage everything without stepping into a branch. Look for features like instant notifications, easy invoice management, and the ability to issue cards or set spending limits on the fly.

Accounting integrations

If you're using Xero, MYOB, or QuickBooks to manage your books, you want an account that syncs seamlessly. Bank feeds that automatically import transactions save hours of manual data entry and reduce reconciliation errors. Most major banks and fintechs now offer these integrations, but check that your specific software is supported.

Room to grow

Your business needs will change. The account that works for a sole trader just starting out might not suit you once you have employees, need corporate cards, or start processing payments from customers. Consider if the provider offers a clear upgrade path, from simple transaction accounts to expense management tools, corporate cards, and payment acceptance as your business scales. For further reading on this concept, read the 'Zero Day Finance mindset' from our VP of Finance Justin Yek.

How the best small business accounts in Australia compare

Here's how the best business accounts – which include banks and non-bank financial platforms – for small businesses stack up in Australia.

*Airwallex Explore tier: $29/month fee waived if you deposit $5,000/month or hold $10,000 balance. Suncorp/Westpac fees may be waived with minimum balance or other criteria. Fees and features are correct as at December 2025 and subject to change. Always refer to each provider’s current PDS and fee schedule before deciding.

Types of business bank accounts in Australia

Not all small business accounts serve the same purpose. Understanding the different types helps you choose the right combination for your needs.

Business transaction accounts

This is your everyday workhorse. It's the business account you use for daily payments, receiving customer funds, paying suppliers, and managing cash flow. Most of the accounts compared in this guide fall into this category. Features to look for include no-fee accounts, debit cards, accounting software integration, and mobile banking capabilities. Many fintechs now offer a digital account option with streamlined online onboarding and app-based management.

International business accounts

If your business handles international transactions, an international business account can save you significant money on foreign exchange fees and transfer costs. Look for multi-currency account functionality, competitive FX rates with transparent pricing, and the ability to hold and receive funds in multiple currencies. International capabilities should be a priority when evaluating business accounts for startups in ecommerce, SaaS, or any business dealing with overseas suppliers or customers

Business savings accounts and term deposits

If you're setting aside funds for tax, building a cash reserve, or saving for a specific business purchase, a business savings account or term deposit can earn you interest on idle funds. Rates vary significantly, so compare carefully. Some fintech providers, including Airwallex, offer yield products that can deliver competitive returns on your business balances.

Specialised business accounts

Depending on your industry, you might need a specialised account. Trust accounts are required for solicitors, real estate agents, and conveyancers holding client funds. Farm management deposit accounts offer tax advantages for primary producers. Not-for-profit accounts often come with reduced or waived fees. Check your industry's requirements before choosing an account.

How to open a small business bank account

Opening a small business account is simpler than it used to be. Most providers offering business bank accounts now have online applications that take around 15 minutes to complete. Here's what you'll typically need:

1. Your ABN (Australian Business Number). This is essential for any business account. If you're a company, you'll also need your ACN.

2. Personal identification. Typically a driver's licence, passport, or Medicare card for all directors or beneficial owners.

3. Business details. Your registered business address, contact information, and details about your business activities.

4. Director/owner information. For companies, you'll need details for all directors and anyone who owns 25% or more of the business.

Fintech providers like us at Airwallex often complete verification within minutes, while traditional banks may take one to three business days. If you're switching from an existing account, remember to update your payment details with customers and suppliers, redirect any direct debits, and keep your old account open for a few weeks to catch stray payments.

For a detailed walkthrough, see our guide on how to open a business bank account.

Why Australian small businesses choose Airwallex

The best business account for a small business ultimately depends on your specific needs. If you're a purely domestic business that values branch access, a traditional bank might be the right choice. But if you're looking for the best small business bank account with lower fees and international flexibility, that's where we come in.

Airwallex isn't a bank. We're a global financial platform with an Australian Financial Services Licence. Our Global Accounts let you open local currency accounts with a single click, with local banking details in 20+ currencies and the ability to collect funds like a local from 70+ countries. Our multi-currency wallet lets you hold and convert currencies without forced conversions, and like-for-like settlement means you're not losing money on unnecessary FX. Around 95% of our international transfers settle same-day.

We're trusted by more than 150,000 businesses globally, including 20,000+ in Australia. Getting started is free, there's no lock-in, and you can use Airwallex alongside your existing bank account if you prefer.

Small business account: Frequently asked questions

What is the best bank for a small business account in Australia?

The best bank for a small business account in Australia depends on your needs. For domestic-focused businesses, CommBank or NAB offer solid small business bank accounts with low fees and extensive branch networks. For businesses with international operations, Airwallex provides the best small business account for multi-currency needs, with accounts in 20+ currencies that can save up to 80% on FX fees compared to traditional banks.

Do sole traders need a business bank account?

Sole traders in Australia aren't legally required to have a separate business account, but it's highly recommended. A dedicated business account makes tax preparation easier, presents a more professional image to customers, and helps separate personal and business finances for clearer bookkeeping. It also simplifies tracking deductible expenses and can make it easier to secure business finance in the future.

What fees should I look out for with small business accounts?

Key fees to watch include monthly account fees, assisted transaction fees (for in-branch or phone banking), international transfer fees, and FX margins on currency conversion. Some accounts offer fee waivers if you meet certain deposit thresholds, so check the conditions carefully. For businesses that send money overseas, FX margins can be the biggest hidden cost. Traditional banks typically charge 2–4% above the interbank rate.

Can I open a business account online?

Yes, most business accounts in Australia can be opened entirely online. You'll need your ABN, identification documents, and business details. Fintech providers like Airwallex typically offer the fastest setup, often completing verification within minutes, while traditional banks may take one to three business days. Some business structures (like complex trusts or foreign companies) may still require in-branch visits.

What's the difference between a small business bank account and a fintech business account?

A small business bank account is provided by a licensed bank, while a fintech business account for small business is offered by a financial technology company that holds other regulatory licences (such as an Australian Financial Services Licence). Fintechs like Airwallex often offer lower fees and more digital features, while banks may provide physical branches, cash deposit facilities, and additional services like business lending. Many businesses use both: a fintech account for international payments and a traditional small business account for domestic cash handling.

Can I have more than one business bank account?

Yes, many Australian businesses use multiple accounts strategically. A common approach is one account for daily transactions, a savings account for tax or reserves, and a fintech account for international payments. There's no rule against having several business accounts, and it can help you get the best features from different providers while keeping your finances organised.

Can I deposit cash with a fintech business account?

No, fintech providers like Airwallex and Wise don't support cash deposits as they operate entirely online without physical branches. If your business regularly handles cash, you'll need a traditional bank account for deposits. Many businesses keep a basic bank account for cash and use a fintech account for everything else, particularly international transfers where the cost savings can be significant.

Do fintech business accounts offer loans or overdrafts?

Generally no. Most fintech business accounts focus on transactions and payments rather than lending. Traditional banks have the advantage here, offering business loans, overdrafts, and lines of credit. If access to business finance is important, consider maintaining a relationship with a major bank alongside your fintech account. Some fintechs are beginning to offer financing products, but options remain limited compared to established banks.

How do I switch to a better small business bank account?

Start by opening your new small business account, then update payment details with customers and suppliers, redirect any direct debits, and update your accounting software. Keep your old business bank account for small business open for a few weeks to catch any stray payments. Most switches take two to four weeks to fully complete. Some banks offer switching services to help manage the process, and accounting software like Xero can help you identify which regular payments need updating.

Sources:

1. https://www.abs.gov.au/statistics/economy/business-indicators/counts-australian-businesses-including-entries-and-exits/latest-release

2. https://www.airwallex.com/au/business-account/global-accounts

3. https://www.bendigobank.com.au/business/accounts/transaction/

4. https://www.commbank.com.au/business/bank-accounts/business-transaction-account.html

5. https://www.nab.com.au/business/business-bank-accounts/transaction-accounts/no-monthly-fee-business-account

6. https://www.suncorpbank.com.au/business-banking/bank-accounts/business-premium-account.html

7. https://www.westpac.com.au/business-banking/transaction-accounts/business-one/

8. https://wise.com/au/business/

9. https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/bb/international-service-fees.pdf

10. https://www.bendigobank.com.au/globalassets/documents/disclosures/business-fees-and-charges.pdf

11. https://www.commbank.com.au/content/dam/commbank/personal/apply-online/download-printed-forms/ADB1784.pdf

12. https://www.nab.com.au/content/dam/nab/documents/rates-and-fees/banking/nab-business-banking-guide-to-fees-charges.pdf

13. https://www.suncorpbank.com.au/bank-and-save/international/paying-overseas-bank-accounts.html#tab3

14. https://www.westpac.com.au/business-banking/international-trade/international-payments/

The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]]. This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here.