ANZ business account review

This ANZ business account review covers everything you need to know about ANZ's business banking options, from account types and fees to eligibility requirements and how to apply.

ANZ business account overview

Australia and New Zealand Banking Group, better known as ANZ, is one of Australia's "Big Four" banks. It holds a strong reputation for small business banking, having been recognised as Canstar's most awarded small business bank in recent years.

ANZ offers a range of business bank accounts designed to help you make and take payments, access funds on the go, or earn interest on your surplus cash. The accounts span everyday transaction needs, savings, term deposits, and specialist products for niche industries.

Types of ANZ business accounts

ANZ groups its business accounts into 3 main categories: transaction accounts, savings and term deposit accounts, and specialist accounts. Check out our ANZ business account review below for a breakdown of what's on offer.

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ANZ business account fees compared

Understanding the fee structure is one of the more important parts of any ANZ business account review. The ANZ Business Essentials account has no monthly fee and includes unlimited ANZ ATM and electronic transactions. Staff-assisted transactions, cheque transactions, and manual merchant deposits each attract a AUD $2.50 fee.

The ANZ Business Extra account costs AUD $10 per month and includes 20 ANZ transactions plus unlimited ATM and electronic transactions. An AUD $2.50 fee applies to staff-assisted, cheque, and manual merchant deposit transactions on both accounts. Additional charges apply for international transactions and overseas ATM use, so those fees can add up if your business processes overseas payments regularly.

Key features

ANZ's business accounts come with a consistent set of features across most products. Some of the highlights worth noting include:

• The ANZ Business Visa Debit card: Available on Essentials and Extra accounts at no additional expense, usable wherever Visa is accepted globally
  
• Accounting software integration: Allowing you to link eligible accounting software to your business banking data via ANZ Internet Banking for Business, compatible with tools like MYOB and Xero
  
• ANZ Falcon fraud detection: Learns from your transactions to help detect the difference between your normal activity and potential fraud
  

ANZ Internet Banking for Business unlocks daily payment limits of up to AUD $1 million with an ANZ Shield security device, which is useful for businesses processing larger volumes or making regular supplier payments.

Pros and cons

Here's where ANZ lands for business customers, based on what we found.

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Eligibility requirements

To open an ANZ business account, you need to be 18 or older, an Australian business owner or director, and have 2 forms of ID along with your ABN or ACN for verification. ANZ accepts applications from sole traders, owners or directors of Australian-registered companies, partnerships, co-operatives, and trusts. Not all business structures can apply entirely online, so more complex setups may require additional steps.

How to open an ANZ business account

The application process is straightforward for most applicants. Check your eligibility first, then click "Apply" on your chosen product and enter your personal and business details into the online form. To complete the verification, you must present 2 valid identification documents along with your ABN or ACN, and once submitted, your account is ready to use right away.

Sole traders can open a Business Essentials or Business Extra account directly via ANZ's app in minutes. Single directors can open a Business Essentials account through the app as well. If your situation is more complex, you'll complete paperwork online, and an ANZ business banking team member will follow up.

What happens after you apply?

For eligible sole traders and single directors applying via ANZ's app, account access is typically immediate. For other business structures, ANZ states that they will reach out within 24 hours or the next business day to collect further details.

Once active, you can manage your account through ANZ's app or ANZ Internet Banking for Business. Your Visa Debit card will be delivered by post.

ANZ business banking support

ANZ offers support through in-branch appointments, phone banking, and ANZ's app. For businesses with more complex needs, ANZ has a dedicated business banking team available for direct engagement. ANZ also provides resources covering business cybersecurity, helping you stay protected from evolving threats.

Alternatives to ANZ Business Accounts

If this ANZ business account review has left you wanting something more flexible, it's worth exploring other options. Aspire is a modern business account built for founders and growing companies in Australia, particularly those with international operations or multi-currency needs. Where traditional banks like ANZ can fall short on global payments, Aspire offers multi-currency accounts, competitive FX rates, and expense management tools all in one platform.