How to open a business bank account in Australia from Singapore (2026)

Key Takeaways:

• Opening a business bank account in Australia as a Singapore-based company requires ASIC registration, an ABN or ACN, and identity verification for all directors.

• Most banks require an in-person branch visit before activating the account.

• Airwallex Global Accounts lets you hold and transact in AUD from Singapore, with no monthly fee on the Explore plan and competitive FX rates that save you up to 80% on FX fees.

If you're trying to learn how to open a business bank account in Australia from Singapore, you're in the right place.

Whether you're expanding into Australia, paying Australian suppliers, or setting up a local entity, having an Australian business account can make it easier to manage local transactions and receive payments in AUD.

This guide walks you through the requirements, application process, fees, and alternatives to traditional Australian business bank accounts.

We'll also look at how Airwallex Global Accounts can let Singapore businesses hold and transact in AUD without opening a traditional Australian bank account.

Before you open an account: what Singapore businesses need to know

Opening an Australian business bank account as a foreign company involves a few steps that local Australian businesses don't face. Before you apply, make sure you've covered these three areas:

1. Register your business with ASIC

To open a business bank account in Australia, your company must first be registered with the Australian Securities and Investments Commission (ASIC).

You have two options:

• Set up a new Australian company: You'll receive an Australian Company Number (ACN).

• Register your existing Singapore entity: You'll receive an Australian Registered Body Number (ARBN) instead.

Most banks accept either, but confirm the requirements with your chosen bank before applying.

You'll also need an Australian Business Number (ABN) for tax reporting and invoicing. You can apply for an ABN through the Australian Business Register after completing your ASIC registration.

ASIC costs: A standard proprietary limited company currently costs AUD$636 to register, followed by an annual review fee of AUD$342 from the second year onwards.¹

2. Expect stricter identity checks

Australian banks operate under strict Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) rules. Foreign-owned companies may therefore need to provide more documentation and go through a longer review process than local applicants.

You may need to provide:

• Identity documents for all directors and authorised account operators

• Australian or foreign passports and other supporting documents

• Information about your company's ownership structure

• Additional documents requested during the bank's KYC review

In many cases, at least one director will need to complete verification in person at an Australian branch. Remote verification may be available, but can add time to the application.

3. Plan for a longer timeline

While local Australian businesses with straightforward structures may be able to open an account within 24 hours, foreign-owned companies should allow extra time for the process.

Delays can happen if the bank:

• Requests additional documentation

• Needs clarification about your ownership structure

• Requires an in-person branch visit

• Takes longer to complete its KYC checks

Don’t want to wait? Airwallex Global Accounts lets you open an AUD account from Singapore entirely online, without going through the traditional Australian bank account opening process.

What documents you'll need

The exact document list varies by bank and entity type, but the following covers what most Australian banks require from Singapore-based applicants.

Business documents

• Full registered company name as it appears on your ASIC registration

• Registered business address in Australia

• Principal place of business address

• Australian Company Number (ACN) or Australian Registered Body Number (ARBN)

• Australian Business Number (ABN)

• Business tax file number

• Description of your business activities and industry

If your business operates under a trust or partnership structure, you'll also need to provide either the original or a certified copy of your trust deed or partnership agreement.

Identity documents for directors and account operators

Each director, beneficial owner, and authorised account operator may need to provide identity documents as part of the bank's verification process. The exact requirements vary by bank and business structure.

Commonly accepted documents include:

• Passport, including a foreign passport

• Australian driver's licence, where applicable

• Foreign driver's licence, where accepted by the bank

• Birth or citizenship certificate

• Government-issued documents showing your name and address

• Other supporting documents requested by the bank

For Singapore-based applicants, check your chosen bank's requirements before applying. You may need to provide certified copies of documents, particularly if you're completing verification from overseas.

Westpac, for example, requires valid originals or certified copies for its company applicants.²

A note on online eligibility

Whether you can complete the entire application online depends on your bank and your entity structure. The table below shows which entity types each of the Big 4 banks currently accepts for online opening.

Most Singapore-incorporated entities will not meet the criteria for fully online opening. With that in mind, expect to complete at least part of the process at an Australian branch.

How to open a business bank account in Australia, step by step

The process varies slightly between banks, but the steps below reflect what most Singapore-based applicants can expect.

Step 1: Register your business with ASIC

Before approaching any bank, make sure your Australian business registration is in order. You'll need your ACN or ARBN, and your ABN, before any bank will process your application.

If you haven't registered yet, start here. This step alone can take several weeks depending on your structure and how quickly ASIC processes your application.

Step 2: Compare the Big 4 banks

Australia's four major banks offer business accounts for a range of business structures. Compare them on:

• Monthly account fees

• Transaction fees

• Eligibility for online applications

• Requirements for foreign-owned businesses

• Accounting software integrations

Step 3: Gather your documents

Prepare your documents before you start the application. Use the checklist in the previous section as a starting point, then confirm the exact requirements for your business structure with your chosen bank.

You'll typically need identity documents for directors and account operators, along with information about your company and ownership structure.

If certified copies are required, arrange these in advance. Having your documents ready can help avoid delays once the application is submitted.

Step 4: Submit your application

Most banks let you start the application online. You'll provide details about your business, entity structure, directors, and authorised account operators.

If you're applying online, have digital copies of your documents ready. If the bank requires an in-person application, bring the original or certified copies specified in its requirements.

Step 5: Complete identity verification

Once you've submitted your application, the bank will verify the identities of your directors and account operators and carry out its KYC and AML checks.

For Singapore-based applicants, at least one director may need to complete identity verification at an Australian branch. Some banks offer remote verification, but this isn't available for every business structure and may extend the application timeline.

Foreign-owned companies may also face additional questions about their ownership structure, business activities, or source of funds. Responding promptly to these requests can help keep the application moving.

Step 6: Activate your account

Once the bank approves your application, you'll receive your account details and access to online banking. Depending on the bank, you may also need to make an initial deposit before the account is fully activated.

Your business debit card will typically arrive separately after the account is opened.

The Big 4 Australian banks compared

Australia's four major banks handle the majority of business banking for companies operating in Australia.

All four offer business transaction accounts with no monthly fee for online-only banking, but their approach to foreign companies, international payments, and in-branch requirements varies.

1. Commonwealth Bank (CommBank)

CommBank stands out for its scale and physical branch network, making it a practical choice for businesses that expect to do some banking in person or want access to a broad branch footprint across Australia.

It's also worth considering if you need foreign currency services alongside a conventional Australian business account.

Key features:³

• Foreign currency accounts

• Business Visa Debit Card

• Xero and accounting software integrations

• Online banking

• Branch banking and assisted transactions

2. Westpac

Westpac's main differentiator for a Singapore-based business is its Asia-Pacific presence, including a Singapore office. That makes it particularly relevant for companies with operations or banking relationships spanning Australia and Singapore.

It also supports businesses that need to hold and transact in foreign currencies through its foreign currency accounts.

Key features:⁴

• Foreign currency accounts

• Xero integration

• MYOB integration

• QuickBooks integration

• Business debit card

• Online banking

• Branch banking

3. National Australia Bank (NAB)

NAB is a strong option for SMEs that want straightforward day-to-day business banking and dedicated small-business support.

Its Small Business Banker service gives eligible businesses access to personalised banking support, while its accounting integration helps connect the account with existing bookkeeping workflows.

Key features:⁵

• Business Everyday Account

• Foreign currency accounts

• Small Business Banker support

• Xero integration

• Online banking

• NAB ATM access

4. Australia and New Zealand Banking Group (ANZ)

ANZ stands out for businesses with more complex international banking needs, particularly those operating across the Asia-Pacific region.

Its internet banking platform supports international money transfers and provides FX tools, while its regional network can support businesses with cross-border operations.

Key features:⁶

• International Money Transfers through internet banking

• Foreign currency services

• FX tools

• Business debit cards

• Online banking

• Asia-Pacific banking network

What fees to expect

Australian business bank accounts can have different fees depending on how you use the account. Here's a quick overview:

Monthly account fees

All four major banks offer a $0 monthly-fee business transaction account for businesses that primarily bank electronically.

CommBank, Westpac, NAB, and ANZ also offer paid account options with additional allowances or features for businesses that use assisted banking more frequently.

Assisted transaction fees

If you deposit or withdraw money through a bank employee rather than using electronic or self-service channels, a staff-assisted transaction fee may apply.

For example, CommBank charges $5 per assisted transaction.³

If your business handles a lot of cash, cheques, or branch transactions, these fees can add up, so check how many assisted transactions are included with your chosen account.

International transfer fees

International transfer fees vary considerably by bank, payment currency, and how you send the payment.

For example:

• Westpac charges $0 for foreign-currency international transfers sent through Online Banking.⁴

• ANZ charges $0 for foreign-currency international transfers sent through Internet Banking, and $18 when an international transfer is sent in AUD through Internet Banking.⁶

For a Singapore-based business, the currency and payment route matter as much as the headline transfer fee, so check the bank's current international payment schedule before choosing an account.

Foreign transaction fees

Using your business debit card for purchases processed overseas or in a foreign currency can attract an additional fee.

For example, CommBank charges 3.5% on international transactions made with its Business Visa Debit Card.³

ATM fees

Cash withdrawals from your own bank's Australian ATMs are generally free on the standard business transaction accounts, but fees can apply when you use another bank's ATM or withdraw cash overseas.

For example, CommBank charges AUD$2 per withdrawal when you use your Business Visa Debit Card at a CommBank ATM outside Australia.³

An easier way to manage AUD from Singapore

If you simply need to hold AUD, receive payments from Australian customers, and pay Australian suppliers, there's an easier way than opening a traditional Australian business bank account.

Instead of going through weeks of onboarding and travelling to Australia for an in-person verification, you can use Airwallex Global Accounts to open an AUD account from Singapore, entirely online.

You'll get local Australian bank details, including a BSB and account number, so Australian customers and suppliers can pay you directly in AUD. You can then hold your AUD balance in Airwallex or convert it to SGD and other currencies when you need to.

What you get with Airwallex:

• AUD Global Account: Get local Australian bank details to receive AUD payments.

• Multi-currency account: Hold and manage 20+ other currencies in one account.

• International transfers: Transfer to Australia or 200+ other countries. Airwallex gives you competitive FX rates that save you up to 80% on FX fees compared to traditional banks.

• Corporate cards: Issue physical and virtual cards to your team in 60+ markets

• Accounting integrations: Connect with Xero and QuickBooks to keep your financial records in sync.

Frequently asked questions (FAQs)

Can I open an Australian business bank account from Singapore without visiting Australia?

Not easily, if you're applying with one of the Big 4 banks. CommBank, Westpac, NAB, and ANZ all require foreign entities to complete identity verification in person at an Australian branch in most cases. Remote verification is sometimes available but typically adds significant time to the process. If you want to avoid an in-person visit entirely, an Airwallex Global Account lets you open an AUD account fully online from Singapore, with no branch visit required.

Do I need an ABN to open an Australian business bank account?

Yes. All four major Australian banks require an active Australian Business Number (ABN) before they will open a business account. You'll also need an ACN or ARBN depending on how your business is registered with ASIC. If you haven't registered with ASIC yet, you'll need to do this before applying to any bank.

How long does it take to open an Australian business bank account as a foreign company?

For local Australian businesses, account opening can take as little as 24 hours. For foreign-owned companies, the process typically takes 4–8 weeks, depending on how quickly all directors complete identity verification and how long the bank's KYC review takes.² Delays are common if documentation is incomplete or if multiple directors need to verify in person.

What is the difference between an ACN and an ARBN?

An Australian Company Number (ACN) is issued when you incorporate a new Australian company through ASIC. An Australian Registered Body Number (ARBN) is issued when you register an existing foreign company (such as a Singapore-incorporated entity) to operate in Australia without setting up a separate local company. Both are accepted by the major banks, but confirm your entity type with your chosen bank before applying.

Do I need a physical address in Australia to open a business bank account?

Most banks require a registered Australian business address as part of the application. This does not need to be a commercial office — a registered agent address is typically acceptable. Confirm the specific requirement with your chosen bank, as policies vary.

Can a Singapore company use Airwallex instead of opening an Australian bank account?

Yes, for most purposes. Airwallex's Global Accounts give you a local Australian BSB and account number, letting you receive AUD payments from Australian customers and pay Australian suppliers, all without opening a traditional bank account. The main exception is if your business specifically requires an Australian-licensed bank account, for example for certain government programmes or credit facilities.

Sources:

1. https://www.asic.gov.au/for-business-and-companies/forms-and-fees/fee-payments-and-queries

2. https://www.westpac.com.au/business-banking/transaction-accounts/business-one/

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

4. https://www.westpac.com.au/business-banking/transaction-accounts/business-one/

5. https://www.nab.com.au/business/business-bank-accounts

6. https://www.anz.com.au/content/dam/anzcomau/documents/pdf/anz-business-general-service-fees-charges.pdf