Business account

6 best business bank account in Australia (2024)

Apr 05, 2024

Every Australian business should consider opening a business bank account to streamline all finance processes and keep them separate from the owner’s personal finances.

Amongst the business bank accounts available in Australia, choosing the best business bank account for your organization is key to ensuring that your business is well-supported and all your needs are met.

What is a business bank account?

A business bank account is specifically for businesses and is operated under the company name. It is exclusively used to process all business-related transactions. These are almost similar to personal accounts. However, features that can be accessed through a business bank account are much more advanced than those of a personal bank account.

For example, you can make business payments and transactions in international currencies and process bill payments and salary payments. Business bank accounts are available for different business types, like partnerships, sole proprietorships, and limited companies.

Best business accounts in Australia in 2024

1. Volopay

● Overview

No need to juggle too many accounts and financial tools—Volopay offers the one-stop solution for all your financial needs. With multi-currency wallets, Volopay is the best business account to help you cut back on the hassle of managing your business finances. 


What makes Volopay different from other business bank accounts is that you’re also getting a smart financial tool with your Volopay account.

Get a multi-currency account that allows you to manage business finances both locally and internationally.

Manage your vendors, accounts payable, and daily expenses. Real-time tracking, multi-level approval workflows, and accounting integrations are all helpful features readily available to you.


Streamlined expense management, customizable spending limits, and real-time transaction monitoring. Volopay also has an app for easy access wherever you are. 


Volopay has no physical branches, meaning that all your spend management has to be done online. You’ll have to make sure you have the necessary devices and a good internet connection.

Documents required to apply for business account

You’ll be able to apply for a Volopay account online. Be sure to provide your proof of identity, proof of address, and company registration. You’ll also need your ACN.

Target audience

Startups, tech companies, and SMEs focusing on efficient expense management and digital financial solutions.

2. ANZ business account


Aimed to simplify your daily business transactions, you can choose one of the two ANZ business bank accounts depending on which is best suited for your business. 


Depending on which ANZ business bank account you create, you’ll have a different fee structure. The ANZ Business Essentials account has an AUD 0 monthly service fee, but staff-assisted transactions, cheque transactions, and manual merchant deposits will cost you AUD 2.50 each. The higher tier, the ANZ Business Extra, has a monthly service fee of AUD 10 but allows you 20 free ANZ transactions monthly.

Features and benefits

Get a free ANZ Business Visa Debit card and access to the ANZ app to manage your business finances better. Save time with account reconciliation by linking your ANZ business account with the accounting software you use. 


Robust online and mobile banking platforms, personalized lending options, and a wide network of branches. If needed the bank also provides affordable financing options in the form of flexible loans. 


You can only hold funds in AUD and overseas transactions will cost you fees that will add up over time.

Documents required to apply for business account

To apply, you’ll need to be the owner of a business operating in Australia. You will also have to be over the age of 18 and able to provide two forms of ID.

A passport and your driver’s license, for example, would suffice. Your ACN or ABN is needed for verification.

Target audience

Small to large businesses looking for comprehensive banking solutions and personalized lending options.

3. Commonwealth Bank business account


Commonwealth Bank offers a suite of business banking products, catering to startups, SMEs, and larger enterprises. The bank has more than 800,000 shareholders and over 52,000 employees. They offer a full range of financial services to help all Australians build and manage their finances.


While assisted transactions net you a fee, you get unlimited access to free electronic transactions. With the CommBank App, you can also manage your business finances from anywhere. Get Smart Alerts to stay on top of your account balance and access business analytics tools and accounting integration easily.


Extensive branch and ATM network, innovative digital banking tools, and customizable business packages. They also provide low-rate credit cards and business debit cards. You can also opt for business loans and specific working capital loans.


International transactions can be expensive, with a 3% fee of your transaction value. Withdrawing money at CommBank ATMs outside of Australia will also cost you AUD 2 each, which will add up.

Documents required to apply for business account

If you’re new to CommBank, you’ll need to present your ID. Otherwise, you’ll need your ABN or ACN (when applicable). Private companies also need to confirm their directors, owners, and trustees’ details.

Target audience

Startups, growing SMEs, and larger corporations seeking comprehensive financial solutions.

4. National Australia Bank business account


NAB provides a range of business banking solutions, targeting businesses of various sizes and industries. The bank supports more than eight and a half million customers in Australia and overseas across personal accounts, small, medium, and large businesses, private clients, and government and institutional activities.


Get unlimited electronic transactions regardless of what account plan you’re on. NAB also has banker-assisted transactions, deposits, and cheques that are considerably cheaper than the other major Australian banks. With an NAB business account, you can get seamless accounting integration and a free NAB Visa business debit card.


Diverse business loan products, dedicated business support, and competitive interest rates on savings accounts.


Compared to other major banks, NAB offers fewer features. It’s best suited for smaller businesses looking for simple banking.

Documents required to apply for business account

You need at least two ID documents, which you can choose between an Australian passport, driver’s license, or Medicare card. Present your ABN or ACN and address details for all directors.

Target audience

SMEs, larger enterprises, and businesses seeking personalized financial solutions.

5. Westpac business bank account


Like other Australian banks, Westpac offers two tiers of business bank accounts. Depending on whether you prefer banking online or through a bank branch, one of the two options can be the right choice for your business.


Manage your bank account online or through the Westpac app. You can set up bank fees to be directly uploaded to your accounting software and temporarily lock your business debit card for up to 15 days without having to go to a bank branch. 


Strong digital banking platforms, customized financial solutions, and comprehensive lending options.


Other than the non-electronic banking fees, there is a hefty interest rate of 15.01% if your debit account becomes overdrawn without prior arrangement or approval from the bank. Make sure to always keep a close eye on your balance. 

Documents required to apply for business account

Depending on your business structure, you’ll need different documents. A driver’s license or passport will typically be required for all customers.

Every signatory will have to provide an ID. For companies, you’re required to submit your company registration, ACN, and details of every beneficial owner.

Target audience

SMEs, larger businesses, and enterprises seeking digital banking innovations and personalized financial services.

6. Wise business account


The Wise business account allows you to hold money in 9 different currencies and transact internationally with over 70 countries. Pay local and foreign vendors and employees easily.

Features and benefits

Wise is a banking alternative that allows you to make local and international payments in just a few clicks. You get a dashboard that you can give your finance team access to in order to help you manage your finances. With an optional debit card at an extra cost of AUD 6, you can also make in-store payments.


Wise only allows you to have one debit card per business account. Keep in mind Wise also isn’t a bank and doesn’t offer overdraft facilities. 

Documents required to apply for business account

If you are a sole trader, a freelancer, a partnership, or a company, you’ll be able to apply for a Wise business account. You can easily sign up online. Documents that you’ll have to submit include your business registration, proof of residence, documentation on who owns the company, as well as the owners’ ID.

Enjoy hassle-free business transactions!

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Why should businesses have a business bank account?

1. Establishes business credibility

Using personal finances to pay for expenses related to your business is considered to be unprofessional practice in the business sector. Your business might come across, to clients, as insincere or hastily operated.

Having a business bank account at your disposal can help avoid this impression.

When you use a business bank account to manage your company’s finances it exudes a sense of credibility, both amongst your employees as well as your clients or customers.

2. Easier tax preparations

A business bank account is also a necessary instrument that can make tax preparation easier for your company. The first thing a business bank account does is that it helps you keep all business expenses and incomes logged in one place.

By doing so you help out your accounting teams a lot because all they need to do is link your business bank account with a tax preparation software that can handle most of the hard work.

3. Line of credit

Having access to a line of credit and at the same time maintaining a good credit score are two very important functions of running a business.

By getting a business bank account you can establish functional relationships with the associated bank.

This can help you obtain an easy, flexible line of credit when you require it. Additionally, a business bank account also makes it easier for you to track and improve your credit standing.

4. Monitor your spending

With a business bank account at your disposal, you can track and manage all your company’s expenditures.

Business bank accounts often come equipped with expense management software that helps you monitor all your business spending from one comprehensive platform. This software updates expense records in real-time so that you get an accurate overview of how company finances are being utilized.

5. Spend less time and money on admin

The best business bank accounts always help business owners cut down on the time and money they spend on administrative tasks such as data entry, expense reporting, and expense reconciliation.

The software that these bank accounts come equipped with helps to consolidate all your financial data into one uniform platform. This makes it much easier for accounting and finance teams to carry out administrative tasks.

6. Prepares you for the future

The primary function of a business bank account is to help keep your personal and business finance separate. By doing so these accounts prepare and protect you from any legal obligations in the future, for example, debt liability.

They also consolidate all your financial data and provide in-depth insights and reports on company spending. Using these reports and data you can map projections for the future of your company and plan accordingly.

7. Easy and simple deductions

Deductions at tax time become especially easy and simple if you have been using a business bank account to manage your company finances. This is because these bank accounts ensure your personal and your business finances are always kept separate.

Additionally, if your business expenses are to legally count as tax deductions you need to prove to tax authorities that your business is legitimate and not just a hobby. Getting a business bank account gives major evidence in proving the same.

Related read: Opening a business account in Australia from overseas

What are the key features to look out for in business bank accounts?

1. Multi-employee allowance

Businesses often require multiple individuals to access and manage the company's finances. A business bank account that allows for multiple employees to have varying levels of access can streamline financial operations.

These accounts often permit different permission levels, enabling designated employees to make transactions, view account details, or initiate payments, enhancing efficiency and control within the organization.

The account should let an admin and a few managers handle the responsibility of assigning roles to employees. These roles will determine the level of access and authority that an employee has for using the business account. 

2. Corporate cards

Corporate cards associated with business accounts provide a structured way to manage employee spending. These cards offer features like predefined spending limits, expense categorization, and centralized oversight.

They streamline expense reporting and reimbursement processes, while also enabling businesses to monitor and control expenditures, enhancing accountability and financial tracking.

Issuing and giving corporate cards to each employee is a great way to replace petty cash and make employee spending more efficient.

It leads to better monitoring and control as compared to hard cash. Budgets can be tracked remotely and disbursing additional funds when an employee needs it becomes much easier.

3. Online portal

An intuitive and comprehensive online banking portal is crucial for efficient account management. It should offer a user-friendly interface with features like account balance tracking, transaction history, fund transfers, bill payments, and statement downloads.

A robust online portal simplifies daily financial tasks, allowing businesses to manage their accounts conveniently from anywhere at any time.

This should be a major factor to look out for as many companies today work remotely with employees spread across different parts of the world. So making sure that the finance team gets access and uses the business account wherever they are is very important.

4. Mobile support

Everyone spends more time on their mobile phones more than ever before. Using apps, communicating with colleagues, and performing various other business functions. In today's dynamic business environment, mobile support for banking operations is indispensable. 

A mobile banking app that mirrors the functionalities of the online portal enables businesses to access accounts on the go. This includes functionalities such as instant transaction notifications, mobile check deposits, fund transfers, and approvals for pending transactions, providing flexibility and convenience to manage finances remotely.

It helps both the employees to manage available funds and also the managers to monitor how their team is spending budgets.

5. Accounting integrations

Accounting is an extremely important step for any business at the end of a financial period. However, this can be a tedious process if the right systems and processes are not followed.

To make things easier business accounts often have the ability to integrate their platforms with common and popular accounting software available in the market. 

Integrations with accounting software, such as Xero, QuickBooks, or MYOB, enhance efficiency by automating financial data synchronization. This integration eliminates the need for manual entry of transactions, reducing errors and ensuring accurate financial records. It streamlines reconciliations, simplifies tax filings, and enables better financial analysis and decision-making.

How to choose the best business bank in Australia

1. Monthly fee

When you are deciding which is the best bank for a business account you have to consider the monthly fees that you will have to pay.

While it might seem like a small cost at first the monthly fees of your business bank account can add up to a pretty big amount.

2. International fee

International fees and costs are an especially important factor to consider if your company works with a lot of international clientele.

Different costs like international transaction fees, foreign ATM charges, and foreign surcharges are all important costs to consider as they can all add up.

3. Account limits

You should also consider the limitations that these accounts come with. You need to check whether there are any transaction limits, spending limits, cost caps, and so on.

Account limitations are important to consider because they will determine how fluidly you will be able to use the account.

4. Online usability

With everything going online nowadays your bank account too must have online usability. Online usability has become an almost compulsory requirement given how digital and borderless our world has become.

It would be a bonus if your business bank account was also cloud-enabled.

5. Reviews

While it may be difficult to gauge the impact of a bank account provider at first you can, however, form an opinion based on the experience of others. This is where reviews come in, both online and offline.

Make sure you do your market research on reviews and the reputation of the chosen provider.

6. Overdraft facility

Having an overdraft facility at your disposal can be a lifesaver when you find yourself in difficult financial situations. Not all business bank account providers come with an overdraft facility.

Make sure you gauge the need for an overdraft facility for your business and then opt for a provider accordingly.

7. Customer support

Getting to work with a business bank account, especially a new one, can be difficult without the right amount of customer support from the provider.

Not only during the implementation but throughout the time you use a business bank account issues will come up and to solve them you will need help in the form of customer support.

8. Other credit features

Banks also provide other credit features such as flexible lines of credit, loans, and so on. Start by assessing your present or future need for credit facilities and make your choice based on your findings and financial situation.

If you want a safe bet, however, going with a bank account provider that does provide credit facilities is always a good option.

Why should businesses choose Volopay business accounts?

If you are looking for a business bank account provider in Australia that is both feature-rich and at the same time well reputed then Volopay is your best bet.

Volopay provides one of the best Australian business bank accounts that can help improve the global reach of your business.

You can use Volopay business accounts to hold and spend money in multiple different currencies at the same time. Volopay’s multicurrency business accounts also offer a 0$ transfer fee, meaning you won’t be paying any extra SWIFT or processing fees.

Volopay business accounts also come with corporate cards. You can use these cards to streamline and control business spending easily. In fact, you can issue an unlimited number of virtual cards completely free of cost.

Last, but definitely not least, with Volopay your company gets access to an extremely easy, flexible line of credit as well.

Australia has plenty in terms of business bank account providers. Different providers come at different price ranges with differing levels of service and features offered.

It is difficult to outline one single bank account provider as the best solution for all businesses. The best solution will always differ according to business goals, requirements, and preferences.

Make sure you do thorough research before making a choice.

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Why is Volopay one of the best business accounts in India?

Volopay is the best business bank account in India because it is easy and simple to use, it offer various beneficial features, and is immensely trusted by all its customers.

Which bank is best for business accounts?

1. Volopay

2. SBI




6. Punjab National Bank

7. Bank of Baroda

How long does it take to open a business account from Volopay?

Opening a Volopay business bank account is easy. Once you select a plan and provide all the necessary documents, you can create an administrative account and start using it immediately.

What are the best features of Volopay business accounts?

• Corporate cards, both virtual and physical

• Direct accounting integration

• Invoice management

• Subscription management

• International money transfer

• Multi-currency digital wallet and many more