ANZ Business Bank Accounts: a comparison

For regular business banking customers, ANZ offers a range of savings, transaction, and specialist accounts. For the purpose of this article we’re going to look at their business transaction accounts, specifically, the ANZ Business Advantage transaction account, while comparing it feature for feature with our Airwallex Business Account.

This account is a straightforward, low-cost business account that’s designed to make everyday business banking easy.

It’s a good option for both small and medium-sized businesses whose business is mostly centred in Australia, and don’t make a high volume of international transactions. It may also provide a good option for businesses who only onboard international contractors occasionally, or for freelancers with just a small number of international clients.

A detailed look at the ANZ Business Advantage account

Key features

• $10 monthly account fee

• Unlimited real-time transfers between ANZ accounts

• Easy access to your account via ANZ internet banking

• Options for an ANZ Business Visa debit card

• Provide multiple account logins at three security levels

• Integration with eligible accounting software

• PayID option available allows you to send and receive payments just using a single ID—no BSB or account details required

• Access to international transfers through ANZ International Money Transfers and ANZ FX Online

Limitations of your account

• While offered as a ‘low fee’ account, there are a number of monthly fees involved with operating an ANZ business bank account. More on this below

• ANZ Australia doesn’t offer a designated foreign currency account, so the foreign currency transaction options for this account are limited. International payments made through these methods occur via the SWIFT network, as such, they may be slower than alternative international transfer platforms, and may charge you more fees in the process

• While you’re able to receive an ANZ Business Visa, which can be used for international payments, you’ll still pay FX fees on these international payments

Fees and rates

When you open an ANZ Business Advantage account, you can expect to pay fees on each international transaction you make. These may include:

• $10 monthly account fee

• $15 monthly use fee for ANZ Internet Banking for Business

• $7-9 fee per foreign currency payment to an international account

• $18-32 fee per AUD payment made to an international account

• Up to $15 per international transfer received in a foreign currency

• ANZ state that they’ll cover any correspondence bank fee for transfers sent in USD and EUR to all countries, selected countries in the Pacific, and for GBP to Great Britain, NZD to New Zealand, and INR to India

• ANZ list their current FX rates on their website, and through their netbanking app. however, they note that you should contact the bank prior to your transaction to confirm the current rate

How to opening an ANZ Business Advantage account

ANZ has made it easy to open a Business Advantage account. You can even do it online.

To begin with, you need to provide proof that:

• You’re 18 years or older, with two forms of ID

• Your run an Australian business, through your ACN and/or ABN

• Proof that you’re the owner director

Then, simply head to the website, click the ‘Apply online now’ button, and:

• Enter your personal details

• Enter your business’ details

• Submit your application

ANZ will follow up within 24 hours, or the next business day, to complete the application.

Sending and receiving international payments

While the ANZ Business Advantage account isn’t a designated foreign currency account, ANZ does offer services that enable you to do so. These are:

• ANZ International Money Transfer

• ANZ FX Online. This is a platform for international FX trading, and high volume international foreign currency payments. To be eligible, your business must send or receive AU $100k or more in foreign currency every year.

With ANZ FX Online, you can manage, send, and receive international payments directly through the platform. ANZ recommends that businesses contact them for more information in setting up this option.

For businesses looking to make an international payment, you’ll need:

• The full name, address, and bank account/IBAN details of the receiver

• The full name, address, and SWIFT/BIC of the receiver’s bank

To receive an international payment, you’ll need to provide the sender with:

• ANZ’s BIC or SWIFT code

• Your BSB and account number

• Name of the account

• Your full name and home address

Different countries use different banking information, so be aware that you might need to guide your international contact through the Australian banking process. Airwallex Global Accounts deliver a business account for companies looking to grow

Airwallex Global Accounts offer a comprehensive business banking service and enable your business to send and receive funds internationally, wherever you are. 

Key features

Global Accounts: Global Accounts enable you to be just that: global. You can set up individual Global Accounts in up to 11 different currencies—without needing to set up a base account first. Once you’ve created your Global Account, you can start transacting in that currency immediately. Designed to make banking easy, you don’t need to supply your international contacts with your Australian banking details; instead, your account is set up using their local bank account format. It’s as easy for them as making a local payment.

FX & International Payments: Make international money transfers to over 34 different currencies, to 130 countries, with zero minimum transfer fees*.

Multi-currency virtual Visa cards: Airwallex multi-currency virtual Visa cards enable you to use your foreign currency account anywhere that Visa is accepted. And as you’re transacting in the local currency, you don’t need to pay any FX conversion fees on your purchase. 

Xero integration: You can integrate your Airwallex Global Accounts directly to your Xero account, making it easier to reconcile your finances every month. With our Xero integration, you can set up bank feeds for each individual currency, so you can track each account easily. Synced up hourly, you’ll be able to stay on top of your finances, wherever you’re doing business.

Fees and rates

At Airwallex, we don’t charge monthly account fees on any of our products—ever. So you get a fee-free foreign currency account, with no minimum fund threshold, that you can use as much or as little as you need, without worrying about getting charged without realising it. There are other fees and charges may apply, which you can find on our website.

When using your foreign currency accounts, as you’re transacting in that specific currency, there are no fees or FX rates during the transaction—it’s just like you’re banking locally.

And when you need to exchange currency to or from AUD, you receive competitive wholesale rates at just 0.3% or 0.6% above the interbank rate. These transparent FX rates mean you’ll always know how much you’re likely to pay or receive, and there are no nasty surprises.

Supported currencies

As well as AUD, Airwallex Global Accounts support the following international currencies:

• USD US Dollar

• EUR Euro

• CAD Canadian Dollar

• CHF Swiss Franc

• CNY Chinese Yuan

• GBP British Pound

• HKD Hong Kong Dollar

• JPY Japanese Yen

• NZD New Zealand Dollar

• SGD Singapore Dollar

Set your sights overseas with the global business banking alternative

Airwallex Global Accounts are designed to give businesses the flexibility to grow and scale internationally. With access to 11 different currencies, you’re able to send and receive international currencies to your international clients, customers, contractors, and suppliers, without worrying about getting slugged with a large transfer fee.

Just set up your business account, and you’re ready to start sending and receiving international payments immediately.

Contact us today to book your demo, and discover how an Airwallex Business Account will enable your business to expand your reach into the global marketplace.

Related article: Best business bank accounts in Australia

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*Where payments are made through Airwallex’s payment network there are no payment fees. However, any payments made via the SWIFT network will still incur a payment fee from $10AUD. Click here for more information.

References

1. https://www.anz.com.au/ways-to-bank/internet-banking/business/

2. https://www.anz.com.au/business/accounts/transaction-accounts/business-advantage/

3. https://www.anz.com.au/content/dam/anzcomau/documents/pdf/anz-business-general-service-fees-charges.pdf#page=5

4.  https://www.anz.com.au/personal/travel-international/international-payments/

5.  https://www.anz.com.au/personal/travel-international/foreign-exchange-rates/

6.  https://www.anz.com.au/business/accounts/transaction-accounts/business-advantage/

7.  https://www.anz.com.au/business/international-foreign-exchange/foreign-exchange/anz-fx-online/ Last updated as of January 2021

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