Best business bank accounts for eCommerce growth

Key takeaways:

• The best business accounts for eCommerce in Australia are Airwallex, Wise, CommBank, NAB, and Revolut.

• When you're comparing eCommerce business accounts, look at the payment gateway offerings, transaction fees, FX mark-ups, and forced currency conversions, as well as features to make running your eCommerce business smoother.

• With Airwallex, you get multi-currency Global Accounts, like-for-like settlement, local banking details in 21 countries, multi-currency payment acceptance, and native eCommerce integrations.

If you're running an eCommerce business, your finance needs look nothing like a typical high-street retailer's. You're collecting payments from customers in multiple currencies, paying suppliers across continents, and managing cash flow across platforms like Shopify, Amazon, and WooCommerce. The right business bank account means healthy margins, while the wrong one will see fees erode your profits every month.

In this guide we’ll take you through the best business accounts for eCommerce growth.

What makes a business bank account different for eCommerce?

Think of a business bank account as your dedicated space for everything business-related – it keeps your company finances completely separate from your personal money. You use it to collect revenue, pay suppliers, and manage operational spend.

But if you're selling online, you need a lot more than that.

Here's what actually makes an eCommerce business bank account different from a standard one:

• Multi-currency collection: You can receive payments in your customer's currency, with no forced conversion when the funds arrive

• Marketplace connectivity: Direct integrations with platforms like Shopify, Amazon, and WooCommerce give you automated payout reconciliation

• Cross-border supplier payments: You can pay manufacturers and logistics providers in their local currency at competitive rates

• Chargeback handling: You'll get a clear process for managing disputed transactions – which happen more often in online retail than in-store

• Real-time spend visibility: Corporate cards and expense tools let you track ad spend, SaaS subscriptions, and team costs in one place

What to look for in an eCommerce business bank account

Plenty of providers say they support eCommerce, but these specific criteria will help you spot the accounts that actually work for online sellers versus the generic ones. The features below will keep a growing eCommerce business running.

Multi-currency accounts and like-for-like settlement

With a multi-currency account, you can hold, send, and receive money in more than one currency. You don't convert everything into your home currency the moment it arrives.

Like-for-like settlement is when you collect a payment in the same currency your customer paid in. So a US dollar sale lands in a USD wallet, not a converted AUD balance. You only convert when you choose to, at a rate you can control, protecting your margins.

The best accounts can offer local bank details in multiple currencies – like a BSB and account number in Australia, or a routing number and account number in the US.

This can make your business appear as a local entity to customers and marketplaces, which can speed up payout times because funds move through domestic payment rails rather than international networks.

Fees, FX rates and hidden mark-ups

The monthly account fee is rarely your biggest cost. FX margins, transfer fees, and card transaction costs add up across thousands of transactions and often dwarf any account-keeping charge.

When you're comparing accounts, you'll typically face three cost layers, and understanding each one matters:

• Monthly account fees: A fixed charge to keep the account open

• Per-transaction fees: Charged on each payment sent or received

• FX mark-ups: The difference between the interbank rate and the rate you actually get – this is often where the real cost sits

The interbank rate is what financial institutions use as their baseline exchange rate when they trade with each other. Think of it as a wholesale price. Providers then add a margin on top and that margin can vary a lot between traditional banks and fintech providers.

If you're processing a lot of transactions, choosing an account with near-interbank FX rates can save you considerably more than any waived monthly fee.

Integrations and payment gateways

When your Shopify or Amazon payouts land directly in your account and reconcile automatically, you can eliminate manual exports, reduce errors, and save your finance team hours at month-end. This offers convenience as well as a real competitive edge.

Being able to use payment gateways from the same financial institution can also help reduce admin and costs. However, check if there are additional fees for physical POS. 

If you're selling across multiple tax jurisdictions, accounting software integrations become especially important. If you're managing GST in Australia and VAT in Europe, having your transactions sync automatically to Xero, QuickBooks, or NetSuite can mean you're not manually categorising hundreds of transactions every month.

The best business bank accounts for eCommerce

There's no single best account for all eCommerce businesses. The right choice depends on where you sell, which platforms you use, and how you manage currency. Here are some of the best business accounts for Australian eCommerce business owners.

This information is correct as of March 2026

In depth: The best eCommerce business accounts

Let’s take a closer look at the best business accounts for Australian businesses, including fees and pros and cons.

Airwallex

Airwallex is an all-in-one platform that can help your eCommerce business grow globally, offering a Global Account that lets you bank like a local in multiple countries. Australian businesses can open domestic accounts in over 20 currencies (including USD, GBP, EUR, and HKD) in minutes, allowing you to receive international customer payments without forced currency conversions. For eCommerce stores using platforms like Shopify, WooCommerce, or Magento, Airwallex provides a dedicated Online Payments gateway. This allows you to accept payments in 70+ currencies directly into your account. By bypassing the traditional SWIFT network for many transfers and using local payment rails, our platform can reduce your cost-border transfer costs by 80%.

Fees

• Monthly fees: A$29 (waived if you deposit at least A$5,000/month or hold a A$10,000 balance).

• FX rates: 0.5% above interbank rates for major currencies; 1% for others.

• Online payment acceptance: 1.65% + A$0.30 for domestic cards, 3.40% + A$0.30 for international cards.

• Transfers: $0 for local transfers to 120 countries; A$10 – A$30 for SWIFT transfers.

Pros and cons

• Pros: Amazon, Shopify and eBay integrations; Global Accounts allow you to get paid like a local with like-for-like settlement; 160+ local payment methods; No-code payment plugins, payment links and custom website checkouts.

• Cons: No physical branch access for cash-heavy businesses; Physical POS coming soon.

Wise Business

Wise is another choice for Australian eCommerce owners who want access to transfers at the mid-market exchange rate. The Wise Business account allows you to receive over 40 currencies. While it doesn't offer a native payment gateway for your website, you can receive payouts from global marketplaces like Amazon, eBay, and Etsy. It provides local bank details for major regions, meaning you can get paid by international platforms without losing money on poor exchange rates. It also features robust "Batch Payments" functionality, which is a major time-saver for businesses paying dozens of international suppliers or freelancers at once.

Fees

• One-time setup: A$65 to set up local account details for 24 currencies

• Monthly account fees: $0.

• FX rates: Average fees of 0.60% to send money.

• Wise Interest fee. Annual fee from 0.72%.

• Receiving payments: Fixed fees to receive SWIFT payments that vary by currency.

Pros and cons

• Pros: True mid-market exchange rates with no hidden markups; hold multiple currencies in your account; easy integration with Xero and QuickBooks.

• Cons: One-time setup fee for local banking details; no built-in merchant facility/payment gateway for direct website checkout.

CommBank (CBA)

As Australia's largest bank, CommBank offers a traditional and secure route for eCommerce businesses. Their eCommerce offering centres around the Internet Merchant Account and their payment gateways, BPOINT and Simplify. These tools allow businesses to accept credit and debit card payments online securely. CommBank provides a high level of trust for Australian consumers and offers 24/7 Australian-based support. For larger eCommerce operations, CBA provides sophisticated fraud monitoring and the ability to integrate payments with their broader suite of business lending products.

Fees

• Monthly account fees: A$9.99 monthly fee for the Internet Merchant Account plus a A$99 establishment fee (waived if settling into a CBA Transaction Account).

• Transaction fees: A$0.14 per transaction fee plus custom merchant fee.

• Terminal/Gateway fees: Monthly fees may apply for specific gateway software like BPOINT.

Pros and cons

• Pros: Access to physical branches; high level of security; 24/7 local customer support; same-day settlement to CBA accounts; range of payment gateway options can be used with the Internet Merchant Account.

• Cons: International transaction costs and FX margins (3–4%) are much higher than fintech alternatives; slower application process; no like-for-like settlement.

NAB

NAB provides a suite of eCommerce solutions tailored for businesses that require stability and scalability. Their online payment systems, such as NAB Transact, allow for seamless checkout experiences and recurring billing. NAB’s accounts integrate with local accounting software and offer multi-currency processing, which allows you to price items in different currencies. While NAB is a traditional "Big Four" bank, they have made strides in digital integration, offering merchant dashboards that provide detailed analytics on sales performance and customer trends.

Fees

• Monthly account fees: The NAB eCommerce Merchant Account comes with negotiated pricing.

• eCommerce Access fee: $30 per month for the NAB Transact gateway.

• Merchant Service Fee: 1.40% per transaction + $0.25 transaction fee.

• International fees: 3% fee for international transactions.

Pros and cons

• Pros: Reliable Australian infrastructure; strong fraud protection; an option businesses that also have a physical "bricks and mortar" presence.

• Cons: High monthly gateway fees compared to digital-first providers; complex pricing structure that is not transparent for online merchants.

Revolut Business

Revolut Business allows eCommerce owners to set up multi-currency accounts and issue corporate cards with granular spending controls. Revolut offers its own Payment Gateway with plugins for WooCommerce and Prestashop. It also allows for instant, free transfers between Revolut Business accounts and its tiered subscription plans allow businesses to choose a level of features (such as higher limits for fee-free FX) that suits their current monthly turnover.

Fees

• Monthly fees: Tiered plans: Basic (A$10/mo), Grow (A$21/mo billed annually), Scale (A$79/mo billed annually). Payment acceptance is included with all plan tiers.

• Transaction fees: 1.6% + A$0.20 for domestic cards and 2.9% + A$0.20 for international cards. 

• FX fees: $0 fee up to your plan's allowance; 0.6% fee thereafter (additional 1% fee outside of market hours).

Pros and cons

• Pros: High-speed, modern app interface; range of spend management tools; payment links, payment gateway and payment terminal options; 24-hour settlement.

• Cons: Monthly subscription fees even for the basic plan; customer support is primarily via in-app chat; "weekend markup" on currency exchange; limited payment method options.

How to compare the total cost of an eCommerce business account

Remember: the monthly fee usually isn't where you'll spend the most. It's the FX margins, transfer fees, and card costs across thousands of transactions that add up fast.

Here's a three-step framework to compare the real cost:

Step 1 – Map your transaction types. Where do your customers pay you? Which currencies do you collect? Which marketplaces pay you out, and how often? How many overseas supplier payments do you make each month?

Step 2 – Identify all fee touchpoints. Think about monthly fees, FX margins on each conversion, incoming and outgoing transfer fees, card transaction fees, and chargeback fees.

Step 3 – Compare like for like. Pick a representative basket of transactions – a typical month of sales and supplier payments – and apply each provider's cost structure to that basket. This can reveal the real difference between providers, not just the headline fee.

If you're processing a lot of transactions, choosing an account with near-interbank FX rates can save you considerably more than any waived monthly fee.

How to open an eCommerce business bank account

To open an eCommerce business bank account, you'll need to gather some documents and plan your switch so it doesn't disrupt your business.

Documents and onboarding steps

You can complete most business account applications online – especially with fintech providers – and you'll need a standard set of documents. If you're applying with an eCommerce-focused provider, they may ask for additional platform information.

In Australia, you'll typically need:

• Business registration: ABN and business registration details, plus ACN and ASIC registration details where applicable.

• Identity verification: Government-issued photo ID for all directors or beneficial owners.

• Proof of address: Recent utility bill or bank statement for relevant individuals.

• Business details: A description of your business, the eCommerce platforms you sell on, and your expected monthly transaction volume.

• eCommerce-specific: Some providers will ask for your Shopify store URL, Amazon seller ID, or other platform credentials during verification.

Fintech providers typically complete verification digitally and more quickly than traditional banks. Some traditional banks may still require in-person checks or additional documentation depending on your business structure.

Why eCommerce businesses choose Airwallex to fuel their online growth

Airwallex is the preferred choice for Australian eCommerce brands because it eliminates the hidden costs of global expansion through its integrated "all-in-one" financial ecosystem. By offering market-leading payment gateways, like-for-like settlement in major currencies, and local banking infrastructure, Airwallex empowers merchants to capture global sales without losing their margins to unnecessary FX fees and bank delays.

• An account that helps you grow globally: Effortlessly scale your operations by paying out to 200+ countries, accepting payments from 70+ countries, and instantly opening local banking details in 21 countries to bypass high-cost international wire transfers.

• Payment acceptance to convert more customers: Maximise your checkout success by collecting payments in 130+ currencies across 180+ countries. Settle like-for-like in 20+ currencies to keep your profits in their original denomination, and offer your customers 160+ local payment methods alongside all major schemes like Visa, Mastercard, and Amex.

• A powerful FX engine to save more on FX and transfers: Minimise overheads by saving up to 80% on FX fees compared to traditional banks. With 120+ countries leveraging local payment rails, you can enjoy lightning-fast transfers, with 93% of transactions arriving the same day.

Frequently asked questions

Do I need a separate business bank account if I'm selling online in Australia?

You should definitely get a separate business bank account for your Australian business – it keeps bookkeeping clean and makes GST reporting and audit trails much simpler. Sole traders may not be legally required to separate finances, but keeping them separate typically makes tax reporting, reconciliation, and marketplace administration much easier.

Which business bank accounts integrate directly with Shopify and Amazon for automatic payout reconciliation?

Shopify and Amazon pay out to bank accounts with local bank details in your target currency – most fintech multi-currency accounts and some traditional banks can give you this. Before you open an account, make sure to check each platform's accepted bank account requirements – some marketplaces have specific restrictions on which providers they'll pay out to.

Can I open local currency accounts in multiple countries without registering a business entity in each location?

Yes – certain fintech providers can let you open accounts with local bank details in multiple currencies from a single Australian entity. This way, you can receive payments as if you have a local presence in markets like the US or Europe without registering a legal entity in each country.

How can I avoid paying FX conversion fees on my marketplace sales?

Collect marketplace payouts into a matching-currency account – for example, US dollar sales into a USD wallet – so no conversion takes place when funds arrive. Only convert when you need to, and choose a provider that prices foreign exchange close to the interbank rate rather than adding a large mark-up.

Are my funds protected if I use a fintech business account instead of a traditional bank?

Safeguarding and account protections vary by provider type and how they're regulated in Australia.

Make sure you confirm where client funds are held and what protections apply if the provider fails.

Always check the provider's regulatory status and disclosures, including whether they're overseen by ASIC, APRA, and AUSTRAC where relevant to the service being provided.

What happens when a customer files a chargeback against my eCommerce business?

A chargeback happens when a customer's card issuer reverses a transaction after a dispute – the funds go back to the customer while the investigation is underway. Your payment service provider manages this process, not your bank account directly. You'll need sufficient funds in your business account to cover any reversed amounts, and some providers can offer built-in dispute management tools that notify you promptly and guide you through submitting evidence.

How long does it typically take to fully switch to a new eCommerce business bank account?

Fintech providers typically approve and activate business accounts within a few business days. The full switch – including redirecting marketplace payouts, scheduled payments, and accounting integrations – generally takes a couple of weeks depending on how many platforms need to be updated.

Sources

1. https://www.commbank.com.au/business/payments/take-online-payments.html

2. https://www.commbank.com.au/business/payments/take-online-payments/internet-merchant-account.html

3. https://wise.com/au/pricing/business

4. https://wise.com/au/pricing/business/send-money

5. https://www.revolut.com/en-AU/business/business-account-plans/

6. https://www.revolut.com/en-AU/business/accept-payments-pricing/

7. https://www.nab.com.au/business/payments-and-merchants/ecommerce-and-online-payments

8. https://www.nab.com.au/business/payments-and-merchants/ecommerce-and-online-payments/nab-ecommerce-merchant-account

9. https://www.nab.com.au/business/payments-and-merchants/ecommerce-and-online-payments/nab-transact

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.