At a glance: best business bank account in Australia
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Note: Monthly costs and features may change. Before creating a business bank account, review the provider’s latest price and eligibility conditions.
What is a business bank account
A business bank account is an account you use to isolate your company’s financial activity from your personal finances. It provides a single financial record to take consumer payments, pay suppliers, handle payroll, and track business spending. In Australia, partnerships, businesses, and trusts usually need a separate account for tax and legal reasons. While sole traders aren't legally compelled to have one, it's often recommended that business and personal activities be kept separate.
Types of business bank account
Australian providers generally offer several types of business bank accounts, each designed for a different purpose rather than a different stage of business.
Business transaction account
This is the main account most organisations use for day-to-day operations. It handles client payments, supplier invoicing, payroll, direct debits, and debit card spending. For most founders, it’s the account that keeps cash flowing and gives them a clear record of everyday business activities.
Business savings account
A business savings account is for funds that you don’t want to spend every day. Many businesses use one to separate tax reserves, emergency cash, or cash set aside for future investments. Rates, access requirements, and eligibility vary from provider to provider, so it is important to check how easy it is to move funds when cash flow changes.
Foreign currency account
A foreign currency account lets you hold, send, and receive money in multiple currencies without converting everything into Australian dollars. It's useful if you invoice overseas customers or pay international suppliers, giving you more control over exchange rates and foreign exchange costs.
Merchant account (payment account)
A merchant account allows your business to accept card payments from customers, whether online, in-store, or through EFTPOS. It processes card transactions before the funds are deposited into your business transaction account, making it essential if you regularly accept customer payments.
Term deposit
A term deposit allows you to lock up business funds for a set period and receive a fixed interest rate. It’s good for organisations that have a steady cash flow and don’t need to access the money immediately. The downside is reduced flexibility because you could be penalised or limited for making early withdrawals.
Trust account
Legal, real estate, and accountancy businesses are required to keep client funds separate from business funds. Trust accounts serve this purpose, helping businesses comply with industry-specific regulatory requirements and keeping client monies apart from operational cash.
The first step when choosing the best bank for a business account in Australia is to find out how your business handles money. A founder selling locally has different requirements from one managing overseas suppliers or collecting revenue in multiple currencies. The right account is the one that fits your financial workflow today while leaving room to scale tomorrow.
Why do you need a business bank account
A dedicated business bank account gives you a clearer perspective of the flow of money in your business, easing day-to-day operations and planning for future growth.
Separate business and personal finances
As your business expands, client payments, supplier bills, subscriptions, and tax responsibilities can build up. Separating these transactions from your personal expenditures makes reconciliation easier and offers you a better picture of your cash flow.
Meet Australian business requirements
Your legal obligations depend on your business structure. Companies, partnerships, and trusts generally need a separate business bank account for tax purposes. Sole traders aren't required to have one, but the Australian Government recommends keeping business and personal finances separate to simplify record-keeping and tax reporting.
Support better financial decisions
Good financial data leads to good decisions. Whether you're working on your BAS, checking available funds before hiring, or having your accountant do it, a dedicated account makes it easier to track income and expenses with confidence. As your business grows, it becomes easier to connect your accounting software and other financial tools so you don’t have to do everything manually.
6 best business accounts for your business
- Aspire
Best for: Startups and growing businesses that manage international payments, work with overseas suppliers, or expect their finance operations to become more complex as they scale.
Aspire is a finance platform designed for modern businesses that combines business accounts, international payments, multi-currency accounts, corporate cards, expense management, and accounting integration all in one place. While its business account supports your everyday banking needs, it's part of a broader finance platform built to help you manage payments, spending, and financial operations as your business grows. This reduces the need to switch between multiple financial tools, especially if you operate across borders.
Consider a software company that invoices customers in USD, pays Australian employees in AUD, and works with suppliers across Asia. Using separate providers for payments, cards, and expense management often means reconciling transactions across different systems at month-end. Aspire brings these workflows together, making it easier to review business spending and keep financial records up to date as transaction volumes increase.
Feature
Multi-currency accounts: Receive, hold, and manage funds in multiple currencies without opening separate accounts.
International payments: Send and receive cross-border payments from the same platform used for everyday business banking.
Corporate cards with spend controls: Issue virtual or physical cards, set spending limits, and manage employee expenses without sharing corporate cards.
Accounting integrations: Connect with Xero and QuickBooks to simplify reconciliation and reduce manual bookkeeping.
Business Account from AUD $0/month: No setup fee, no minimum balance requirement, with additional fees applying to selected services.
Things to consider
Aspire is designed for companies operating across borders or those looking to handle payments, costs, and corporate spending on a single platform. If your business simply needs a domestic transaction account and relies on branch banking, a traditional Australian bank may be a better option.
However, businesses with international suppliers, overseas customers, or distributed teams are more likely to benefit from Aspire's broader finance capabilities. The business account starts from AUD $0/month, with additional fees for services such as foreign exchange, international transfers, and extra physical cards.
- Wise Business
Best for: Freelancers, consultants, and small businesses looking for the best business bank account Australia offers for international payments and multi-currency transactions.
If your business regularly invoices overseas clients or pays international suppliers, Wise Business offers a simple way to manage cross-border payments. Rather than opening bank accounts in multiple countries, businesses can hold multiple currencies, receive payments using local account details in supported markets, and convert funds using the mid-market exchange rate with transparent fees.
For example, a design agency working with clients in the UK and the US can receive payments in local currencies, hold those funds until exchange rates are favourable, and pay overseas contractors without routing every transaction through a traditional bank. This provides greater flexibility while helping reduce unnecessary foreign exchange costs.
Feature
Multi-currency account: Hold and manage multiple currencies from a single account, making international payments easier.
Local account details: Receive payments like a local business in supported currencies after paying a one-time setup fee.
Transparent FX pricing: Convert money using the mid-market exchange rate with upfront conversion fees.
Batch payments: Pay up to 1,000 suppliers, contractors, or employees in one transaction, reducing manual payment administration.
Accounting integrations: Connect with Xero and QuickBooks to simplify reconciliation and bookkeeping.
Things to consider
Wise Business is a strong choice if your priority is international payments and currency management. However, businesses looking for the best bank for a business account in Australia that combines business banking with broader spend management, approval workflows, and expense controls may find they need additional finance tools as their operations grow.
- ANZ
Best for: Businesses looking for one of the best business bank accounts in Australia for everyday domestic banking, especially if they value digital banking alongside access to in-person support.
For businesses that primarily operate within Australia, ANZ Business Essentials provides a straightforward transaction account for managing everyday payments and expenses. It combines online business banking with practical services such as PayID®, accounting software connectivity, merchant payment solutions, and access to business banking specialists. For founders comparing the best business bank account Australia offers, ANZ is a strong option if most of your financial activity is domestic.
For example, a café owner may receive EFTPOS payments daily, pay suppliers weekly, and then balance transactions before lodging BAS. You can manage all of these through the same business account, making ordinary financial administration simple and providing in-person banking support if you need it.
Feature
AUD $0 monthly account fee: Manage everyday business banking without paying a monthly account service fee.
Business Visa Debit card: Pay business expenses in-store, online, or overseas using a card issued in your business name.
Accounting software connectivity: Connect eligible Xero and MYOB accounts through ANZ Internet Banking for Business to simplify bookkeeping and tax preparation.
Merchant payment solutions: Accept in-store and online card payments through ANZ Worldline Payment Solutions.
PayID® for Business: Receive payments using your mobile number, email address, ABN, or ACN instead of sharing BSB and account details.
Things to consider
ANZ Business Essentials is designed for businesses whose banking needs are largely domestic. If your business regularly invoices overseas customers, pays international suppliers, or manages multiple currencies, you may need additional cross-border payment capabilities when deciding which bank is best for a business account in Australia.
- Macquarie Business Transaction Account
Best for: Digital-first businesses looking for one of the best business bank accounts in Australia for everyday banking without account-keeping or electronic transaction fees.
Macquarie's Business Transaction Account is built for businesses that manage most of their banking online. If your business invoices customers digitally, pays suppliers electronically, and reconciles transactions through accounting software, it offers a simple way to manage everyday banking without ongoing account keeping fees. If you’re a founder trying to decide on the best business bank account in Australia, Macquarie is a solid option if your business prefers digital banking over branch access.
For example, a digital marketing business can take client payments, pay freelancers, and reconcile transactions in Xero without ever needing to visit a branch for everyday banking. With a digital-first account, everyday administration becomes easier, as most day-to-day financial tasks are done online.
Feature
No account keeping or electronic transaction fees: Reduce the cost of everyday business banking without monthly account or electronic transaction fees.
Digital-first banking: Manage payments and business banking through Macquarie's online and mobile banking platforms.
Xero connectivity: Link your account with Xero to streamline reconciliation and bookkeeping.
Batch payment support: Upload ABA payment files to pay multiple suppliers or employees more efficiently.
Interest-bearing transaction account: Earn interest on eligible balances while using the account for everyday business banking.
Things to consider
Macquarie is designed for businesses that bank primarily online. It doesn't provide debit cards for its business deposit accounts, so businesses that rely on card-based spending or frequent in-person banking may prefer another provider. When deciding which bank is best for business account in Australia, consider whether a digital-first banking experience matches the way your business operates.
- NAB Business Everyday Account
Best for: Small businesses seeking one of the best business bank accounts in Australia for low-cost everyday banking, especially those that manage most of their transactions online.
The NAB Business Everyday Account is a simple solution for businesses that mostly bank online and receive payments electronically to handle their day-to-day finances. It includes an AUD $0 monthly account fee, unlimited standard electronic transactions, online banking, and links to accounting software. For founders looking for the best business bank account Australia has to offer, NAB is a practical option to keep day-to-day banking simple and avoid recurring account fees.
A consulting business that invoices weekly, pays contractors online, and verifies cash flow before payroll can do almost all of its banking digitally. That saves everyday banking fees and simplifies month-end reconciliation. NAB also offers access to its branch network for times when some in-person support is required.
Feature
AUD $0 monthly account fee: Keep everyday banking costs predictable without an ongoing account service fee.
Unlimited standard electronic transactions: Make online payments, transfers, and NAB ATM transactions without additional electronic transaction fees.
Accounting software connectivity: Feed transaction data into Xero to simplify reconciliation and bookkeeping.
Online and mobile banking: Manage payments, transfers, and account activity through NAB Internet Banking and the NAB app.
Access to business banking specialists: Get support as your business grows while continuing to manage everyday banking online.
Things to consider
The Business Everyday Account is designed for businesses that primarily bank online. Banker-assisted transactions and certain cash or cheque deposits attract additional fees, so businesses that frequently handle cash should compare those costs when deciding which bank is best for a business account in Australia.
- Westpac Business One
Best for: Small businesses looking for one of the best business bank accounts in Australia that combines digital banking with access to one of Australia's largest branch networks.
If your business mainly banks online but occasionally needs in-person support, Westpac Business One offers a practical balance of digital convenience and traditional banking. The account has no monthly account-keeping fee, unlimited electronic transactions, a Business Debit Card, and bank feeds for leading accounting software. If you’re a founder comparing the best business bank account Australia has to offer, it is a good option for businesses that want everyday banking without ongoing account fees, but still want branch services as needed.
For example, a local business may accept electronic payments from customers, pay suppliers via online banking, and reconcile transactions in Xero every week. If it needs to deposit cash or verify documents, the business can still use Westpac’s branch network without needing to switch banks.
Feature
AUD $0 monthly account-keeping fee: Keep everyday banking costs low without paying a monthly account fee.
Unlimited electronic transactions: Make everyday online payments and transfers without electronic transaction fees.
Business Debit Card: Manage business spending and issue additional cards for employees with different access levels.
Accounting software bank feeds: Connect with Xero, MYOB, QuickBooks, and other accounting software to simplify reconciliation.
Branch access: Use Australia's extensive branch network when your business needs in-person banking support.
Things to consider
Business One is designed for businesses that primarily bank online. Electronic transactions are included, but there’s a price for staff-assisted branch transactions. If your business often uses in-branch services, Business One might be a better option. When choosing the best bank for a business account in Australia, think about how often your business needs to do face-to-face banking compared to digital services.
How to choose the right business bank account
The best business bank account isn't necessarily the one with the most features or the lowest monthly fee. It's the one that fits how your business receives money, pays suppliers, and manages its finances every day.
Before comparing providers, ask yourself these questions.
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Features to look for in the best business bank accounts
Choosing the best business bank account Australia offers isn't about finding the account with the most features. It's about selecting a business bank account that supports how your business operates today while giving you the flexibility to grow in the future.
Look beyond monthly fees
A low or no monthly account fee can help reduce costs, but it's only one part of the overall picture. Compare monthly fees alongside electronic transaction charges, international payment fees, foreign exchange costs, cash deposit fees, and any charges for in-branch banking. Looking at the total cost of using the account will give you a more accurate comparison.
Choose an account that matches your payment needs
Think about where your customers and suppliers are based. If your business has an international presence, multi-currency accounts, international payments, and transparent foreign exchange pricing can ease cross-border transactions. If you’re solely working in Australia, trustworthy domestic payment services can be more vital.
Understand how your funds are protected
Not all business account providers operate the same way. Some are authorised deposit-taking institutions (ADIs), while others provide accounts through partner banks or safeguarding arrangements. If fund protection is important to your business, check how customer funds are held and whether eligible deposits are covered under Australia's Financial Claims Scheme (FCS).
Make reconciliation easier
Many business bank accounts integrate with accounting software such as Xero, MYOB, or QuickBooks to automate the import of transactions and reduce human bookkeeping. If you prepare BAS regularly or work with your accountant, these integrations can save you time and make your financial records more accurate.
Consider how your team spends money
As your company grows, monitoring company spending becomes more important. Depending on your provider, you may be able to get business debit cards, virtual cards, employee spending controls, or approval workflows to help manage costs across your employees.
Consider your cash and branch banking needs
If your business regularly handles cash or relies on in-person banking, compare branch deposit fees, cash and cheque handling charges, ATM access, and staff-assisted transaction costs. If you primarily bank online, these features may matter less than digital banking capabilities.
Which business bank account is best for your business
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FAQs
Do I need a separate bank account for my business, or can I use a personal account?
Taxation, companies, partnerships, and trusts must maintain a separate business bank account. Sole traders are not legally compelled to have one, but keeping your finances separate makes bookkeeping, preparing your BAS, and reporting tax much easier.
What documentation do I need to open a business bank account?
Most providers ask for evidence of identity, your ABN or ACN, business registration details, and documentation to establish your business structure. Additional criteria may apply based on your kind of company.
How do these accounts handle international transfers and multi-currency funds?
Some business bank accounts enable international payments, multi-currency accounts, and foreign exchange services, while others require separate products or third-party providers. If you have a global business, compare capabilities.
Can I integrate my business bank account with accounting software?
Yes. Many business bank accounts can be linked with accounting software such as Xero, MYOB, or QuickBooks to automate bank feeds, making reconciliation easier and reducing the need for human bookkeeping.
Do sole traders need a business bank account?
No, there is no legal obligation for sole traders to open a business bank account in Australia. But it makes accounting, BAS preparation, and tax reporting a lot easier to keep corporate and personal income separate.
Can I get a business bank account with no monthly fee?
Yes. There are a few Australian providers who offer a business bank account with no monthly account cost. But ensure you evaluate the transaction fees, the cash deposit fees, and the fees for overseas payments before you decide.
What is the difference between a business bank account and a personal bank account?
A business bank account is opened for commercial transactions and separates business and personal finances. It also may provide accounting integrations, business payments, and expenditure management, depending on the vendor.
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