The best business accounts for startups in Australia (2026)

Key takeaways

• The best startup business accounts scale with you. Look for multi-currency support, expense management, and flexible card options from day one.

• Traditional banks charge embedded FX fees and lack startup-specific features. Fintechs like Airwallex offer transparent pricing and global capabilities.

• For startups going global, Airwallex offers multi-currency accounts, interbank FX, corporate cards, and expense management with plans that can be fee-free if you meet deposit or balance thresholds, plus usage-based FX and payment fees.

92% of Australian founders have concerns about their financial operations, with compliance, international regulations, and expense management topping the list.¹ The right business account won't solve all of that, but the wrong one makes everything harder.

Startups have unique financial needs. You might raise capital in USD, pay contractors across multiple countries, and serve global customers, all while trying to keep expense tracking under control as your team grows. Yet despite this complexity, 79% of Australian startups still use traditional banks, with 37% citing high fees as their biggest frustration and nearly half saying their bank doesn't offer products designed for startups.¹

This guide compares the best business accounts for startups in Australia, breaks down which features actually matter, and helps you find the right account for your stage of growth.

What features to look for in a startup business account

Before diving into individual providers, here's what matters most when choosing a business account for your startup.

Multi-currency and FX capabilities

If you're raising capital from overseas investors, paying international contractors, or serving global customers, multi-currency capabilities are essential. Watch out for hidden FX markups that traditional banks often charge on top of the exchange rate. Some providers offer transparent interbank rates, while others add margins of 2–3% that quietly eat into every transaction.

Corporate cards and expense management

As your team grows, you'll need to issue cards for co-founders and early employees. Look for spend controls, receipt capture, and approval workflows that keep finances organised without creating admin bottlenecks. According to Airwallex research, 35% of founders say managing employee expenses is a significant concern.¹

Accounting integrations

Your business account should integrate with accounting software like Xero, MYOB, or QuickBooks. Bank feeds that sync automatically save hours of manual reconciliation and reduce errors during BAS preparation.

Fees and pricing transparency

Monthly fees, transaction fees, and FX margins all add up. High fees eat directly into your profit margins. According to our research, 37% of founders cite high fees as their biggest frustration with their current bank, while 34% said pricing transparency was the most important factor when choosing a provider.¹

Speed and onboarding

Time is money for startups. Some accounts can be opened online in minutes, while others require branch visits and days of processing. Consider how quickly you can start operating once you decide to open an account.

How do the best startup business accounts compare in Australia?

Here's how the best business accounts stack up for your startup needs.

Do I need to create a separate business account for my startup?

If you’re operating as a partnership, company or trust, you legally need a dedicated business account. But even sole traders benefit from separating personal and business finances.

Here's why it matters:

• Legal and tax compliance: Companies, partnerships, and trusts require separate business accounts for tax purposes.

• Simplified admin: Separating finances makes BAS preparation, reconciliation, and claiming deductions much easier.

• Professionalism: Customers and investors take you more seriously when invoices come from a business account.

• Cash flow visibility: Monitor business incomings and outgoings clearly to make faster decisions.

• Access to finance: Required for business loans, overdrafts, credit cards, and trade accounts.

Types of business bank accounts

Before diving into providers, it helps to understand what's‌ on offer. Australian businesses can access several account types, each designed for different purposes.

Business transaction accounts

Your business account handles the daily grind: paying invoices, receiving customer payments, covering subscriptions, and keeping cash flowing. This guide compares transaction accounts because they're the foundation every startup needs first. When evaluating options, prioritise no-fee accounts, solid accounting integrations, and corporate cards. Fintechs typically offer a digital account option with faster onboarding and app-first management compared to traditional banks.

International business accounts

Startups with overseas customers, suppliers, or remote teams need an international account that won't bleed margin on every cross-border transaction. The key features include multi-currency wallets, transparent FX pricing, and local bank details in markets where you operate. For business accounts for startups in SaaS, eCommerce, or any sector with global exposure, international capabilities aren't optional – they're essential from day one.

Business savings accounts and term deposits

Once you've raised capital or built up reserves, idle cash shouldn't sit there earning nothing. A business savings account or term deposit puts surplus funds to work while you plan your next move. Traditional term deposits lock your money away, while newer yield products from fintechs like Airwallex offer competitive returns without the lock-up periods.

Specialised business accounts

Some industries have specific requirements. Solicitors, conveyancers, and real estate agents need trust accounts to hold client funds. Primary producers can access farm management deposits for tax benefits. Not-for-profits often qualify for fee waivers. If you're in a regulated industry, check compliance requirements before choosing a provider.

Airwallex for Startups puts $100k back in your pocket

Airwallex for Startups is a program designed for venture-backed, globally-minded founders. It combines Airwallex's cross-border financial platform with fee waivers, ecosystem partner perks, and hands-on support.

The program scales with your startup:

Ecosystem partner perks include:

• Google Cloud: $250k USD in credits plus events and workshops

• OpenAI: $2.5k USD in API credits

• Nebius: $100k USD in AI compute credits

• Rippling: 6 months free (Payroll, HR, IT) plus 3 months free EOR

• HubSpot: 30% off

• Notion: 6 months free with AI

• Slack: 25% off first 12 months

Selected AI founders can also access our AI Sandbox, a fast-track program to build and test products with Airwallex teams. Learn more about Airwallex for Startups. T&Cs apply.

How do you open a startup business account?

Most providers require similar documentation, though fintechs often have faster verification processes than traditional banks.

• ABN: Your Australian Business Number

• Business registration: ASIC registration for companies, or business name registration for sole traders

• ID for directors: Passport or driver's licence for all directors and beneficial owners

• Proof of address: Utility bill or bank statement (some providers verify electronically)

• Trust deed: If operating through a trust structure

Some fintechs like Airwallex can verify your details electronically and have your account ready in minutes. Traditional banks may require branch visits and take days to process applications.

How cogsflow scaled globally from day one with Airwallex

When David Carbines launched cogsflow in Melbourne three years ago, he chose Airwallex before processing a single transaction. That early bet paid off. In 2024, the eCommerce cash flow platform grew over 400%.

The numbers speak for themselves. When Airwallex launched Yield, David switched from CBA's 0.25–0.5% returns to rates in the mid-to-high 3% range. 

cogsflow now runs on the full stack: Global Accounts, FX, corporate cards, and Yield. Read the full story

Why 200,000+ businesses trust Airwallex

Airwallex started as a Melbourne startup in 2015. We built the platform we wished existed when we were starting out: one that let us operate globally without the friction of traditional banks, hidden FX fees, or waiting days for international payments to land.

Today, we're a $8 billion company processing $235 billion in annualised transaction volume. But we haven't forgotten what it's like to be a founder watching every dollar. That's why we offer no monthly fees, interbank FX rates, and a startup program that puts up to $100k back in your pocket.

For Australian startups ready to think bigger, we offer Global Accounts in 21 currencies with local banking details, Corporate Cards for the whole team, and Expense Management that scales with you. 93% of our transactions arrive the same day, and 94% use local rails instead of SWIFT, meaning faster, cheaper payments wherever your ambitions take you.

Startup business accounts: Frequently asked questions

What is the best global business account for startups?

The best global business account depends on your goals. For startups planning international expansion or raising capital overseas, Airwallex offers multi-currency accounts, interbank FX rates, and a startup program with up to $100k in fee waivers. Wise suits startups focused on international transfers with simpler needs. Traditional banks like CommBank or NAB suit startups needing lending relationships or branch access.

Do startups need a separate business bank account?

Yes. Australian companies, partnerships, and trusts legally require separate business accounts. Even sole traders benefit from separating personal and business finances for tax compliance, investor due diligence, and professionalism. A dedicated account simplifies bookkeeping and BAS preparation.

What features should startups prioritise in a business account?

Key features include multi-currency support (for fundraising and international operations), corporate cards with spend controls, expense management tools, accounting integrations (Xero, MYOB), transparent pricing, and fast online onboarding. Consider whether the account will scale as your startup grows.

Can I open a startup business account online?

Yes. Fintechs like Airwallex and Wise let you open an account in minutes without visiting a branch. Traditional banks often require in-branch verification for certain structures. You'll need your ABN, business registration documents, and ID for directors.

What is the difference between a traditional bank and a fintech for startups?

Traditional banks offer branch access, cash handling, and lending but often charge higher fees with slower onboarding. Fintechs offer faster setup, lower fees, better FX rates, and modern features like multi-currency accounts and expense management. They're ideal for startups planning to scale internationally.

How do I manage multiple currencies as a startup?

A multi-currency account lets you hold, convert, and pay in different currencies without forced conversions. Airwallex offers local bank details in 21 currencies, allowing you to receive payments like a local business in the US, UK, Europe, and more. Essential for startups raising in USD or paying international suppliers.

Sources

1. https://www.airwallex.com/au/blog/australian-startup-statistics

2. https://www.anz.com.au/business/accounts/transaction-accounts/business-extra/

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

4. https://www.nab.com.au/business/business-bank-accounts/transaction-accounts/low-fee-business-account

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

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

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

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.

This information is factual information only and it doesn’t take into account your objectives, financial situation, or needs. This case study is provided for informational purposes only and should not be construed as an endorsement or guarantee of results. The experiences and outcomes described may not be representative of all clients or experiences. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here.