The best no-fee business accounts in Australia in 2026

Key takeaways

• No fee business accounts exist in Australia – but "fee-free" doesn't always mean free from hidden costs.

• For businesses that send or receive international payments, fintech options typically offer better rates than traditional banks.

• You can avoid monthly fees with the Airwallex Explore plan, which gives you a multi-currency Global Account, low-cost FX, Corporate Cards, integrations, and more.

Every year, hundreds of thousands of Australians take the leap into business ownership. In 2024 to 2025 alone, 437,150 new businesses launched across the country, each one built on ambition, savings, and the hope of something better. But here's the uncomfortable truth: in that same period, 370,500 businesses closed their doors for good.¹

The difference between ‌businesses that survive and those that don't often comes down to cash flow. And cash flow, in turn, depends on the margins you protect. That's where your business bank account enters the picture, because the fees you pay on everyday transactions, international transfers, and currency conversions chip away at those margins in ways that aren't always obvious.

A "no fee business bank account" sounds like the solution, but the label rarely tells the whole story. Most accounts marketed as fee-free still charge for staff-assisted transactions, and nearly all of them apply daily FX margins to international payments that never appear on your statement. For businesses operating across borders, these hidden costs can add up to thousands of dollars a year.

This guide breaks down the best fee-free business accounts in Australia, comparing Big Four banks with fintech alternatives such as Airwallex, which can often lead to significant savings.

What is a no fee business account?

A no fee business account is a business bank or fintech account that charges $0 in monthly account-keeping fees. However, a free business bank account doesn't mean cost-free. Other charges like transaction fees, FX markups, and ATM fees may still apply.

There are three main types of fees to be aware of:

• Monthly fees: What "fee-free" typically refers to. These are recurring account-keeping charges.

• Transaction fees: Per-payment charges for in-branch transactions, cheque deposits, or staff-assisted services.

• FX and international fees: Often the biggest hidden cost. Traditional banks typically charge a daily margin plus fees on international transfers. Fintechs like Airwallex offer near-interbank rates with transparent pricing.

Why does this matter? For new businesses or those with tight margins, keeping overheads low is essential. A business bank account with no fees that charges hidden FX margins on international payments can cost more than an account with a monthly fee but transparent pricing.

Both traditional banks and fintechs now offer business bank accounts with no fees, but they differ significantly in features, especially when it comes to international payments, multi-currency support, and expense management.

Best business accounts with no fees compared

Here's how the top no fee business accounts in Australia compare:

Free business bank account vs fintech business accounts

Traditional banks offer branch access and established trust. Fintechs offer lower international fees, multi-currency accounts, and better digital features. The right choice depends on how your business operates.

When to choose a traditional bank

A traditional fee-free business transaction account may be the better fit if:

• You need in-branch services like cash deposits or staff assistance

• Your business is purely domestic with minimal international payments

• You want access to an existing banking relationship for loans or credit

• You prefer dealing with an established brand you already know

When to choose a fintech account

A fintech business account with no fees is likely the smarter choice if:

• You make or receive international payments regularly

• You need to hold or convert multiple currencies without forced conversions

• You want transparent FX pricing (fintechs offer interbank rates vs banks' daily margin plus fees)

• You prefer fast digital onboarding over branch visits

• You need corporate cards for employees with multi-currency capability

• You want built-in expense management tools

Hidden bank account fees to watch out for

Even a "no fee business account" can come with costs that aren't immediately obvious. Here's what to check before you open an account:

• Staff-assisted transaction fees: $2.50 to $5 per transaction at many banks. If you deposit cash or need counter service regularly, these add up.

• FX margins: Many banks charge a "daily margin plus fees" on international transfers. This margin isn't disclosed upfront, but it can significantly increase your transfer costs. Fintechs typically use interbank rates with transparent fees.

• International transfer fees: On top of FX margins, banks often charge flat fees per transfer. On a $10,000 payment, the combined costs could be hundreds of dollars more than a fintech alternative.

• Paper statement fees: Request e-statements to avoid charges of $1 to $5 per month.

• ATM fees: Out-of-network or overseas ATM withdrawals can cost $2 to $5 per transaction, plus a percentage fee.

Why Australian businesses choose Airwallex

The best business bank account with no fees for your business depends on your specific needs.

If your business handles any international transactions and needs to receive payments from overseas customers, pay global suppliers, or manage expenses in multiple currencies, Airwallex provides capabilities that traditional banks cannot match. Our Global Accounts let you receive like a local in more than 70 countries, and our multi-currency wallet, payouts, and Corporate Cards support over 90 currencies and 60 markets.

Here's what you get with Airwallex:

• $0 monthly fee when you meet Explore plan waiver criteria (otherwise $29/month)

• Multi-currency wallet that holds and converts 20+ currencies at interbank rates without forced conversions

• Global Accounts with local banking details in 20+ currencies, so you can receive funds like a local business from 70+ countries

• Instant account opening: open new currency accounts with a single click, no account opening fees or minimum transaction requirements

• Corporate Visa cards with no foreign transaction fees

• Built-in expense management to track and control team spending

• Integrations with Xero, NetSuite, QuickBooks, Sage, and Odoo

• Startup program with up to $100k in fee waivers for eligible businesses

More than 150,000 businesses worldwide trust Airwallex to move their money, including over 20,000 in Australia. Together, they process over US$223 billion in annualised transaction volume through our platform.

If you're ready to stop losing margin to hidden fees and start operating like a local in every market you do business, we'd love to show you how.

Fee-free bank account: Frequently asked questions

Do I need a business bank account, or can I use a personal account?

If you operate as a sole trader, you can legally use a personal account. However, if your business is a partnership, company, or trust, you're legally required to have a separate business account for tax reporting. Even sole traders benefit from keeping business finances separate. It simplifies bookkeeping, makes tax time easier, and looks more professional to clients.

Are fee-free business accounts really free?

"Fee-free" typically means no monthly account-keeping fee. However, you may still pay for staff-assisted transactions, international transfers, FX conversions, paper statements, or ATM withdrawals. Always check the full fee schedule. For international businesses, FX margins can cost far more than any monthly fee would.

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

Traditional bank accounts offer branch access, established brand trust, and integration with other bank products like loans. Fintech accounts (like Airwallex or Wise) typically offer better digital experiences, transparent FX pricing, multi-currency features, built-in expense management, and faster setup. They may lack physical branches.

Can I have multiple business accounts?

Yes, many businesses use multiple accounts strategically. For example, you might use a Big Four bank for domestic transactions and branch access, plus a fintech like Airwallex for international payments and multi-currency needs. This lets you optimise for different use cases.

How quickly can I open a fee-free business account?

Online-only accounts can often be opened in minutes. Traditional banks may take a few days if branch verification is required. You'll need your ABN or ACN, ID documents, and business registration details. Fintechs like Airwallex offer fast digital onboarding with accounts ready within minutes. Wise charges a $65 setup fee.

Which fee-free account is best for international payments?

For international payments, fintech accounts typically outperform traditional banks. Airwallex Global Accounts provide local banking details in 21 countries and let you receive funds like a local in more than 70 countries. With interbank FX rates and a multi-currency wallet that holds 20+ currencies without forced conversions, you avoid the daily margin plus fees that traditional banks charge.

How to avoid business banking fees?

The simplest way to avoid business banking fees is to choose a no fee business account. Several fintech providers, including Airwallex, offer fee-free business accounts with no monthly charges, no transaction fees, and no minimum balance requirements. If you're with a traditional bank, you can reduce fees by meeting minimum balance thresholds, staying within transaction limits, and using online banking instead of branch services. Watch out for hidden costs like international transfer fees, foreign exchange margins, and card payment surcharges, as these can add up quickly even on accounts marketed as "low fee”.

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.anz.com.au/business/accounts/transaction-accounts/business-essentials/

4. https://www.bankofmelbourne.com.au/business/bank-accounts/freedom-business-account

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://www.myzeller.com/au/business-transaction-account

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.