Compare the best digital business bank accounts in Australia (2025)

Key takeaways

• Digital bank accounts help you manage your cash flow online and meet your customers where they are

• Banks and fintechs offer some of the best online business accounts for Australian businesses

• The right digital business account will depend on your needs – we’ll show you how to compare your options

Digital is no longer a choice for businesses – it’s too big to ignore. In July 2025, the Australian Banking Association found that 99.3% of customer-bank interactions occurred via digital channels, while the value of mobile wallet payments has grown 28% since 2024¹.

The right digital business account can fast-track your growth and help you meet your customers where they are, but how do you know which one works for you? In this article, we’ll cover everything you need to know about online business bank accounts, how they work, and the benefits they offer. We’ll also explore the Airwallex Business Account and how it can support your business growth.

How does an online business account work?

A digital business bank account, also called an online business bank account, is a standard business transaction account that is only accessible online. Online business accounts can be offered by traditional banks and credit unions as well as non-bank fintechs such as Airwallex.

Online business accounts are applied for entirely online – this includes the Know Your Customer (KYC) process – and are also accessed and managed online. There are no branches for you to make deposits or withdrawals, which mean lower overheads for the bank or financial institution, often leading to lower fees for you.

Top five digital business account providers in Australia   

In Australia, the top five digital business account providers include well-established banks with online banking services, digital-only banks, and fintechs. These institutions are recognised for their strong support of SMEs and for their innovative digital solutions.

Commonwealth Bank

Commonwealth Bank is Australia’s largest bank and has an extensive branch network. However, you can opt to have an ‘online-only’ Business Account which comes with a $0 monthly fee. 

You can still access branch services, but you’ll be charged per transaction.

Great Southern Bank 

This former credit union also offers 100% digital business bank accounts and savings accounts. The Business+ Account comes with $0 monthly fees, a debit card and an optional overdraft.

You can also send invoices and connect your bank feeds to MYOB or Xero.

NAB 

Similar to Commbank, NAB also offers different business account options depending on how you want to bank (online or in-branch). Its online business account option comes with $0 monthly fees, unlimited electronic transactions and accounting integrations.

You can still use NAB branch services but will be charged per transaction.

Tyro Payments

Tyro Payments is an eftpos and payments provider that also offers a bank account. The Tyro Transaction Account charges no account-keeping fee and offers same-day settlements from your Tyro Point-of-Sale. 

Airwallex

Airwallex is an Aussie fintech, not a bank. Our Global Business Account is an online-only account that is multi-currency, and lets you open local bank accounts in up to 60 currencies so you can hold them in the one account. You can save up to 80% on FX fees and also enjoy features such as corporate cards, our innovative Yield account, and expense management.

Types of online business accounts

There is some nuance between online business accounts that’s important to understand. Online business accounts can be offered by traditional banks that have physical locations, or they can be offered by completely online fintechs.

Digital business accounts from fintech companies such as Airwallex typically come as all-in-one platforms designed to support growing businesses. For example, the Airwallex Business Account has a payment gateway, FX and transfers capabilities, virtual and physical corporate cards, and integrations with accounting software. Business owners enjoy more efficient financial processes on top of the convenience of transacting on-the-go.

On the other hand, a digital business bank account from a bank or credit union tends to be a straightforward, low-cost account that can be accessed online. One benefit of these accounts is that you can access the full suite of other products from the bank, such as insurance, rewards credit cards, and investment products. You may still be able to access physical banking services, such as deposits, despite the account being online, if you pay a cost.

Businesses who want to explore digital banking have several options they can consider:

• Traditional banks. Big 4 Banks in Australia like Westpac and Commonwealth Bank offer digital business banking services like transaction and savings accounts, loans, and corporate cards.

• Digital banks. Like traditional banks, digital banks offer payments and loans tailored to enterprises. The only difference is that digital banks have no physical locations for cash deposits, withdrawals, or account opening. Australia has various digital banks like Ubank or banks that provide online-only accounts like ANZ. 

• Fintech firms. Fintech business accounts like Airwallex are a good alternative to banks. Although Airwallex is not a bank, our Business Account lets you open 23+ local currency accounts with local bank details. This saves users the hassle and paperwork involved in opening corporate bank accounts in markets where they do business. While not a business bank account, the Airwallex Business Account is an option for business owners who like to manage their finances digitally. 

Compare digital business bank accounts and alternatives in Australia

Digital business bank accounts and fintech alternatives specialise in different financial solutions. Let’s take a look at the key features of various digital business bank accounts and fintech alternatives:

Features to look for in the best digital business bank accounts and alternatives

Comparing digital business bank accounts and fintech accounts can be overwhelming and confusing. To make it easier, we’ve compiled a list of key features: 

• Fast account setup: It’s important to consider how quickly you can set up an account and get started banking. Established banks may require an in-person visit to confirm the account owner’s identity.

• Global reach: Check the bank's global reach to ensure it supports the markets you do business with. A bank with a strong presence in these regions can potentially offer lower international transfer fees and support local payment methods.

• Complete feature suite. Online bank accounts come with different features, depending on the provider. For example, if you operate globally you may be looking for multi-currency support, or if you are in the eCommerce space you may want a payment gateway from your financial institution.

• Scalability: Choose a solution that can manage growing transaction volumes and multiple international markets with ease, so you won't need to switch providers as your business expands.

• Fees: Many providers display fees transparently, making it easier to compare prices across banks and avoid unexpected costs. Be sure to consider monthly subscription fees, foreign transaction charges, and currency conversion costs.

• Security and regulations: At a minimum, your business account provider should be licensed and regulated by the Australian Securities and Investments Commission (ASIC)  which regulates the financial services industry. They should also be PCI DSS compliant and have fraud prevention systems in place.

What is the best online business account for companies?

Australian companies that are looking to expand internationally without being hampered by compliance need a powerful account that is ready to grow with them. Airwallex’s Global Business Account is a financial platform that’s trusted by over 150,000 companies globally. It offers multi-currency support, local bank details in over 20 currencies, FX transfers at the interbank rate and advanced tools such as platform APIs and embedded finance.

Do I need a digital business account?

The type of business account you need depends on a few different factors, including the stage your business is at, the industry it’s in, the location, the business size and the number of employees, cash flow, the products you require, and other similar considerations. 

Digital business accounts can work for businesses looking to save on fees and who don’t need to make in-person deposits or withdrawals. Online business accounts can also help businesses go to market faster as it requires no in-person branch visits, and has a range of flexible solutions that scales with the business.

For example, the Airwallex Business Account lets businesses open 60+ local currency accounts in minutes, without the need to visit local bank branches. You can also take advantage of virtual and physical corporate cards, fast FX transfers, and expense management.

The Airwallex Business Account also integrates with accounting and eCommerce platforms for a more streamlined view of your expenses and revenue. Bill pay and features such as Yield are also accessed within the online platform, helping to support your business ambitions. Explore our Global Account to discover what Airwallex can do for businesses.

How do I apply for an online business bank account?

When opening a digital business account, most firms use a fully digital account application process where you upload and submit the required documentation before being verified. 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.

The online 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.

Grow faster without barriers with an Airwallex Business Account

More businesses in Australia are turning to digital business accounts for international transfers, currency exchange, and bill payments.¹¹ Both established banks and digital alternatives provide their services online, offering added convenience for time-strapped SMEs.

However, fintech firms offer powerful alternatives that let businesses jumpstart their growth plans. The Airwallex Business Account can be opened as quickly as one business day if all your documents are in order. Once your account is verified, you can pay global suppliers in minutes, issue Corporate Cards instantly, or create local currency accounts. 

Airwallex also helps cut unnecessary conversion fees with Global Accounts, which lets users hold, receive, and convert 23+ currencies. When converting money, our interbank rates allow users to save up to 80% on foreign exchange fees. 

There are many fintech solutions in Australia, but most focus on one area of finance. Airwallex, on the other hand, is engineered to grow with a business. Users can quickly implement an eCommerce payment gateway, automate up to 1,000 bill payments, or activate Expense Management. Having all these services in one platform reduces the need to toggle between multiple providers, gives the business a consolidated view of its performance, and saves time. 

Frequently asked questions

Which online business account is best?

The best online business account for you will depend on your business needs and growth strategy. One of the best digital business accounts available is the Airwallex Global Account. With this completely online account you can hold multiple currencies in one account and open local bank accounts to easily pay suppliers and customers. Pay zero transaction fees, open employee cards from your account online and enjoy fast foreign transfers at the interbank rate.

What are the best no monthly-fee business accounts?

The best business accounts that come with no monthly fee are accounts that give you access to the most features for no ongoing monthly costs. One of the best online accounts available in Australia is from Airwallex, which charges no monthly fee for the Explore Plan if you deposit at least $5k per month or hold a minimum balance of $10k. This gives you access to local bank account details in over 20 currencies, free transfers to over 120 countries, employee cards with no international transaction fees and access to interbank FX rates.

Why use a business account instead of a personal account?

Even if you have a small business or you are operating as a small trader, having a business account offers a number of benefits. Business accounts are fit for purpose and offer features that support business functions such as account-keeping, large transaction volumes, multi-person access, tax reporting and accounting integrations. Business accounts also can also offer multi-currency support, expense tracking and corporate cards that are designed to help your business grow.

What alternatives are there to a digital business bank account?

Fintech platforms like Airwallex, Wise and GoCardless are a good alternative to digital business bank accounts. They provide similar services such as handling payments and offering multi-currency accounts, but generally come with added benefits such as faster transactions, lower fees, and additional features.

Airwallex, in particular, offers an end-to-end payment solution that lets you open foreign currency accounts in minutes and accept payments from over 180 countries. You can send payments to 120+ countries using our proprietary payment network, which means no SWIFT fees and 85% of transfers arrive the same day. These features reduce unnecessary currency conversion and make it easier to do business in multiple markets. 

If I have a digital business account with a bank, can I still use the bank branch?

This depends on the bank you have. Some banks let customers who have an online business bank account still use branch services, such as withdrawals, but they are required to pay a fee. Other banks do not allow customers to use branch services if they have a digital business bank account. Check the terms of your account before you sign up, and if you think you may need to use a branch from time to time, consider this before you apply for an account. 

How long does it take to open a business account online in Australia?

The process for a digital business account differs between providers. Generally, once you apply, financial institutions in Australia take between 1-5 business days to open an online digital business bank account. 

What documents do I need to apply for a digital business bank account?

To open a digital business account, you’ll usually need personal ID documents for all owners and partners; the business name and ABN/ACN; business address and contact information; and financial information and business records. 

Can I get get access to accounting software through a business transaction account?

Yes, many digital accounts for businesses offer integrations to accounting software such as Xero and MYOB. This helps automate and simplify your reporting with automatic reconciliation.

Sources

1. https://www.ausbanking.org.au/mobile-wallet-payments-soar-amid-digital-banking-boom/

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

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

4. https://www.commbank.com.au/business/bank-accounts/business-transaction-account/rates-and-fees.html

5. https://www.commbank.com.au/business/international/international-payments/foreign-currency-accounts.html 

6. https://www.greatsouthernbank.com.au/business-banking

7. ​​https://www.greatsouthernbank.com.au/international-services/send-money-overseas

8. https://www.nab.com.au/important-information/business/banking-fees-charges

9. https://www.nab.com.au/content/dam/nab/documents/rates-and-fees/banking/nab-business-banking-guide-to-fees-charges.p

10. https://www.tyro.com/products/bank-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.

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 [insert date] (AEDT) and indicate past 1-day annualised returns of the relevant underlying JPMorgan Liquidity Funds.