Compare the best business bank accounts in Australia (2025)

Looking to compare the best business bank accounts in Australia? There are lots of solutions that could fit your needs from various Australian providers. You might look at one of the “big four” banks for a solution, you might look at a non-traditional online bank, or you may not look at a bank at all. 

There are almost 100 banks operating in Australia, and there are over 800 fintechs, some of which have very competitive offerings to traditional banks. All of this is to say – there’s a lot of choice out there!

In this article, we’ll look at the differences between 'business accounts' and 'business bank accounts', look at offerings from key providers, and explore how you might find the right solution for your needs.

What is a business bank account?

A business bank account is a type of account specifically designed for companies to manage their financial transactions. It allows businesses to deposit and withdraw money, pay bills, and receive payments from customers. Having a separate business account helps keep personal and business finances distinct, making it easier to track expenses, manage cash flow, and handle taxes.

Accenture found that between 2019 and 2023, banking interactions grew by 37%, indicating increasing digital interaction as businesses look for banks to manage their finances. This is why it is critical to find a business bank that suits your needs. 

How do business bank accounts work? 

Business bank accounts function similarly to personal ones but are designed for companies. They allow businesses to manage their finances, make transactions, and often come with features like invoicing tools and multiple user access. They also help keep business and personal funds separate, which is crucial for accounting and tax purposes.

What alternatives are there to a Business Bank Account?

The growth of non-bank financial services providers such as challenger banks and fintechs has opened up new possibilities for businesses beyond traditional bank accounts. 

• Online-only business bank accounts: Operate entirely online, making them a good option if you prefer managing your money online. They usually have lower fees and are easy to use but they lack physical branches and may not offer some traditional banking services.

• Payment services: Services like PayPal or Stripe allow you to accept payments without a traditional bank account which are easy to set up and provide quick access to funds. The downside is that they charge fees per transaction, which can add up fast if your business has a lot of transactions.

• All-in-one business accounts: Non-bank providers such as Airwallex offer integrated business accounts built for global operations. These modern solutions help businesses grow with features like multi-currency accounts, high-speed international transfers, borderless cards, expense management tools, and online payments. We'll cover more on what Airwallex offers further below.

The top 5 business bank accounts and alternatives in Australia (2025)

Australian businesses have often looked to our largest banks – otherwise known as the “big four” – for their financial solutions. We’ve rounded up the top business accounts from these providers, for you to get a general feel of what’s available. Alongside the “big four banks”, we’ve included our Airwallex Business Account as a modern, non-bank alternative designed for growing Australian businesses, so you can get an idea of what a leading non-bank provider can offer.

• ANZ Bank Business Extra Account: Established in 1828, ANZ is the largest banking group in the region. It provides banking and financial products to over 8.5 million business and retail customers in markets around the world.

• Commonwealth Bank Business Transaction Account: CommBank has the largest customer base of the big four, and is often recognised for their simple digital banking app.

• National Australia Bank Business Everyday Account: Similar to ANZ, NAB’s customers are mainly retail businesses and are offered a range of digital banking products to allow customers to easily track, send and receive payments. 

• Westpac Bank Business One Low Plan: As the oldest bank in Australia, Westpac is popular for the trust they have built with customers and popular for its competitive interest rates with large balances. 

• Airwallex Business Account: Airwallex is a fintech, not a bank. The Business Account offers an end-to-end financial solution with built-in expense management, multicurrency accounts, borderless cards and various software integrations. 

The top features to look for in business bank accounts and alternatives

There are a few key features to look for when comparing business accounts, which include competitive fees, a simple setup, a scalable account that grows with you, and helpful tools and features such as spend tracking.

Low or no fees

Look for accounts that reduce your overheads. Ideally, choose one with low monthly fees and minimal charges for international transfers or transactions. Every dollar saved can be reinvested in your business.

Fast, simple setup

Pick an account that’s easy to get started with and integrates well with your existing tools. Accounts that eliminate manual data entry or offer multi-user access from the start are a bonus.

Built to grow with you

 Choose scalable accounts that support features like international payments, expense management, card creation, and API access. This helps future-proof your business and avoids the need to switch providers later.

Innovative features and tools

Look for extras like real-time spend tracking, automated reconciliation, and global payment infrastructure. These are especially helpful if your business sells internationally or relies on distributed teams.

Prioritise an end-to-end financial solution that includes payment acceptance, low-cost FX transfers, expense management, multi-currency cards, and API integrations. Other helpful features, such as the ability to earn interest or a return on your funds, can also help your business capital grow. For example, Airwallex Yield lets you earn daily returns on your multi-currency balances, with no minimum lock-up and full access to your funds.

Compare business bank accounts and alternatives in Australia

The best business account for your business will depend on a number of factors including fees and the features that are available with the account. Compare key aspects of the top business accounts in Australia including CommBank, NAB and Airwallex.

ANZ Bank Business Extra Account 

The ANZ Business Extra Account is designed for businesses with frequent banking needs. It includes unlimited ANZ electronic transactions, a linked Business Visa Debit card, and access to ANZ Internet Banking for Business. Bulk payment functionality and accounting software integration are also supported.

Pros: 

• Unlimited ANZ ATM and domestic electronic transactions at no extra cost 

• Free ANZ Business Visa Debit card included 

• Overdraft facility available 

Cons:

• High overseas transaction fees of 3%

• Overseas withdrawal fee of $5 per transaction at international ATMs 

• $10 monthly account service fee

No multi-currency accounts, payment acceptance features, or opportunity to earn returns included

Commonwealth Bank Business Transaction Account

The Commonwealth Bank Business Transaction Account is designed for everyday business banking. It includes access to NetBank, the CommBank app and CommBiz. Customers can choose between a standard account with a $10 monthly fee or a digital-only option with no monthly fee if all transactions are completed electronically.

Pros: 

• Free monthly account when choosing the digital-only option or $10/month with five assisted transactions included (usually $5 each)

• Unlimited free domestic electronic transactions 

• MYOB and Xero integrations 

Cons: 

• High rates of physical transactions, including $5 fee per assisted transaction

• International transactions charged at 3.5% of the transaction value

• No multi-currency accounts, payment acceptance features, or opportunity to earn returns included

National Australia Bank Business Everyday Account

The NAB Business Everyday Account is suitable for day-to-day business operations, with integration options and support services. It comes with a linked debit card and offers in-branch or online banking. 

Pros: 

• $0 monthly account fee on the digital option (otherwise $10)

• Unlimited NAB electronic and ATM transactions included

• Accounting integration with MYOB and Xero

Cons: 

• $3 fee per banker-assisted transaction (branch or Australia Post)

• $3 fee for Express Business Deposits, Coin Deposit Machine and Express Cheque Deposits, plus $3 per cheque lodged

• International transaction fee of 3% of the AUD value and $5 per overseas ATM withdrawal

• No multi-currency accounts, payment acceptance features, or opportunity to earn returns included

Westpac Bank Business One

The Westpac Business One  provides banking services catering to businesses with lower transaction volumes. It simplifies financial management with payment support and online banking access.

Pros: 

• $0 monthly account fee

• Unlimited electronic transactions

• Free Westpac international transfers when sending foreign currency via online banking (receiving bank fees may still apply)

• Access to partner offers and business support services

• Accounting software integration (MYOB, Xero, QuickBooks)

Cons: 

• $3 fee for staff-assisted transactions (branch, cheques, over-the-counter deposits)

• No interest earned on balances

• No multi-currency accounts; Business One is AUD-only

• 15.01% p.a. Unarranged Lending Rate if account becomes overdrawn

Airwallex Business Account

The Airwallex Business Account is a fee-friendly option for international transactions, offering multi-currency management and high-rate savers on AUD and USD funds. It features real-time spend tracking, expense management, and seamless integration with Xero, MYOB, QuickBooks, and many more.

Pros: 

• No monthly account fees (waived when you deposit at least $5,000 per month or keep a $10,000 minimum balance)

• Free local transfers to 120+ countries, with FX margin of 0.5% above interbank rates for major currencies and 1% for all others

• Hold, convert, and transfer funds in 20+ currencies with local bank details in 60+ countries

• Corporate Cards and Expense Management tools to manage spend across teams

• Earn competitive returns on AUD and USD balances with Airwallex Yield

Cons: 

• No physical branches – digital-only platform and service

• New updates and optimisations being released regularly, which may not suit the user habits of all consumers

• Built to serve businesses only, no complementary consumer account available

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

The difference between a business account and a business bank account is that the latter is provided by a financial institution that holds a banking licence, commonly known as banks.

A business account generally refers to an account and financial solution provided by a financial institution that does not hold a banking licence but does hold other regulated licences.

Many modern fintechs, like Airwallex, have chosen not to become a bank. Instead, we focus on building robust, technology-led business account services that offer greater flexibility, speed, and control for growing businesses. Airwallex is regulated by ASIC and holds an Australian Financial Services Licence (AFSL), along with registration with AUSTRAC and other global regulatory frameworks. These credentials ensure we meet the compliance standards required of financial service providers.

The Airwallex Business Account supports real-time payment collection, treasury and cash flow management, local and international transfers, invoicing, expense tracking, and employee cards. Everything is delivered through an intuitive, digital-first platform designed to make business finance simple and scalable.

What do I need to set-up a business account?

For Australian business owners, setting up a business bank account or business account is straightforward but may vary slightly depending on the provider you choose. You'll generally need to provide your business registration details and information about your business structure and industry to help the provider match you with the best account type.

The documentation and details you’ll be asked for may include:

• Business name;

• Primary business address;

• Australian Business Number (ABN);

• Australian Company Number (ACN);

• Industry type; and

• Identification for all owners or partners.

In most cases, government-issued photo IDs like a passport or driving licence will be accepted, or a combination of other documents that show your identity and address together.

The application process is generally quick once you’ve submitted all the relevant documents and information. However, verification checks can extend the time taken to open your account and you might be asked to give more information or paperwork to support your application.

Non-bank providers (and many banks) will allow you to apply to open a business account online through a fully digital account application process where you upload and submit the required documentation before being verified.

Read more information here: How to open a business bank account

How to future-proof your business finances with Airwallex

Running a business means keeping a close eye on your finances. With so many banking and non-banking options available in Australia, knowing which account best suits your needs can be tough.

Traditional banks like ANZ, CommBank, NAB, and Westpac offer familiarity, but their systems can be slow to adapt. Fintechs like Airwallex are different. Built with technology at our core, we deliver fast, flexible, and smart solutions designed for modern businesses. Real-time visibility, automation, and seamless integrations come standard, helping your business scale, save time, and stay competitive.

Airwallex offers a range of features that make it an attractive choice for businesses looking to expand:

• Low fees: $29, waived if you deposit at least $5k per month or hold a $10k minimum balance. No transaction fees.

• Global & multi-currency accounts: Open domestic and foreign currency accounts within minutes, accept currencies in 60+ countries, and create individual accounts for 23+ currencies to send, hold and receive without double conversions.

• Local bank details & like-for-like settlement: Get local account details in 60+ countries and receive payments in 14+ currencies without forced conversions or hidden FX fees.

• FX Engine & savings: Trade 90+ currencies at interbank rates, with 100+ priced live, and save up to 80% on FX costs compared to banks and platforms.

• Global payments & payouts: Make transfers to 200+ countries at interbank rates with a 0.5–1% FX margin. Over 90% go through local rails (instead of Swift), ~95% arrive within hours or the same day, and ~52% arrive instantly.

• Yield on balances: Earn 3.59% on AUD and 3.89% on USD balances (as at August 2025) with flexible access to funds.

• Corporate Cards, spend controls & Expense Management: Create multiple virtual debit cards instantly, order physical cards, set spend limits, pay zero international card fees, and automate expense tracking with zero-touch reconciliation.

• Integrations: Sync seamlessly with accounting and eCommerce platforms like Xero, MYOB, QuickBooks, Shopify and Amazon.

Business bank account: Frequently asked questions

How do I open a business bank account in Australia?

To open a business bank account in Australia, start by comparing business bank accounts to find one that matches your needs. Most providers allow you to apply online, especially if you're using a fintech like Airwallex. You'll need an ABN or ACN, a valid ID, and some basic business details. It's quick and simple. If you're looking to start a business bank account that supports long-term growth, it's a must.

Which bank is best for a business account in Australia?

The best business bank account in Australia depends on your business needs. Some businesses choose traditional providers like NAB or CommBank for in-person service. Others prefer fintechs like Airwallex, which offer low fees, multi-currency support, and fast digital setup. If you're looking to compare business bank accounts that are built to scale, Airwallex is a smart option.

Do I need a business bank account in Australia?

Yes. If you're registered as a company, partnership or trust, a business bank account is a legal requirement. Even for sole traders, using a business banking account or digital business account like Airwallex helps you manage income and expenses clearly, making tax time much easier.

What do I need to open a business bank account?

To set up a business bank account, you’ll need your business registration details, personal ID, and some info about your business structure. The best banks for small business make this easy with digital onboarding. Providers like Airwallex let you open a business account online with fast approval.

Most top business banking accounts in Australia require:

• An ABN or ACN

• Personal ID (passport or driver’s licence)

• A registered business address

• Details about directors or key stakeholders

This checklist applies to both banks and non-bank providers. If you're searching for the best business bank account Australia-wide, fintechs like Airwallex make the process easy with fast, digital onboarding.

Can I use my personal bank account for business?

Sole traders can technically use a personal account, but it’s not ideal. Mixing personal and business expenses complicates tax deductions and audits. For companies and trusts, a separate business bank account is required. Opening a business banking account helps keep finances clean and separate.

Sources

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

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

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

4. https://www.westpac.com.au/business-banking/bank-accounts/

Disclaimer: 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) it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, which is available here.

The Airwallex Yield Liquidity Fund (Yield) is issued by K2 Asset Management Limited (K2) (ABN 95 085 445 094, AFSL No 244393), a wholly owned subsidiary of K2 Asset Management Holdings Limited. This information doesn’t take into account your objectives, financial situation, or needs. Read the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for Yield, available at www.airwallex.com.au/terms from Airwallex Capital Pty Ltd (ABN 37 609 653 312, AFSL No. 549026). All investments carry risk. *Target returns are net of fees as at 1 April 2025 (AEDT) and indicate past 1-day annualised returns of the relevant underlying JPMorgan Liquidity Funds.