Best Digital Business Bank Accounts in Australia (2026): Fees and features compared

Key takeaways

• Mobile wallet payments in Australia now outpace ATM withdrawals by 11 to 1, reflecting a major shift toward digital banking.¹

• Traditional banks offer branch access and lending products but have limited multi-currency support and digital features. Fintechs offer lower fees, modern features, and faster setup.

• For businesses operating internationally, multi-currency support is essential. Airwallex lets you get local account details in 21 countries and accept payments from 70+ countries, and can help businesses save up to 80% on FX fees compared to traditional banks.

Australians made $160 billion in mobile wallet payments in 2025, and 99.3% of all banking interactions now happen digitally.¹ The shift is clear, and businesses have more choice than ever.

In this guide, we compare the best digital banks in Australia, from Big Fours to fintechs, so you can find the right account for your business.

Top 7 digital business accounts compared in Australia

These are the top online business accounts available to Australian businesses. Use this table to compare each online business account option on fees, features, and multi-currency support.

*Airwallex Explore plan is $0 if you deposit at least $5k per month or hold a minimum balance of $10k. Otherwise $29/month.

How does a digital business account work?

A digital business account is a business transaction account you open, access, and manage entirely online. These small business accounts are offered by traditional banks, credit unions, and non-bank fintechs like Airwallex.

You apply online (including identity verification) and manage your account through a web dashboard or mobile app. There are no branches for deposits or withdrawals, which means lower overheads for the provider and often lower fees for you.

Types of online business accounts

There is some nuance between online small 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.

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 transaction fee.

Businesses looking for the best digital bank in Australia have several options to consider. The best online banks fall into one of these categories:

• Traditional banks. Big Four Banks in Australia such as Westpac and Commonwealth Bank offer digital business banking services such as transaction and savings accounts, loans, and cards. While they may not be the best online bank for every use case, they provide access to their full product suite including branch services.

• Digital banks. Some traditional banks offer online-only business account options. When searching for the best digital bank Australia offers, consider providers like ANZ and CommBank that let you open digital-only business accounts that you manage entirely online, though you may still access branch services for a fee.

• Fintech platforms. Fintech business accounts from fintechs such as Airwallex, Wise, and Zeller differ from traditional banks in a few ways. For example, platforms such as Airwallex are designed to be more like all-in-one platforms for businesses that offer FX, Global Accounts, Corporate Cards, Expense Management, Payments, Yield, and more. You can also find much lower FX fees, card fees and other benefits such as local foreign currency accounts and like-for-like settlement.

How do fintechs compare to traditional banks?

For the best online banking in Australia, it helps to understand the key differences between fintechs and traditional banks:

What features should I look for in a digital business account?

Comparing digital small business bank accounts and fintech accounts can be time-consuming because there are a number of options. To make it easier, we’ve compiled a list of key features to look out for: 

• Fast account setup. It’s important to consider how quickly you can set up an account, and get started with banking. However, ensuring security and privacy is paramount. Established banks may require an in-person visit to confirm the account owner’s identity, but some fintechs have other equally secure ways of checking personal identity and business documents.

• Global reach. If you trade internationally, look for multi-currency accounts and local payment rails. These let you hold foreign currencies without forced conversions and avoid expensive SWIFT fees.

• 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.

• Competitive 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?

Finding the best online bank in Australia for small businesses depends on your specific business needs. Here's a framework to help you decide:

Consider your business stage

Startups and small businesses often prioritise speed, low fees, and flexibility, and accounts that will grow with them.. Established businesses with complex needs may value all-in-one financial platforms with products they can add on as they need them.

Assess your international needs

If you're trading overseas, multi-currency accounts and competitive FX rates become critical. If you only operate domestically, you may only need a digital business account.

Evaluate integration requirements

What accounting or eCommerce platforms do you use? Make sure your business account integrates with your existing tools to minimise manual admin.

Watch: How to choose a business account

How do I open a digital business account?

Opening a digital business account is typically straightforward. Here's what you'll generally need:

• Business name and trading name

• Primary business address

• Australian Business Number (ABN)

• Australian Company Number (ACN) if applicable

• Industry type

• Identification for all owners, directors, or partners

The online application process is generally quick once you've submitted all relevant documents. However, verification checks can extend the time, and you may be asked for additional information.

With Airwallex, you can open an account as quick as one business day if your documents are in order.

Grow faster with the Airwallex Business Account

More Australian businesses are turning to digital accounts for international transfers, currency exchange, and payments. Both established banks and digital alternatives provide online services, but fintech platforms offer powerful features designed for modern businesses.

The Airwallex Business Account can be opened in as quickly as one business day. Once verified, you can pay global suppliers, issue corporate cards instantly, or create local currency accounts with local account details in 21 countries and accept payments from 70+ countries.

With our multi-currency wallet, you can hold and convert 20+ currencies without forced conversions, accessing interbank rates when needed. 94% of our international transfers go through local rails (instead of SWIFT), with approximately 93% of transactions arriving the same day, and approximately 50% arriving instantly.

Unlike most fintech solutions that focus on one area, Airwallex is an all-in-one platform. You can implement a payment gateway, automate up to 1,000 bill payments, issue corporate cards, and manage expenses from one dashboard.

Join over 200,000 businesses worldwide – including more than 20,000 Australian businesses – already using Airwallex to move money smarter.

Digital business bank accounts: Frequently asked questions

Which digital business account is best?

The best digital business account depends on your business needs. For businesses looking for an all-in-one digital financial platform that will grow with your company, Airwallex provides a competitive solution. It’s also a great choice for any business operating globally, with international customers or employees, or that has global suppliers., Airwallex provides multi-currency accounts with a wallet that can hold and convert 20+ currencies at interbank rates, and can help businesses save up to 80% on FX fees compared to traditional banks.

What are the best no monthly-fee business accounts?

Several providers offer $0 monthly fee accounts. Airwallex charges no monthly fee on the Explore plan if you deposit at least $5k per month or hold a minimum balance of $10k. Westpac Business One and Zeller Transaction Account also have $0 monthly fees. CommBank and NAB offer $0 options for online-only banking.

Why use a business account instead of a personal account?

Even for small businesses or sole traders, a business account offers significant benefits. Business accounts provide features designed for commercial use including higher transaction limits, multi-user access, accounting integrations, and tax reporting tools. They also make it easier to separate business and personal finances.

What alternatives are there to a digital business bank account?

Fintech platforms like Airwallex, Wise, and Zeller are alternatives to traditional digital business bank accounts. They provide similar services like payments and multi-currency accounts, but often with faster transactions, lower fees, and additional features.

Airwallex offers an end-to-end payment solution that lets you open foreign currency accounts in minutes and send payments to 120+ countries using local payment rails.

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

This depends on the bank. Some banks like CommBank and NAB let customers with online business accounts use branch services for a fee per transaction. Others may restrict branch access for digital-only accounts. Check the terms of your account before signing up.

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

The timeframe varies by provider. Generally, Australian financial institutions take 1-5 business days to open an online business bank account. Fintechs often process applications faster, with some offering same-day approval. Airwallex accounts can be opened in as quickly as one business day.

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

To apply for the best business online bank account, you'll typically need personal ID documents for all owners and partners, the business name and ABN/ACN, business address and contact information, and information about your business structure and industry.

Can I access accounting software through a business transaction account?

Yes, many digital business accounts offer integrations with accounting software like Xero, MYOB, and QuickBooks. This helps automate reconciliation and simplifies reporting. Airwallex integrates with Xero, Sage, NetSuite, Odoo and  QuickBooks.

Do I need a digital business account?

The type of business account you need depends on your business stage, industry, location, size, cash flow, and the products you require. Digital business accounts work well for businesses that don't need in-person deposits or withdrawals. They can help you go to market faster and often offer flexible features that scale with your business.

Are you legally required to open a business bank account?

If you're operating as a partnership, company, or trust in Australia, the ATO requires you to have a separate business account. Sole traders aren't legally required to have a separate account, but it's strongly recommended for tax reporting, record-keeping, and maintaining a professional image.

Sources

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

2. https://www.airwallex.com/au/business-account/global-accounts

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

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

5. https://www.nab.com.au/business/business-bank-accounts/transaction-accounts/low-fee-business-account

6. https://wise.com/au/business/

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.

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.