Compare business bank accounts in Australia (2026): Fees, features and integrations

Key takeaways

• A business bank account can help you separate your personal and business finances, streamline accounting and taxes, and get better visibility into your cash flow. It can also give you access to business-specific financial tools.

• Business bank accounts differ widely in fees, features, security, yield, and more, so it’s important to compare business banking options carefully before choosing one.

• We compare business bank accounts in Australia from both traditional banks and fintechs to help you choose the right one for your business.

The Australian Bureau of Statistics found the number of businesses operating in Australia grew 2.2% to 2.66 million between 2024 and 2025.¹ However, choosing the right business account is the key to these businesses remaining in the 76.5% that make it past their first year.² It’s also crucial for existing businesses looking to grow.

In this guide, we’ll compare the key features of the top seven business bank accounts in Australia, including expense management, payment capabilities, corporate cards, multi-currency offerings, and fees, to help you make the right decision for your company.

Features to look for when comparing business bank accounts

There are a few key features to look for when making a business banking comparison, including competitive fees, a simple setup, a scalable account that grows with you, and helpful tools such as spend tracking.

Low or no fees

Understanding fees is a key part of any small business bank account comparison. Look for accounts that offer low monthly fees and minimal charges for international transfers or transactions. Every dollar saved can be reinvested in your business, after all.

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 deposits.

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. Features or integrations that simplify expense tracking, reporting, and reimbursement can also make financial management easier. 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 budget. Other features such as multi-user access and real-time reporting are also available.

Multi-currency support and FX

Businesses operating in more than one market – including those paying suppliers or working with customers in multiple locations – need a business account with multi-currency support. But not all global business accounts are created equal. Look for an account that lets you hold multiple currencies in a single account, offers low-cost FX transfers to the countries you need to pay and receive payments from, provides multi-currency corporate cards, and 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, and customer support. You should also check that your funds are kept safe by the appropriate licences and guarantees. 

Customer support and service

Reliable customer support can make a big difference when managing your business finances. Banks and financial platforms that offer dedicated account support and a range of communication channels (phone, email, and chat) will stand out at 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.

In depth: Business accounts comparison in Australia (7 options) 

Business bank accounts offer very different fees, features and capabilities. Here’s an in-depth business bank account comparison.

What are the top business accounts in Australia?

The top business accounts in Australia include those from the “Big Four” banks, as well as smaller Australian banks and alternative fintech providers. Here’s a closer look at what each of the providers in our business account comparison have to offer.

• Airwallex Global Account: Airwallex is an Australian fintech, not a bank. Our Global Account offers an end-to-end financial solution supporting 20+ currencies with no international transaction fees. It also provides corporate debit cards, expense management tools, accounting integrations, payment acceptance, and the ability to earn returns through Yield.

• 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 an A$10 monthly fee.

• Commonwealth Bank Business Transaction Account: The Business Transaction Account offered by Australia’s biggest bank, CommBank, is available online-only for A$0 or with in-branch transactions for a 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 Everyday Account comes with no monthly fee, accounting integrations, unlimited electronic transactions, and express business deposits for a fee. 

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

• Suncorp Bank Business Premium Account: Suncorp Bank’s business account is a fee-free transaction account offering both online and in-person banking. It comes with unlimited transactions, an optional overdraft, and accounting integrations. It also earns 0.01% p.a. on all balances.

• Bank of Melbourne Freedom Business Account: The Bank of Melbourne Freedom Business Account gives you unlimited electronic transfers, a Visa business debit card, and five in-branch transactions per month. It’s fee-free for the first year, then costs A$10 per month.

Do I need a business bank account?

A business account isn’t strictly required for sole traders in Australia, but it is legally required for partnerships, companies, and trusts. Regardless of whether it’s required or not, 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 filing, 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.

Types of business accounts for Australian businesses

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. Here’s how these business bank accounts work:

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

• Online-only business bank accounts: These accounts operate entirely online, so they’re 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. They’re easy to set up and provide quick access to funds. The downside is that they charge per-transaction fees, which can add up fast if your business has many transactions.

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

As you compare small business bank accounts, you may notice that some providers skip the word “bank” altogether. That’s because some business accounts are offered by institutions with a full banking licence, commonly known as banks. Others are provided by financial institutions that don’t hold banking licences – but they do 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 the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL), along with registration with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and other global regulatory frameworks. These credentials ensure we meet the compliance standards required of financial services 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.

Top 6 benefits benefits of a business bank account

The right business bank account offers significant benefits for your business:

• Purpose-built for business operations: Business accounts offer features like overdraft facilities, batch payments, and payroll management tools to help your business run smoothly.

• Clear separation of finances: Keeping your business and personal finances distinct is important for liability and simplifies accounting.

• Accounting integrations: Business accounts sync automatically with accounting platforms like Xero, MYOB, or QuickBooks, so you can avoid manual data entry and streamline your tax preparation.

• Higher transaction limits: Raised daily payment limits make it easier to pay invoices, supplier costs, and staff wages without worrying about transfer caps.

• Better cash flow visibility: Consolidating income, expenses, and payments makes it easier to spot cash flow patterns and plan for the future.

• Shared access options: You can add business partners, co-owners, and authorised staff to your business account with flexible permissions.

How to open a business account in Australia

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) offer a fully digital online application for a business account, allowing you to upload the required documentation for verification. 

Why choose an Airwallex Business Account?

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

• Global and multi-currency accounts: Open domestic and foreign currency accounts within minutes, accept currencies in 70+ countries, and create individual accounts for 21 currencies to send, hold, and receive without double conversions.

• Local bank details and like-for-like settlement: Get local account details in 21 countries and receive payments without forced conversions or hidden FX fees.

• FX Engine and 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 and payouts: Make transfers to 120+ countries at interbank rates with a 0.5–1% FX margin. Over 90% go through local rails (instead of SWIFT), ~93% arrive within hours or the same day, and ~50% arrive instantly.

• Yield on balances: Earn competitive rates on AUD and USD balances with flexible access to funds.

• Corporate cards, spend controls and 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 accounts: 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. And 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 offers 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 preparation 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, partnerships, and trusts, a separate business bank account is required. Opening a business banking account helps keep finances clean and separate.

Can I open a business bank account online?

Yes, Airwallex and many traditional Australian banks let you open a business account online. You’ll need to provide your business’s name and address, your ABN and ACN, and identification for all owners of your business.

Which Australian banks offer business accounts?

Australian banks offering business accounts include ANZ Bank, Commonwealth Bank, National Australia Bank, Westpac Bank, Suncorp Bank, and Bank of Melbourne. You can also get a business account at Airwallex, an Australian fintech offering end-to-end financial management tools.

What is the difference between a business transaction and a business savings account?

A business transaction account is designed for managing your business’s day-to-day finances. You can use it to hold, send, and receive money, but balances in transaction accounts usually don’t earn interest. Business savings accounts, on the other hand, let you earn interest on your balances, but you typically have to move funds into a transaction account before you can use them.

How do I choose a business bank account?

To choose a business bank account, you should find an account that aligns with your business structure by considering your transaction volume, international payment needs, and additional product needs such as employee cards. Consider factors such as digital banking capabilities, integration with your preferred accounting software, and the cost of any additional products you’re looking for. If you operate globally, look at international transaction fees as well. Compare multiple business banking providers to ensure you're selecting an account that will work for your business.

What features are standard for business transaction accounts in Australia?

Standard features for business transaction accounts in Australia typically include unlimited electronic transactions, online and mobile banking access, BPAY and direct debit facilities, and monthly account statements. Most business transaction accounts also provide the account holder with a debit card and integration with popular accounting platforms like Xero or MYOB. 

Which business bank account is best for a sole trader?

The best business bank account for a sole trader depends on a number of factors, including industry, the size of the business, and how the business is operating. However, an account that offers no monthly fees, unlimited electronic transactions, and accounting integrations, and products and features to help your business scale, is ideal.

What is the most flexible business account for tech companies?

The most flexible business account for tech companies provides multi-currency capabilities, API banking integration, corporate cards, and global payment solutions to support international operations and remote teams. Tech companies should prioritise accounts offering real-time transaction data, automated reconciliation with invoicing and accounting software, and advanced payment features such as bulk payments and scheduled transfers. Look for digital-first banking platforms that enable you to manage finances programmatically and scale seamlessly as your tech business grows globally.

Sources

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

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

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/no-monthly-fee-business-account

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

7. https://www.suncorpbank.com.au/business-banking/bank-accounts/business-premium-account.html

8. https://www.bankofmelbourne.com.au/business/bank-accounts/freedom-business-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 19 February 2026 (AEDT) and indicate past 7-day annualised returns of the relevant underlying JPMorgan Liquidity Funds.