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6 Best Online Small Business Bank Accounts in Australia in 2024
Jarrod Suda
Guide
Running a successful business requires diverse skills from marketing, recruiting, to financial expertise. One crucial decision is choosing a business bank account that fuels growth and manages cash flow effectively.
In this business banking guide, we've done the work for you of evaluating 6 top providers on fees, features, and benefits tailored to your specific needs. We compare challenger business accounts like Revolut Business, Wise Business, and Payoneer along with some of Australia's most major banks.
As a small business owner, streamline your search for the best bank account for your small business finances in Australia and focus on driving your business forward.
Best Online Business Bank Accounts in Australia
- Revolut Business â Track team spending, budget analytics and great FX
- Wise Business â Make international payments at the real exchange rate
- Payoneer â Integrate with the world's most popular e-commerce stores
- Commonwealth Bank â Buy EFTPOS terminals for your storefront
- National Australian Bank â Get 30 free assisted transfers with the paid plan
- Westpac Bank â Access 1 year of MYOB accounting for free
Key Facts About Business Banking in Australia
| đ¨ââď¸ Regulatory body | APRA |
|---|---|
| đ Best business account | |
| đ¸ Monthly fee | $0.00 |
| đ No. of business accounts compared | 6 |
Best Online Business Bank Accounts in Australia
- 01. Online business bank accounts in Australia
- 02. Best for team management â Revolut Business
- 03. Best for international payments in Australia â Wise Business
- 04. Best for e-commerce â Payoneer
- 05. Buy EFTPOS terminals â Commonwealth Bank
- 06. Best for assisted transfers â National Australia Bank
- 07. Access to MYOB accounting â Westpac Bank
- 08. Summary of the best free business bank accounts in Australia
- 09. FAQ about online small business bank accounts
What Is a Business Bank Account?
A business bank account serves as a checking account designed for receiving customer payments, making partner payments, and conducting various business transactions, including tax payments. By having a business bank account, your small business can enjoy expedited access to business credit cards and loans that may be essential for your operations. Moreover, business accounts utilize ring-fenced accounts to ensure the separation of your funds from the bank's portfolio, providing added security for your money.
Business Bank Accounts Versus Personal Bank Accounts
Business bank accounts offer features that are tailored to businesses owners. In fact, it is required that business owners do not use personal checking or savings accounts to conduct business-related finances.
Business banking services are more comprehensive than personal banking. They include business loans, higher overdraft facilities, higher interest on term deposits, invoicing tools, enhanced reporting and accounting capabilities, and even connected foreign currency accounts for international banking.
In contrast to personal bank accounts, business bank accounts typically have higher daily spend limits too. This is because business transactions involve paying vendors and clients, which can be high in volume.
Business Bank Account Fees in Australia
Business bank accounts offered by the major banks in Australia often come with charges for the following services:
- A fixed monthly account maintenance fee;
- Transaction fees for payments;
- Foreign currency transactions;
- ATM withdrawals.
However, some challenger banks offer the mentioned services, and more, free of charge or provide introductory offers without fees.
One aspect to consider is that business bank accounts from challenger banks may not include loans or business-related insurance products. But for everyday banking tasks like making payments, managing receipts, and handling tax matters, Monito recommends online banks due to their use of financial technology to automate these tedious processes.
How To Choose the Best Small Business Bank Account in Australia
When selecting a business bank account, various factors come into play, depending on the nature of your business. Whether you operate on tight monthly margins or require additional tax assistance, there is no universal solution. However, when considering an online business bank account in Australia, some key criteria to evaluate include:
- Account Fees: Online banks often offer different tiers of paid services that may waive certain fees. Assess whether the monthly membership cost justifies the waived fees.
- Digital-Only Access: If cash or cheque deposits are essential for your business, digital banking may prove inconvenient.
- Business Support: Many online banks integrate with finance and accounting apps, streamlining your transactions and simplifying your life.
- Overdraft Facility: If occasional small debt is necessary, an overdraft may be beneficial. Not all banks provide this service, and those that do may charge overdraft fees.
- Credit Interest: Some banks allow you to earn interest on excess cash held in your business account.
Compare the Best Business Bank Accounts in Australia
In this comparison guide, Monito takes you through the seven best online business bank accounts that can help you automate your finances, scale your business, and free up your time to do what you love â develop your products and serve your customers.
Revolut Business â Best for Team Management
Revolut is one of the leaders of the online financial services sector and around the world thanks to its low-cost multi-currency accounts, budget analytics software, and other innovative features. With over 12 million personal users, the London-based fintech is not only available in Australia but around the world.
Revolut Business now provides an array of benefits for freelancers, sole traders, and small businesses. Discover how you can receive global payments, efficiently handle team expenses, and seamlessly exchange currencies without incurring hidden fees.
Account name: Standard
Account type: Current (BSB and Account Number).
Total cost: A$25 per month.
Noteworthy features: Forex futures rates, multi-currency balances.
Availability: Australia, EU/EEA, UK, Switzerland, the US.
More info: See our full Revolut Business review.
Revolut Business in Short
Revolut Business offers a digital business account that effectively manages company expenses and customer payments. While business loans and overdrafts are expected to be added in the future, let's explore the current features and plans provided by Revolut Business.
Opening a 'Grow' account with Revolut costs A$25 per month and grants you access to local BSB account details. This plan includes metal and plastic debit cards for your team, seamless tracking of company spending (including payroll) with Revolut's software, and the ability to receive payments globally through global IBANs.
With Revolut Business, you can benefit from 100 free local transfers, with each subsequent transfer costing A$0.20 once the monthly allowance is exhausted. International transfers of up to A$15,000 per month can be made at the market rate, with a minimal markup of up to 0.4% applied to foreign exchange transactions beyond the free allowance.
Revolut Business Advantages
- Business API integration;
- Advanced mobile app;
- Competitive exchange rates;
- Fix future foreign exchange rates online;
- Easy account opening process;
- Business API integration.
Revolut Business Disadvantages
- No cash or cheque payment options;
- Daily and monthly withdrawal limits;
- No overdraft facility;
- No free plan option.
Revolut Business Plans
Here's a full overview of Revolut's different account offerings:
- Grow: Priced at $25 per month, offers 100 free local and 10 free international payments, along with an allowance of $15,000 for free foreign exchange.
- Scale: Priced at $100 per month, offers even more extensive allowances for 50 local payments, 100 international payments, and $75,000 of free foreign exchange, along with 2 metal cards.
- Enterprise:Â This is Revolut's most comprehensive business account plan available, with custom allowances that can be tailored to your business. Youâll need to get in touch with Revolut to discuss pricing and your unique perks.
Final Word
Revolut is considered one of the top online business accounts available in Australia and globally. Its Grow plan provides access to a multi-currency current account and efficient finance management software, making it an appealing alternative to traditional banks. With free international payment and foreign exchange allowances, Revolut's upgraded plans are particularly suitable for businesses engaged in frequent international trading.
Wise Business â Best Business Account for International Payments
Wise Business is considered one of the best money transfer service globally. They offer the low-cost Wise Business account and card in Australia, along with some of the cheapest international transfers available. This account allows you to manage money in over 50 currencies and provides local bank details in 9 currencies.
With Wise Business, you can seamlessly collect money, withdraw funds from e-commerce stores in up to 9 currencies, and generate invoices using the provided bank details. When you're ready, you can convert your foreign currency revenue into your local currency at industry-best rates, saving you significant amounts compared to traditional banks.
Account name: Wise Business
Account type: Electronic Money Account (held by Barclays in the UK, Wells Fargo in the US, DBS in Singapore, etc.).
Total cost: $0 per month, $22 opening fee.
Noteworthy features: International money transfers, multiple account details, multi-currency balances.
Availability: Australia, UK, EU/EEA, Liechtenstein, Norway, Switzerland.
More info: See our full Wise Business account review.
Wise Business in Short
Wise Business is open to various types of businesses, including sole traders, limited and public companies, freelancers, partnerships, charities, and trusts in Australia. The application process requires sharing business registration details, location, industry, and personal details of company stakeholders.
Once you're signed up, you'll be able to take advantage of the following features for free:
- Send money and make payments locally and internationally
- Hold, exchange, and top-up over 50+ currencies
- Use the batch tool for efficient invoicing and payment processing
- Integrate with administrative and accounting software like QuickBooks
- Obtain your first multi-currency debit card for $6 (with a one-time $22 opening fee)
- Access local bank details in the US, Eurozone, UK, Australia, New Zealand, Canada, Singapore, Romania, and Hungary
- Set up direct debits
- Withdraw money from platforms like Shopify and Stripe.
Wise Business Advantages
- Receive international payments without big fees.
- Batch pay up to 1,000 invoices and salaries at once;
- Give select employees access to money management;
- Mid-market exchange rate offered for currency transfers;
- Wise card can be used to avoid foreign transaction fees;
- No setup fees or monthly charges.
Wise Business Disadvantages
- Cash or cheque payments aren't supported;
- Negative interest on large Euro account balances;
- Fees to top up the account via debit and credit card;
- Tight limits and conditions to fee-free ATM withdrawals.
How Wise Business Works
To understand how Wise Business works, let's take an example. Suppose you conduct business in Portugal and need to pay a supplier in Euros. With the Wise Business Account, you can:
- Send AUD from your bank account to your Wise AUD account.
- Convert AUD to Euros at a low fee (e.g., for a $1,000 transaction paid with Australian dollars, the total fee would be around 0.43% or $4.30).
- Pay your supplier with your Wise debit card, make or receive SEPA (and SWIFT) payments, or set up direct debits.
Final Word
In summary, unlike other online business accounts, Wise Business does not charge monthly fees. While its standard account is suitable for businesses that frequently exchange foreign currency, the paid option unlocks additional impressive features for a one-time fee. If you serve international clients, Wise Business allows you to receive payments like a local in their country. If you're tired of incurring international transaction fees when dealing with international clients, Wise Business could be the solution for you.
Payoneer â Best for E-Commerce Businesses
Payoneer, an American financial services company, offers customers a range of digital payment services, access to working capital, money transfers, and the ability to access local bank details. With account numbers supporting AUD, GBP, USD, EUR, and five other currencies, Payoneer enables you to receive payments as if you were a local in those respective currencies. Due to its seamless integration with leading marketplaces across different currencies, Payoneer is an excellent choice for small businesses, freelancers, and companies operating in the borderless e-commerce market.
Account name: Payoneer
Account type: Current (Bank details for GBP, USD, EUR, AUD, CAD, SGD, JPY, and HKD).
Total cost: $0 to sign up.
Noteworthy features: Connects to thousands of marketplaces.
Availability: Global.
More info: See our full Payoneer Review.
Payoneer in Short
Payoneer provides a single free account that enables enterprises of all sizes to venture into global markets, receive local payments, and withdraw revenue to a local bank account. This serves as a cost-effective alternative to paying fees for wire transfers or local bank withdrawals. Rather than offering tiered paid services, Payoneer implements a comprehensive fee structure, which we will outline below.
Payoneer Advantages
- Get paid into local bank accounts;
- Coverts foreign currency at the mid-market rate;
- Withdraw multi-currency earnings into local account at low cost;
- Connect with thousands of online marketplaces;
- Access working capital and manage cash flow
- 24/7 multilingual support.
Payoneer Disadvantages
- Charges fee to withdraw Payoneer balance to your Australian bank;
- Charges fixed transaction fee when converting foreign revenue;
- Charges annual fee for Payoneer's MasterCard.
Payoneer's Fee Schedule
In short, Payoneer is a global infrastructure that connects you to a network of customers, suppliers, and online marketplaces. To access this powerful service, there are fees associated with various transactions. Transactions between Payoneer users are free, whether you are sending or receiving payments.
Receiving payments into your Payoneer account is free for most currencies, except for USD, which may have a fee ranging from 0 to 1% depending on the country. If you receive payments from specific marketplaces like Airbnb or Fiverr, please refer to their websites for the relevant fee information.
- Get Paid: Payments by credit card will cost you 3% per transaction, regardless of currency. If you get an ACH bank debit from an American customer, that will cost 1% per transaction.
- Withdraw to Bank: The principle here is to avoid foreign currency exchanges. Withdrawing your AUD Payoneer balance to your Australian bank will cost a flat fee of $1.50 (the same applies to USD to USD banks and EUR to EUR banks). Foreign currency withdrawals (i.e. USD Payoneer balance to GBP account in the UK) will cost 2% of the transaction. Withdrawing in a non-local currency (i.e. withdrawing your USD into a USD account in the UK) will also cost you 2% per transaction.
- Pay: If you pay suppliers or partners by bank transfer, Payoneer will charge 2% per payment. A fixed fee will also apply if the payment is made in AUD, GBP, USD, EUR ($1.50, ÂŁ1.50, $1.50, âŹ1.50 respectively).
- Currency Transfer: For each transfer from one currency to another, you will pay 0.5% of each transfer.
- Inactivity Fee: Pay a $29.95 penalty for not making a transaction or Payoneer card payment in 12 months.
Final Word
One of the most remarkable aspects of Payoneer is its extensive global infrastructure, connecting you to the world's largest and most expansive online marketplaces. This software simplifies the payment process for customers, making Payoneer the most appealing online business account for e-commerce businesses. Additionally, its low fees for international money transfers make Payoneer an ideal solution for those aiming to expand their customer base internationally.
Commonwealth Bank â Best for EFTPOS Terminal Devices
Commonwealth Bank is one of the big four bank in Australia. It is regulated by the Australian Prudential Regulation Authority (APRA), ensuring compliance with strict banking regulations and providing added security for customers.
Account name: Business Transaction Account
Account type: Current (Bank details for AUD).
Total cost: $0 to $10 monthly fee
Availability: Australia.
Towfiqu Barbhuiya, Unsplash
Commonwealth Bank in Short
First and foremost, there is no minimum account balance requirement with Commonwealth Bank, allowing you to maintain flexibility in managing your cash flow. You will also receive a Visa Debit Card linked to the account, enabling convenient and secure transactions.
Another advantage is the seamless integration with popular accounting platforms like Xero and MYOB. This feature streamlines your financial management, simplifying tasks such as reconciling transactions and generating reports. Commonwealth also sells payment terminal devices (EFTPOS) to business owners, which are especially useful for brick and mortar businesses.
Commonwealth Advantages
- Compatible with Apple Pay and Google Pay;
- Send real-time banking alerts;
- In person support;
- Shop for convenient EFTPOS terminal;
- No minimum account balance.
Commonwealth Disadvantages
- High international transaction fees;
- Only supports SWIFT for international payments,
- Only one business debit card is provided per account.
Commonwealth Fee Schedule
The free account and the $10 account are the same except for one feature. If you require more hands-on assistance from bank clerks, assistants, or post offices, you may consider the Business Transaction Account with a $10 monthly fee, which includes 20 free assisted bank transactions per month.
Here are the fees for the Free account:
- $3 per assisted transaction;
- $15 overdraw fee;
- $5 + 3% international ATM fee;
- 3% international transaction fee.
Final Word
As one of the Big 4 banks in the country, Commonwealth Bank is one of the largest and most established financial institutions with a long-standing history. Overall, the Commonwealth Bank Business Transaction Account is a trustworthy financial solution, offering flexibility, integration with accounting platforms, and compatibility with digital payment methods.
National Australia Bank â Most Free Assisted Transfers With Paid Plan
National Australia Bank (NAB) is one of the big four banks in Australia with a rich history spanning over 180 years. NAB has established itself as a trusted and reputable bank, serving millions of customers nationwide. In addition to its strong presence in Australia, NAB also operates globally, providing access to international banking services and expertise.
Account name: Business Everyday Account
Account type: Current
Total cost: $0 to $10 monthly fee
Availability: Australia
Robert Bye | Unsplash
National Australia Bank in Short
The NAB Business Everyday Account offers businesses two options to choose from: a free account and a $10 per month account. Both options provide a range of free features, including free NAB ATM transactions, free mobile cheque deposits via the NAB app, free EFTPOS transactions for domestic debit card purchases, and free electronic transactions.
The key difference between the two options is that the $10 per month account provides an additional benefit of 30 free assisted transactions. The eligible transactions include banker assisted deposits or withdrawals, EBD, ECD or cheque transactions.
National Australia Bank Advantages
- Free essential banking services;
- 30 free assisted transactions for the $10 per month option;
- Convenient access to funds through a wide network of NAB ATMs;
- User-friendly mobile app for easy account management on the go.
National Australia Bank Disadvantages
- Free account has fees for cheques, deposits, and withdrawals;
- High international transaction fees;
- Not specialised for international transfers.
Final Word
If your business relies heavily on assisted banking services and frequently deals with cash transactions, including banker assisted deposits or withdrawals, EBD, ECD, or cheque transactions, the NAB Business Everyday Account is a solid choice. With its free essential banking services and the option to upgrade to a $10 per month account for additional assisted transactions, NAB provides the flexibility and convenience that businesses need.
Westpac Bank â Get One Year of MYOB Accounting Membership
Westpac Bank, established in 1817, holds the distinction of being the first and oldest bank in Australia. With its headquarters located in Sydney, Westpac has a rich history and extensive presence in the country's financial landscape. Serving over 14 million customers worldwide, it is a major player in the banking industry with a workforce of approximately 40,000 employees.
Account name: Business One
Account type: Current
Total cost: $0 to $10 monthly fee
Availability: Australia
Westpac Bank in Short
The Westpac Bank Business One account offers businesses two options to choose from: a free account and a $10 per month account. Both options provide a range of free features, including free Westpac ATM transactions, a business debit MasterCard, optional overdraft facility, and free electronic transactions.
The $10 per month account provides an additional benefit of 25 free assisted transactions. The free account, on the other hand, charges $3 per assisted transactions.
Westpac Bank Advantages
- Free essential banking services;
- 25 free assisted transactions for the $10 per month option;
- Convenient access to online and mobile banking;
- Integration with accounting software such as MYOB and Xero.
Westpac Bank Disadvantages
- Free account has fees for each assisted transaction;
- High international transaction fees;
- Fees for foreign withdrawals;
- Not specialised for international transfers.
Final Word
Westpac Bank presents itself as a solid choice for businesses in Australia with its Business One account. Some advantages of choosing Westpac Bank include access to essential banking services at no cost, the convenience of online and mobile banking, and seamless integration with popular accounting software like MYOB and Xero. Overall, it is a standard option as a big four bank for small business owners.
The Best Online Small Business Accounts in Australia Compared
To wrap things up, let's take a look at how the product, service, and fees of a few of the free online business accounts we explored compare to one another in Australia:
 |  |  | |
Account Name | Revolut Business Grow | Wise Business IMT | Payoneer Account |
AU Bank Details Included | â | Pay $22 one-time fee first | â |
Free Debit Card | â | â | â |
3D Secure | â | â | â |
Overdraft | â | â | â |
Free Multi-Director Access | â | â | â |
Accepts Cheque | â | â | â |
Invoicing Included | â | â | â |
Integrated Accounting | â | â | â |
Multi-Currency Accounts | 2 | 9 | 8 |
Account Opening Fee | $25 per month | $22 one-time fee | $0, no monthly fee |
AU Bank Transfer Fee | 100 free | Free | 2% + $1.50 |
Currency Transfer Fee | 0.004 | From 0.43% | 0.005 |
Int'l Card Transaction Fee | â | â | 0.01 |
Deposit Protection | â | â | â |
No. of Customers | 16 million | 10 million | 5 million |
Trustpilot | 4.4/5 (92K Reviews) | 4.6/5 (140K Reviews) | 4.4/5 (2.8K Reviews) |
Customer Service | Email, resource center | ||
| Go to Revolut Business | Go to Wise Business | Go to Payoneer |
Why You Can Trust Monito
Our recommendations are built on rock-solid experience.
- We've reviewed 70+ digital finance apps and online banks
- We've made 100's of card transactions
- Our writers have been testing providers since 2013
Read More About the Top Online Business Bank Accounts and Fintechs in Australia
Why Trust Monito?
Youâre probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monitoâs award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests â all allowing you to make the savviest decisions with confidence.
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