Complete guide to the best free business accounts in Australia

Key takeaways:

• The leading best free business accounts for 2026 include Airwallex, NAB, Westpac, Zeller, and Wise.

• A "free" account with a $0 monthly fee can still be expensive if it carries high FX margins or transaction fees.

• Airwallex is the top choice for businesses with international operations because it offers a feature-packed free business account including interbank FX rates and local account details in over 20 countries.

The traditional financial system was built for a world that moved slowly, operated within borders, and relied on physical paperwork. Today, Australian businesses are operating in a digital-first, global economy where speed and transparency are the primary currencies of success. Choosing the best free business account is as much about avoiding monthly fees as it is about finding a platform that removes friction and protecting your margins.

Here, let's take a look at the top free business accounts for Australian businesses including our own platform, Airwallex.

What is a free business account and how does it work?

In the Australian market, a "free" business account typically refers to an account with $0 monthly account-keeping fees. However, keep in mind that these accounts are not free and still can carry fees, interest rates, and other charges.

• Traditional banks: These institutions often offer "online-only" accounts with no monthly fees alongside their branch-access accounts. They typically recoup costs through fees for staff-assisted transactions or high margins on international transfers.

• Fintech platforms: Financial technology providers like Airwallex and Wise are structured differently. Airwallex, for example, is an all-in-one financial platform that offers a tiered pricing structure which includes a multi-currency business account, FX and transfers, Corporate Cards, payment acceptance, and more. This tiered pricing structure allows fintech platforms to offer advanced features – like multi-currency wallets and low-cost FX – that traditional banks often struggle to match at a zero-fee price point.

The best free business accounts in Australia compared

Let's take a look at the top five best free business accounts in Australia and their main features, compared.

*Airwallex monthly fee waived with a A$10,000 balance or A$5,000 monthly deposit.

In-depth: Features of the best free business accounts

Airwallex 

Airwallex is not a bank; we are a comprehensive global financial platform designed for businesses that view the world as their market. We are an "all-in-one" hub that replaces the need for multiple banking relationships across different countries. By providing local banking details in over 20 countries, we allow businesses to receive, hold, and spend in local currencies without forced conversions. Plus, you receive multiple products in your account that would usually be paid add-ons with other providers. This includes an online payment gateway, Corporate Cards, a Yield account to grow your funds, FX and transfers.

Fees

• Monthly fee: A$0 (when meeting the waiver requirements of a A$10,000 balance or A$5,000 deposit)

• FX Interbank rate + 0.5% for major currencies, 1$ for others. Free local transfers to 120+ countries

• Corporate cards: Receive 10 company cards for shared team expenses and card issuing in 40+ countries. Plus, two spend users for your account.

Pros and cons

Pros

• Like-for-like settlement: Accept payments from customers and suppliers and keep them stored in the same currency in your multicurrency wallet, avoiding the double conversion trap.

• Speed: Onboarding is typically completed in a few days, getting you started quickly. Once set up, you can open local banking details in 21 countries to keep your business growing globally without barriers. 

• Integrations: Direct sync with Xero, Shopify, Amazon, and eBay.

Cons

• No physical branches: Not suitable for businesses requiring frequent cash deposits.

• Physical POS: Our physical POS is coming soon.

NAB Business Everyday Account

The NAB Business Everyday account is an option for established businesses that require high brand trust and access to physical branches for occasional cash handling but primarily transact online.

Fees

• Monthly fee: A$0 (online-only)

• Electronic transactions: Unlimited free

• Staff-assisted fee: A$3 per transaction (for in-branch or phone assistance)

Pros and cons

Pros

• Physical presence: Access to Australia's largest business banking network (branch access for a fee)

• No minimum deposit: No monthly requirements to keep the account free.

• Additional products: You can also access products such as payment terminals and business finance. 

Cons

• FX costs: Higher margins on international transfers compared to fintechs and additional fees, such as correspondent bank fees.

• Slower onboarding: Can take longer than digital-first platforms to open.

Westpac (Business One)

Westpac’s Business One account emphasises a mobile-first experience and is unique in its side-by-side view of personal and business accounts within the Westpac app. This makes it a choice for sole traders looking for simplicity.

Fees

• Monthly fee: A$0

• ATM Network: Fee-free access to over 10,000 ATMs across Australia.In-person Support: A$3 staff-assisted fee

Pros and cons

Pros

• Welcome bonus: Often features incentives for new account openings (e.g. A$100 bonus).

• Digital card issuance: Instant access to digital cards upon account approval.

Cons

• Limited global features: Not designed for multi-currency management or  low-cost FX.

• Branch reliance: Many advanced features still require in-person verification.

Wise Business

Wise is an option for freelancers and micro-businesses and is also a popular choice among international travellers. While Wise is not a full-service financial platform like Airwallex (for example, it does not have a payment gateway in Australia) its simplicity is a major draw.

Fees

• Monthly fee: A$0

• Setup fee: A$65 one-time fee to access local bank details

• Sending money: Varies by currency, fees from 0.63%

Pros and cons

Pros

• Mid-market rates: Uses the real exchange rate with a transparent service fee.

• Multi-currency support: Hold and convert 40+ currencies.

Cons

• Upfront cost: Unlike other "free" accounts, there is a one-time setup fee of A$65 for local banking details.

• Other fees. You will be charged an annual fee to use Wise Interest and also to access cash at ATMs. 

Zeller 

For businesses that focus on in-person retail or hospitality, Zeller provides a seamless ecosystem by integrating a transaction account with its own payment terminal.

Fees

• Monthly fee: A$0

• Corporate Cards: A$9 monthly fee with A$0 transaction fees.

• Settlement: Offers nightly settlement to improve business cash flow.

Pros and cons

Pros

• Choice of POS: Zeller offers a number of payment acceptance options including terminals, virtual terminals, payment links, and integrated EFTPOS.

• Transaction and savings account. You can open both a business account and savings account with Zeller.

• Speed-to-Cash: Real-time access to funds from terminal sales.

Cons:

• Domestic-only: Strictly AUD; no support for international payments or FX.

• Hardware dependent: Best value is only realised if using Zeller terminals.

Features to look for in a free business account

When looking for the best account for your specific needs, look beyond the $0 monthly fee and consider the following:

Accounting integrations

The gold standard is a direct feed into platforms like Xero, MYOB, or QuickBooks. You want your transactions to sync automatically so that come BAS time, you aren't drowning in a sea of manual data entry and crumpled receipts.

Modern payment flexibility

Your account should support Apple Pay and Google Pay for frictionless spending, alongside Corporate Cards. Modern spend solutions for your team should have card controls, but modern fintech solutions also let you have cards for shared team expenses and offer global card issuing. 

Borderless transactions and FX

If you deal with overseas suppliers or software subscriptions, look for an account that avoids the "lazy tax" (high FX margins) charged by traditional banks. You should be able to receive, hold, and spend in multiple currencies using the mid-market rate to protect your margins.

Expense management

The best accounts do your bookkeeping for you. Look for built-in expense management tools that allow team members to snap photos of receipts, automatically matching them to transactions and syncing the data directly to Xero or QuickBooks.

SWIFT vs. local payouts

Traditional banks typically rely on the SWIFT network for international transfers, which involves intermediary banks and fees ranging from A$10 to A$30+ per transaction. The best fintech accounts bypass SWIFT by using local payment rails. This treats an international transfer as a domestic one (e.g., an ACH transfer in the US), eliminating intermediary margins.

Why businesses choose Airwallex

Airwallex is built for those who want financial systems to work for them, not against them. Here is why modern Australian SMEs are moving toward our global treasury platform:

• Access to more features and products on our A$0* Explore tier: Our lowest priced tier Explore gives you a Global Account, Corporate Cards, FX and transfers, Yield, Payments, and integrations (see our pricing here). 

• Beating the double conversion trap: Traditional banks often force incoming US$ sales to convert to AUD, only to convert them back to US$ when you pay a supplier. This "round trip" can cost a business a percentage of its revenue. Airwallex allows you to keep your currencies in your wallet without converting them, protecting your margins.

• Global business: We help your business grow globally with multi-currency cards and accounts, local banking details in 21 countries, and the ability to pay out to 200+ countries. 

• AI platform: We integrate AI-driven finance tools directly into the platform. Our native AI integrations handle the roles traditionally performed by a junior finance team, such as real-time reconciliation and automated billing logic.

• Marketplace readiness: We provide native APIs and integrations for global marketplaces like Shopify, Amazon, and eBay, ensuring your financial infrastructure scales as fast as your sales.

*Airwallex monthly fee waived with a A$10,000 balance or A$5,000 monthly deposit.

Frequently asked questions

Can a sole trader open a free business account? 

Yes. While not a legal requirement for sole traders, it is highly recommended to ensure professional branding and easier tax reconciliation.

What documentation is required to open a free business account? 

Typically, you will need an active ABN or ACN, proof of business address, and biometric ID verification (such as a Driver’s License or Passport). Digital platforms like Airwallex allow you to upload these via a mobile app for instant verification.

How do I open a free business account with Airwallex?

To open an account, simply sign up online via the Airwallex website with your Australian Business Number (ABN) and identity documents. Once verified, you can select the Explore plan and meet the monthly deposit or balance requirements to keep your account-keeping fees at A$0.

What are the best free business accounts in Australia?

The best free business accounts in Australia are those that eliminate monthly maintenance fees while offering low-cost international transactions. The Airwallex Explore plan is a top choice, as the $29 monthly fee is waived if you maintain a minimum balance of $10,000 or deposit at least $5,000 per month.

Can I get a business bank account with no monthly fees?

Yes, you can access a business account with no monthly fees through fintech platforms like Airwallex or digital-only plans from major banks. By meeting simple deposit or balance thresholds on the Airwallex Explore plan, you can enjoy $0 monthly account-keeping fees alongside access to 20+ local currency accounts.

Are there any truly free business accounts for startups?

While most accounts have some transaction costs, startups can find "fee-free" options by choosing accounts with no recurring subscription costs. Airwallex offers a dedicated startup program that provides eligible new businesses with fee waivers on their first $100,000 of payments and three months of premium plan access for free.

Sources

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

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

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

4. https://www.myzeller.com/au/pricing

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.