Compare the best business bank accounts in Australia (2025)

Key takeaways

• There are several types of business accounts available in Australia, with the ‘best’ one for your business depending on a number of factors

• Both banks and non-bank fintech platforms offer business accounts

• This guide will show you the top business account options available in Australia and help you compare them to find the right one for your business needs

Looking to compare the best business bank accounts in Australia? There are lots of options from a number of Australian providers that could meet your needs – banks and non-banks included. 

There are almost 100 banks operating in Australia¹, and there are over 750 fintechs², some of which have very competitive offerings compared to traditional banks. All of this is to say, there’s a lot of choice out there!

In this guide, we’ll look at the best business accounts – which include business bank accounts and business accounts – offerings from key providers, and explore how you might find the right account for your needs.

What is a business bank account?

A business bank account is a type of account specifically designed for businesses to manage their financial transactions. It allows businesses to deposit and withdraw money, pay bills and suppliers, 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.

The Australian Bureau of Statistics found the number of businesses operating in Australia grew 2.2% to 2.66m between 2024–2025³. However, choosing the right business account is key to seeing these businesses remain in the 76.5% that make it past their first year².

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

The top business accounts in Australia include accounts from the ‘Big Four’ banks, as well as alternative fintech providers. The below list is based on recently available data. 

• ANZ Bank Business Extra Account: ANZ’s Business Extra Account is its higher tier business transaction account. It comes with a debit card, unlimited electronic transactions, accounting integrations and an optional overdraft for a $10 monthly fee.

• Commonwealth Bank Business Transaction Account: The Business Account offered by Australia’s biggest bank, CommBank, offers an online-only setup for $0 or an option that includes in-branch transactions for a $10 monthly fee. Both setups give you a debit card, discounts, and optional add-ons such as an overdraft. 

• NAB Business Everyday Account: NAB’s Business Account comes with no monthly fee, accounting integrations, unlimited electronic transactions, and express business deposits for a fee. 

• Westpac Bank Business One Plan: Westpac’s Business One account is similar to CommBank’s and allows you to choose between online-only for no monthly fee, or a Plus plan which gives you staff-assisted transactions for $10 per month. Both plans also give you a debit card, FX transfers, accounting integrations, rewards, and payments.

• Airwallex Business Account: Airwallex is a fintech, not a bank. Our Business Account offers an end-to-end financial solution with built-in expense management, multi-currency accounts, corporate cards, accounting and software integrations, FX transfers, and the ability to earn returns through Yield.

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.

Does my business need a bank account?

While not strictly required for Australian businesses, having a business account is helpful for several reasons. For one, it allows you to keep your personal and business expenses separate, making it easier to manage your finances, prepare for tax time, and provide accurate financial reporting. This separation can also help you avoid commingling funds, which can lead to accounting headaches and potential tax issues down the line.

A business bank account can also help set you up for future growth by providing access to features that can streamline your operations. Many business bank accounts offer corporate cards, accounting integrations, and multicurrency capabilities, making it easier to pay overseas suppliers and accept international payments. These features are useful for businesses of all sizes, including startups, as they can help you scale more efficiently and effectively.

What types of business accounts are there?

There are a number of types of business accounts available, including online-only bank accounts, traditional business bank accounts, and business accounts from fintech platforms. 

• Business bank accounts:  Available from traditional banks such as CommBank, NAB and Westpac, along with credit unions, these business accounts can be applied for and accessed online or in-branch and come with features such as debit cards, an account manager, accounting integrations, and more. However, business bank accounts may come with fees for transactions and high costs for FX transfers.

• Online-only business bank accounts: These 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.

• 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, virtual and physical corporate cards, expense management tools, and online payments. 

• 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.

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.

Online and mobile access and setup

Modern business banking requires robust digital capabilities. Choose a business account that offers a user-friendly online banking platform and mobile app that lets you manage your finances on-the-go. Key features include real-time account-monitoring, transaction tracking and categorisation, bill pay and payment processing, and mobile deposit.

Accounting integrations and expense management

Effective expense management and accounting is crucial for businesses. Look for business accounts that integrate with tools like QuickBooks, Xero, or other accounting platforms you use, while features or integrations that simplify expense tracking, reporting, and reimbursement can also ease financial management. This may include automated expense categorisation, streamlined reimbursement, receipt matching, or AI and automations.

Employee access and spending

Many business accounts offer corporate cards, multi-user access and flexible spend control features that keep your business moving while giving your team what it needs. You can consider accounts that offer physical and virtual corporate cards – some, including Airwallex’s, are multi-currency – or cards with multi-team access tied to an expense and budget. Other features such as multi-user access and rea;-time reporting are also available.

Multi-currency support and FX

Businesses operating in more than one market, which includes paying suppliers or with customers in multiple locations, need a business account with multi-currency support. However, not all global business accounts are created equal. Look for an account that lets you hold multiple currencies in the one account; that offers low-cost FX transfers to the countries you need to pay to and receive payments from; that offers multi-currency corporate cards; and that gives you local bank account details in multiple currencies. 

Security and fraud protection

Keeping your business finances secure should be a key part of your decision when choosing a business account. Look for features such as two-factor authentication, real-time transaction monitoring, customer support, and that your funds are kept safe by the appropriate licences and guarantees. 

Customer support and service

Reliable customer support can make a significant difference when managing your business finances. Banks and financial platforms that offer dedicated account support and multiple communication channels (phone, email, and chat) will stand out in the times you really need it. 

Ability to earn returns

The ability to earn interest or a return on your funds through a savings solution, can 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.

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.

How can I open 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

• 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.

How an Airwallex Business Account can transform your finances (and business)

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.

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.

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.rba.gov.au/fin-stability/fin-inst/main-types-of-financial-institutions.html

2. https://kpmg.com/au/en/insights/industry/australian-fintech-landscape.html

3. https://www.abs.gov.au/statistics/economy/business-indicators/counts-australian-businesses-including-entries-and-exits/latest-release 

4. https://www.money.com.au/research/australian-business-statistics

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

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

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

8. 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.