Best business bank account in Australia

This guide will cover both how to open a business account and which banks or providers are best for expats and non-residents. 

We’ll cover some major Australian bank options as well as specialist providers like Wise Business which has multi-currency account features with no monthly fees, mid-market exchange rates and perks like accounting integrations to cut down on admin.

Can non-residents open a business bank account in Australia:

Yes. A foreigner can open a business account in Australia.

If you have an Australian registered business you can choose to open a business account with a bank, or a specialist provider like Wise or Revolut.

Not all Australian banks allow non-resident account opening for small businesses, so you’ll need to check the rules in place with the bank you select. You’re likely to find you’re not able to open an account online or in an app as a non-resident, requiring a visit to a branch in person.

That said, there are options. In this guide we’ll focus on the business accounts available for non-residents of Australia so you can decide which is best for your specific needs.

Best business bank accounts in Australia

Australia has a developed financial sector, with a large range of local, regional and international banks available for Australian based individual and business customers.

All major Australian banks offer business services. For small businesses, you’ll usually find you can choose an account which has no monthly fee and pay as you go features, or accounts which have a fixed monthly fee which allows you to get some basic in branch services for free. Corporate services are also usually available to serve businesses with broad and complex financial needs.

This variety makes it important to pick your business account carefully. This guide looks at some bank business accounts and also some from specialists which aren’t banks, which can offer more accessible and flexible accounts for non-residents.

Methodology: We’ve picked low fee accounts which support applications from Australian business owners, and looked at international features and fees including supported currencies and transfer costs, to help the owners of Australian based businesses trading globally find a good fit. Where possible we’ve focused on providers which can support non-resident applications, depending on the individual circumstances.

Business bank account – overview of providers

To help you select the best business bank accounts in Australia for your specific needs, we’ve compared a range of account options from specialist providers, alongside major Australian banks.

We’ve used Wise, Revolut and Airwallex as specialist providers which are not banks, as well as Westpac and Commbank to give an idea of the bank features offered.

Here’s a comparison on important features and fees, with more detail on each option right after.

Provider/Bank	Eligibility	Key fees	Supported currencies	International transfer fees
Wise Business Account	Business owners in Australia and many other countries	65 AUD account opening fee for full feature access No monthly fee	40+ currencies supported to hold Receive 8+ currencies with local account details, and 20+ with SWIFT details	Low, transparent fee from 0.65%
Revolut Business Account	Business owners in Australia with a residence in Australia, the UK, the US, the EEA, or Switzerland	No account opening fee Monthly fees from 10 AUD – 79 AUD	25+ currencies supported to hold Receive AUD with local details, and all other supported currencies with SWIFT details	No fee to plan limits, then 10 AUD Currency conversion fees of 0.6% apply when plan limit is exceeded 1% weekend exchange fee applies
Airwallex Business Account	Business owners in Australia and many other countries	No account opening fee Monthly fees from 0 AUD – 999 AUD/month	20+ currencies supported to receive and hold	No fee for local transfers to 120+ countries SWIFT transfers to 200+ countries for 10 – 30 AUD  Interbank rate + 0.5% or 1% depending on currencies
Westpac Business Bank Account	Business owners in Australia	No account opening fee, no ongoing service fees	AUD	No fee for online transfers – 32 AUD for in branch transfers  Exchange rates may include a markup
Commbank Business Bank Account	No account opening fee. Service fees either 0 AUD for a pay as you go model, or 10 AUD monthly for 5 transactions included	Business owners in Australia	AUD	No fee for online payments, in branch payments cost 30 AUD  Exchange rates may include a markup

*Details correct at time of research – 19th September 2025. About Wise pricing: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Top 5 best business bank accounts Australia [2025]

Wise Business Account

💡 Great for: No ongoing fees, with 40+ supported currencies, and mid-market rate currency conversions

Use a Wise Business Account to hold 40+ currencies, and set up account details for your business in 20+ currencies, allowing customers to pay you in their preferred currency conveniently. If you need to send payments overseas, transfers are quick or instant and use the mid-market rate with fees from just 0.65%, making this a great option for Australian businesses which trade internationally.

Plus get business friendly perks like business debit and expense cards to use overseas without foreign currency transaction fees, batch transfers and integrations with your favourite accounting software and save time on admin. Choose from Xero, QuickBooks, FreeAgent and more.

Account fees: No monthly fee, 65 AUD account opening fee for full feature access

Support currencies: 40+ currencies supported to hold, Receive 8+ currencies with local account details, and 20+ with SWIFT details

International payments: Low, transparent fee from 0.65%

Exchange rates: Mid-market rate

Eligibility criteria: Business owners in Australia and many other countries

Required documents: Proof of ID and address, business registration documents – details of beneficial owners also required

Revolut Business Account

💡 Great for: Select between different account plans depending on your transaction needs, with 25+ supported currencies and some no fee transactions monthly

Revolut Business has 3 different off the shelf account plans, as well as enterprise level services, to allow companies of different sizes to access the features that matter to them. All accounts offer business debit and expense cards, and ways to receive and hold 25+ currencies. 

There are some no fee transactions included in all account plans, which vary depending on the plan selected. Pick a plan with a higher monthly fee to secure more no fee transactions, or stick with the Basic plan for more of a pay as you go model offering only a small number of no fee transactions.

Account fees: No account opening fee, Monthly fees from 10 AUD – 79 AUD

Support currencies: 25+ currencies supported to hold, Receive AUD with local details, and all other supported currencies with SWIFT details

International payments: No fee to plan limits, then 10 AUD

Exchange rates: Revolut rate to plan limit. Currency conversion fees of 0.6% apply when plan limit is exceeded, 1% weekend exchange fee applies

Eligibility criteria: Business owners in Australia with a residence in Australia, the UK, the US, the EEA, or Switzerland

Required documents: Proof of ID and address, business registration documents – details of beneficial owners also required

Airwallex Business Account

💡 Great for: Companies taking customer card payments in multiple currencies, with ways to hold and receive 20+ currencies easily

The Airwallex Business Account is popular with ecommerce and fully digital businesses as it offers a great selection of ways to get paid by customers by bank transfer and with local and global cards. You can choose the most basic account which has no monthly fee as long as you hold a balance of 10,000 AUD or more, or an account with ongoing costs which unlocks more features and lower per transaction charges. 

All Airwallex accounts have features like corporate cards, multi-currency account features and expense management tools.

Account fees: No account opening fee, service fees from 0 AUD – 999 AUD/month

Support currencies: 20+ currencies supported to receive and hold

International payments: No fee for local transfers to 120+ countries, SWIFT transfers to 200+ countries for 10 AUD – 30 AUD

Exchange rates: Interbank rate + 0.5% or 1% depending on currencies 

Eligibility criteria: Business owners in Australia and many other countries

Required documents: Proof of ID and address, business registration documents – details of beneficial owners also required

Westpac Business Account

💡 Great for: Selection of account options which may be appropriate for non-residents, from a major local bank

Westpac has a large presence in Australia and regionally, including lots of branches if you need to deposit cash. It’s also possible to open some accounts as a non-resident customer. We’ve chosen the Business One account for this guide, which has no ongoing fees, but charges for in branch transactions. If you’re a non-resident business owner this could be attractive as you’re unlikely to rely on branch services anyway. Westpac also offers business savings account options.

Westpac doesn’t have a transfer fee for online international transfers, but in branch fees are 32 AUD. Exchange rate markups may apply.

Account fees: No account opening fee, no ongoing service fees

Support currencies: AUD

International payments: No fee for online transfers 

Exchange rates: Exchange rates may include a markup

Eligibility criteria: Business owners in Australia

Required documents: Proof of ID and address, business registration documents – details of beneficial owners also required

Commbank Business Account

💡 Great for: Transaction account which offers included in branch transactions for a monthly fee – or pay as you go for no monthly charges

The Commbank Business Account offers two options. You can either take a fully pay as you go model, in which case any in-branch transactions cost 5 AUD. Or you can pay 10 AUD monthly to get 5 in branch transactions included. Other fees apply for some services, such as overseas card payments and in branch telegraphic transfers.

Commbank may offer accounts to non-resident customers with a locally registered business, making this a popular choice.

Account fees: No account opening fee, service fees either 0 AUD for a pay as you go model, or 10 AUD monthly for 5 transactions included

Support currencies: AUD

International payments: No fee for online payments 

Exchange rates: Exchange rates may include a markup

Eligibility criteria: Business owners in Australia

Required documents: Proof of ID and address, business registration documents – details of beneficial owners also required

How to choose the right account for your business

It’s important to choose the right account for your business to cut the costs of financial transactions and make sure you have access to all the services your business might need right now and in the future. 

There’s no single best bank for business accounts – it all depends on what you need. When you decide which account is best for you, you’ll want to consider the following points:

• Ongoing account fees: Ongoing fees can eat into your profits. Australian banks and specialist providers may offer accounts with no monthly charges, or with ways to waive fees.
• Account transaction fees: There’s really no such thing as a free business bank account. Other costs apply to most accounts, depending on how you transact. Look at the fees for common transactions carefully to make sure you know what to expect.
• Feature availability: Check the account has all the features you need. Digital accounts may not support cash deposits for example, while Australian banks tend not to offer multi-currency features.
• Eligibility: Some banks limit accounts to people with Australian residence, while digital providers may be more flexible.
• Currency options: If you need to hold, send or receive foreign currencies you may benefit from a multi-currency account with ways to get paid in foreign currency without converting back to AUD – options like Wise and Revolut can be a good pick.
• International payments: Paying contractors, suppliers and overseas employees can be costly. Choose a provider which supports low cost transfers with good exchange rates to save on fees.

How to open a business bank account in Australia:

The exact process to open a business account in Australia can depend on the provider or bank you select. However, the process is usually quite uniform.

Here’s how to open a business bank account in Australia in a few simple steps.

Step 1: Understand the requirements

If you’re opening an account with an Australian bank you’ll need to check that you’re eligible to apply, based on your residence and business type. Some banks do not offer accounts to non resident business owners, and in almost all cases there are restrictions on some business types. 

Specialist providers like Wise and Revolut do have their own eligibility requirements, but these may be more flexible, depending on your personal situation.

Step 2: Gather your documents

All banks and specialist providers need to see some paperwork to support your application. This usually includes:

• Proof of ID like your passport – a secondary ID document may also be needed
• If you’re a foreigner in Australia you may need to show proof of legal residency if relevant
• Proof of address like a utility bill – this isn’t always needed, although address details will be requested when you apply
• Business registration documents – the requirements here vary according to entity type

In most cases you also need to provide information and documents for beneficiary owners – anyone with a large stake in your business – and directors. Check with your preferred bank or provider directly so you know what’s needed.

Step 3: Submit your application 

Banks often ask you and any co-applicants to visit a branch in person to submit your application. You can make an appointment in advance and a member of the team will take you through the application process. Take along your documents to show for verification.

If you choose a digital first provider, the application, verification and onboarding process is normally done online.

Step 4: Fund your account and start to transact

Once your account is verified – which may be instant or may take a few days – you can fund your account and start to transact. If you’ve applied online, your account materials like a debit card will be mailed to your registered address.

Conclusion 

Australian business owners have a good choice of account options depending on entity type and transaction requirements. You can choose an account from an Australian bank or a specialist provider like Wise or Revolut. Ultimately, the best option for your business will depend on your specific business type and residency status.

If you’re an Australian resident and need cash deposit services, a business account from a bank like Commbank might be a good choice. Or if you’re running a company with a more international outlook, a provider like Wise Business could be an excellent pick for multi-currency payment solutions, low fees and the mid-market rate when you send, spend or exchange currencies.

FAQ

• Can a non-resident open a business bank account?

Yes. A foreigner can open a business account in Australia. If you have an Australian registered business you may be able to open a business account with a bank, or a specialist provider like Wise or Revolut. Banks have their own eligibility rules, which may mean not all products are suited to non-resident applicants.

• Is it a good idea to use a personal bank account for a business?

Some entity types must have a dedicated business account by law – but even if you’re a sole trader or freelancer, opening a business bank account can be an excellent option. Having a dedicated business account makes it easier to view and manage company transactions, track performance and access business friendly features.

• What is the cheapest business bank account?

There are business bank accounts which have no ongoing fees, but you will find some fees still apply depending on the way you transact. Specialist providers like Wise and Revolut also offer low cost accounts, which can work out cheaper to use if you trade internationally or need to send payments abroad.

• How much money is needed to open an account?

There are no charges to open a business bank account with most Australian banks. However, you may find there’s a  minimum deposit needed to open the account – plus monthly fees once your account is up and running 

Useful resources

Wise Business – Wise Business landing page

Wise Business pricing – Wise Business pricing page for Australian businesses

Revolut Business – Revolut Business landing page

Revolut Business pricing – Compare Revolut Business plan features and fees side by side

Airwallex Pricing – Airwallex Australian account descriptions and pricing plans

Westpac Business Account – landing page

Westpac Business – new customer checklist

Westpac pricing – fee information

Commbank – transaction account for business

Commbank Business – new customer checklist

Commbank pricing – fee information

Commbank – international fee information