Guide for Hong Kong companies: Opening a business bank account in Australia

The trade relationship between Hong Kong and Australia is thriving, with a steady flow of goods like communication equipment and fresh foods. For Hong Kong businesses, opening a local business bank account in Australia can dramatically simplify operations, from paying suppliers to collecting from clients. This move not only boosts efficiency but also creates a gateway for growth in the region.

This guide provides a comprehensive overview of Australia’s business banking landscape, covering major commercial banks, documentation, application processes, and fees. We'll also introduce how Airwallex can offer an alternative, helping you navigate these financial waters more effectively.

Major commercial banks in Australia

Australia's banking sector is dominated by the "Big Four" commercial banks, which hold about 70% of the market share: Commonwealth Bank of Australia (CBA), Westpac, National Australia Bank (NAB), and Australia and New Zealand Bank Group (ANZ).

These banks operate extensive networks across the country, with CBA having the largest number of branches and ATMs. They provide a full range of business services, including multi-currency accounts, business loans, cash management, and international transfers. All are strictly regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC), ensuring the safety of your company's funds.

Requirements for opening a business account in Australia

While sole proprietors can choose to open a business account, partnerships, companies, and trusts are required to have one to comply with Australian tax laws. General requirements vary by bank and business type, but applicants must typically be at least 18 years old, and the company must be registered with ASIC.

Required documents for Hong Kong companies to open a business account in Australia

To open an account, Hong Kong businesses generally need to provide company registration documents, including their Australian Business Number (ABN) or Australian Company Number (ACN), along with:

• Identification for all owners or partners

• A description of the company’s main business activity

• The company's name and constitution

• Proof of an Australian business address

• Tax information

Banks will also verify identities using a "100-point identification" system, which requires a specific threshold of points from various identification and address documents.

Proof of Australian business address

Australian regulations require a physical street address – P.O. boxes are not accepted. Acceptable documents typically include utility bills, bank statements, government correspondence, or lease agreements, all issued within the last three months and showing the company's name and address.

Application process and key considerations when opening an Australian business account

Hong Kong companies can start an application online, but in most cases, directors or primary officers must visit a branch in Australia for in-person identity verification. The approval process typically takes one to two weeks, but this can vary depending on the completeness of your documents and the bank’s compliance reviews.

Step-by-step guide: online application and identity verification

Here’s a general overview of the Australian business bank account application process:

1. Complete the online application and upload the necessary documents on the bank's website.

2. The bank reviews your application and may ask for more information.

3. Directors or key personnel visit a branch in Australia for identity verification.

4. After KYC (Know Your Customer) and compliance checks, the bank notifies you of the account opening result.

Keep in mind that some banks have stricter review processes for foreign businesses and may ask for more documents. It’s best to make an appointment and prepare original and certified copies of all documents beforehand to avoid delays.

Features and limitations of Australian business banking

Australian business bank accounts offer a wide range of features, including multi-currency payments, loans, and international remittances. However, traditional banks can have higher entry barriers for foreign companies, often with longer approval times and some services exclusive to locally registered businesses.

For international transfers, banks typically charge higher fees and have wider exchange rate margins. They may also impose daily transfer limits and specific cut-off times, with processing taking one to three business days.

Opening a business account in Australia: traditional banks vs. Airwallex

Airwallex offers businesses flexible and efficient international payment solutions, making it ideal for Hong Kong companies with frequent cross-border transaction needs. Opening an Airwallex Business Account is a fully online process, with approvals in as little as 48 hours. It supports payment collections in over 20 currencies, including AUD, USD, and EUR, all at transparent, low-cost rates.

Ready to simplify your global payments? Sign up for an Airwallex Business Account today.

Frequently asked questions

1. Can Hong Kong companies open an Australian business account remotely?

Most Australian banks require key directors or officers to complete in-person identity verification, making a fully remote opening difficult. Airwallex, however, allows businesses to open accounts completely online without needing to visit Australia.

2. What are the tax and compliance requirements after opening an Australian account?

After opening an account, you should apply for a Tax File Number (TFN) from the Australian Taxation Office (ATO). Businesses must also comply with Anti-Money Laundering (AML/CTF) and Know Your Customer (KYC) regulations. It’s best to consult a professional accountant for specific advice.

Sources:

Information regarding opening a business account in Australia was obtained from the following sources as of July 2025. This information is provided for reference only. For the most up-to-date details, please visit the respective official websites.

1. https://hktdc.infogram.com/autc-1h0r6rz8oyr0l4e

2. https://www.hkma.gov.hk/media/chi/doc/about-the-hkma/legislative-council-issues/20010503c1c.pdf

3. https://business.gov.au/finance/set-up-your-finances/set-up-your-business-bank-account

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

5. https://www.abf.gov.au/form-listing/forms/b319.pdf

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

7. https://www.commbank.com.au/content/dam/commbank/business/pds/ADB2916.pdf

8. https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/olb/Online_Banking_TCs.pdf

Disclaimer: This article was prepared in July 2025 based on voluntary online research and publicly available information. We have not personally tested every tool or provider mentioned. This article is for educational purposes only, and readers should independently evaluate each service provider based on their specific business requirements. Content is updated every six months. To request an update, please contact us at [email protected].