How to open a business bank account in Australia from the US

- •Open a business bank account in Australia from the US
- •Why do I need a business bank account?
- •Choosing the right type of business bank account
- •Requirements to open a bank account in Australia
- •How to open a business bank account
- •How long does it usually take to open a bank account?
- •What fees to expect from a business bank account
- •Can you open a business bank account online?
- •Airwallex is your alternative to business bank accounts
Open a business bank account in Australia from the US
Setting up your business is the start of an exciting journey. And one of the first major things you’ll need to do is open a bank account.
But it’s not as straightforward as opening a personal account. The type of business you run will determine the type of account you need.
Here’s what you need to know to open a business bank account in Australia successfully.
Why do I need a business bank account?
Depending on your business structure, having a business bank account is a tax requirement. If your business operates under a company, partnership, or trust structure, you are required to open a specific business bank account to fulfill your tax obligations.
If you’re operating as a sole trader, however, you don’t have those requirements, and a personal bank account will most likely be suitable for your needs.
However, a business bank account offers several benefits that you won’t find with a personal bank account.
Your business account will make it easier to track your business cash flow. It allows you to separate your personal spending from your business income and expenses. It also provides a clear financial record for your tax obligations, making your financial reporting much, much easier.
Choosing the right type of business bank account
Much like your personal bank account, there are a few options to choose from when setting up your bank account.
Everyday transaction account
A high-traffic account for your everyday cash flow. These typically come in either a low-fee or no-fee option, as well as a premium option with more flexibility. It’s essential to review the details of these business accounts, as some only permit a limited number of daily transactions.
Specialized accounts
Some banks have specialized accounts depending on the type of business you operate. This includes accounts for farm management support and not-for-profit organizations.
A savings account
Some banks provide options for business savings accounts, where you can keep your finances safe from being chipped away by expenses. Depending on the bank, you should be able to find options for standard savings accounts, term deposits, or options to create a cash reserve for your business.
Requirements to open a bank account in Australia
To ensure a smooth business account setup, it’s helpful to have all the necessary documents on hand.
While the particulars may vary depending on the bank account you set up, these are the standard details and documents you’ll need to open a business bank account in Australia.
What details and documents do you need to get started?
The full name of your company as it’s registered by the Australian Securities and Investments Commission (ASIC)
The address of your primary place of business
The address where your business is registered
Your Australian Company Number (ACN)
Your Australian Business Number (ABN)
Your business’s tax file number
The full names and one form of photo ID for each director. This can be your driver’s license or a valid passport. You can provide the original or a certified copy
The full names and one form of photo ID for anyone who will be operating the account. Again, you can provide the original or a certified copy
The type of industry your business is in
If your business operates under a trust or a partnership structure, you’ll need to provide either the original or a certified copy of your trust deed or partnership document
How to open a business bank account
While setting up a business account takes a little longer than a personal account, it’s not an onerous task. Here are the steps usually required to get started.
Compare bank accounts and find the one that suits your needs.
Head to the bank’s website and fill out the application form. You’ll need all the information detailed above, including your form of identification.
Submit your application.
Once the bank verifies your identity and business details, they’ll open your bank account for you. You can now start using your bank account.
Receive any necessary credit or debit cards.

How long does it usually take to open a bank account?
Unlike in other countries, you can set up a business bank account in Australia entirely online. If you have all the necessary information and documentation prepared in advance, the application process should only take around 10–20 minutes.
Once you’ve submitted your application, your bank should get in contact with you within the next 24–48 hours to confirm your identity and details.
Alternatively, you can take all your documents and details to a branch that specializes in business accounts and speak directly to a business account specialist.
What fees to expect from a business bank account
Monthly fees
Unlike a personal bank account, business bank accounts often charge a monthly fee. While some are available for $0 a month, these will have limited capabilities. A business account's monthly fee can range from approximately $10 to $22 per month.
Transaction fees
Online transactions are usually free, which is fine if most of your financial transactions are done through net banking. Transactions that require cash withdrawals or deposits are known as ‘assisted transactions.’ Most business accounts offer a certain number of transactions per month, with unlimited assisted transactions available for a more premium product. If you exceed your free threshold, assisted transactions can then range from $0.50 to $3.50 per transaction.
Currency exchange fees
Business accounts make your financials easier, but not necessarily cheaper. You’ll still be required to pay fees for currency conversions (around 1–4% of your total transaction) and foreign transactions (around 1–3% of your total transaction). So if you’re dealing with a high volume of international suppliers, this will add up.
ATM fees
Within Australia, you can withdraw cash at an ATM free of charge from your business account. However, depositing cash counts towards your assisted transactions, so in some cases, you may be charged up to $3.50 to deposit money into your account. Additionally, these fees may not be mentioned on the banks’ websites, but you can still expect to pay a withdrawal fee when withdrawing money from a foreign ATM.
Establishment fee
While you typically won’t be charged a fee just to set up your account, some banks may charge an establishment fee when transferring your existing account to a new account with them. This can set you back around $40, depending on the bank. So it’s not much, but it is something to be aware of.
Internet banking fees
Most banks include this as part of their package, but some banks (ANZ in particular) do charge for business internet banking.
Can you open a business bank account online?
Depending on your business structure, it may be possible to open a business account online. For simple business structures like sole traders that don't require extensive ID verification for multiple stakeholders, there is a greater likelihood that the bank account can be opened online. However, it is common for banks to request a face-to-face meeting at a branch between you and all account holders before allowing you to open a business bank account.
The bank will usually request that you schedule an appointment at a local branch and come prepared with the documents outlined in this article. Additionally, they will ask you further questions about your business operations and how you plan to use the account.

Airwallex is your alternative to business bank accounts
Traditional business bank accounts in Australia are helpful, but they have their drawbacks. Airwallex Global Accounts are a business account solution designed to help your business grow.
An Airwallex AUD Global Account offers a business bank account alternative that simplifies your finances. There are no sign-up fees, and you can make as many deposits or withdrawals as you need, free of charge. Sending and receiving money internationally is also cheaper, with a small margin of just 0.3% to 0.6% added to your transaction. If your business plans to scale overseas or does a lot of business with international suppliers, Airwallex provides you with the tools to make expanding into new markets a breeze.
With an easy online setup and immediate access to your banking from approval, there’s no business downtime – you can start sending and receiving funds immediately, no need to visit a branch! Your account can also sync directly to Xero, making your end-of-year financials a breeze.
For your business banking needs, click here to open an Airwallex AUD Global Account online and simplify your business banking.
Share

Airwallex’s Editorial Team is a global collective of business finance and fintech writers based in Australia, Asia, North America, and Europe. With deep expertise spanning finance, technology, payments, startups, and SMEs, the team collaborates closely with experts, including the Airwallex Product team and industry leaders to produce this content.