How to open a business bank account in Australia

Australia’s natural resources, business friendly climate, and familiar working culture, make it a popular place for expats to start businesses. Throw in the weather and laid back lifestyle, and it’s an appealing option, whatever your line of work.

If you’re considering opening a business in Australia, you'll have lots to think about. One thing that might be playing on your mind is how to open a bank account for your new company. Don’t worry, though, this doesn’t have to be difficult.

In this guide, we’ll run through everything you need to know to open a business bank account in Australia. This includes the documents you’ll need, the steps involved, any costs and a rundown of expat-friendly Aussie banks.

We’ll also show you an alternative - Wise Business. This powerful multi-currency account is ideal for managing company finances in Australia, the UK and worldwide.

If you're a business sending more than 100,000 GBP (or equivalent) monthly across different currencies, get in touch with the Wise Business sales team to discuss the best solutions for your needs.

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What types of corporate entities are there in Australia?

Australian law recognises the following business entity structures:

• Sole trader
• Company
• Partnership
• Trust
• Cooperative

Each business type is different, but the basics are clearly explained on the Australian Department of Industry, Innovation and Science website. Although it's not compulsory to have a specific business account if you operate as a sole trader, it's good practise to do so - as it enables you to keep personal and business funds separate.

If you have a company, partnership or trust, then you must have a business bank account in order to operate.¹

Can I open a business bank account in Australia with a foreign corporate entity?

It is possible to open a business bank account in Australia as a foreign entity. However, your business must be registered in Australia and hold an Australian Business Number (ABN) or Australian Company Number (ACN) registration number.²

What’s the process for opening a business bank account in Australia?

Each bank will have their own specific requirements to open a business bank account - however, you will most likely need to have the following:

• ID and visa documents for all the beneficial owners, partners and directors of the company. Banks in Australia operate a ‘points’ system, meaning that you can provide different documentary proof as long as it adds up to sufficient points. Passports and photo ID cards, for example, rank highly in the points system, and presenting a passport and driving license would get you enough points to get started. Read more about how it works here.
• Certificate of incorporation or business registration, or documentary evidence of the creation of your trust.
• ABN/ACN registered office address for your business, such as recent utility bills
• Business tax filing number and details of tax residency status.

Once you have all the details and documents ready, it’s simply a matter of choosing a bank and applying for an account. In many cases, you can do this online. Alternatively, you can visit a branch and fill out an application form. You’ll need to complete verification steps and then wait for your account to be opened.

How long does it take to open a business bank account in Australia?

Many major banks in Australia offer fast online account opening, even for business accounts. In some cases, you can apply online or via a mobile banking app in just a few minutes.

However, you also need to factor in time for the application to be processed and all verification steps to be completed. For sole traders (whose businesses tend to be very simple) it could take just a few minutes or hours. But for other business types, you may have to wait a few days or even weeks for your account to be opened and ready to use.

Can I open a business bank account as a non-resident?

It’s not necessary to be a resident of Australia to open a bank account there, although it depends on the bank and its policies (as well as the terms and conditions of particular accounts). However, to open a business bank account, the company must be registered in Australia.²

If you have any doubts about what account is suitable for you, talk to the ‘Big Four’ banks listed later in this guide. Each of these banks has a broad range of specialised products and may be able to help.

Can I open a business bank account from abroad?

Some Australian banks may allow you to apply online for a business bank account, and then present the documentation needed in the branch later. This makes it possible to at least start the process of opening an account before you arrive in Australia.

There may be limits on the account until you have completed the document verification process - for example, you may be able to pay cash in, but not make withdrawals.

If you already have a registered business in Australia or hold a personal bank account with an Australian bank, you might find that you can open your business account online while still abroad.

Can I open a business bank account online?

Yes, you can open a business bank account online in Australia - although it may depend on the bank.

The good news is that all of the big four banks - ANZ, Westpac, Commonwealth Bank of Australia and NAB - offer a fast online application process.

With smaller or regional banks, you’ll need to check what the typical process is for opening an account - as some may not offer online application.

Which bank should I choose?

Australia's four biggest banks have good branch and ATM coverage across the country, making them a solid choice for your business account. Each offers slightly different accounts, with periodic promotions (like free banking for new customers for a limited period). The ‘Big Four’ are listed here:

• National Australian Bank
• Commonwealth Bank
• ANZ Bank
• Westpac

National Australian Bank

National Australia Bank (NAB) has a business account with no monthly fees, called the NAB Business Everyday Account. This gives you unlimited free electronic transactions and ATM withdrawals within the NAB network,³ as well as a host of other perks.

There’s also the NAB Business Everyday Account for $10 AUD a month, which is designed for businesses making large numbers of cash and cheque transactions.³

Commonwealth Bank

The Commonwealth Bank's regular Business Transaction Account has no monthly fee when you use online banking, and comes with a business debit card. It’s quick and easy to apply online, with the bank’s website claiming it takes under 8 minutes.⁴

CommBank doesn’t have many other business accounts, although it does have savings accounts, business credit cards and POS solutions for businesses which take in-person payments from customers.

ANZ Bank

Another of Australia’s biggest banks, ANZ Bank has two ‘everyday’ business bank accounts on offer - ANZ Business Essentials and ANZ Business Extra. The Essentials plan is free, while the Extra plan has a $10 AUD monthly service fee. Both offer unlimited electronic transactions and ANZ ATM withdrawals.⁵

You can apply for both accounts online, and sole traders or single director companies can even apply in the ANZ app.⁵

Westpac

Westpac has two main business bank accounts to choose from. There’s Business One, which has no monthly fee if managed online, and Business One Plus - this has a $10 AUD monthly service fee but comes with limited staff-assisted transactions per month. The latter is designed for businesses which require in-branch services.⁶

Banking fees and charges

Before you open your business bank account in Australia, it's important to read the terms and conditions carefully - especially in relation to banking fees and charges. It’s common to find monthly account service charges and fixed fees for banking transactions. Even when these fees look small, they can build up over time. Some banks offer to reduce or waive the fee for new customers, which might be worth considering.

From time to time, most businesses need to make international money transfers for things such as paying suppliers based overseas. This can be an expensive process and many banks don't offer a good deal to their customers on transactions like this.

Often they'll add a high initial ‘admin’ charge for processing the transaction, as well as steep transaction fees. These may be fixed fees or a percentage of the amount transferred.But even if the listed fees look quite low, your bank will make their cut on the deal. Instead of a transparent, up-front fee, you might find that your bank’s profit is rolled into a poor exchange rate. If your bank applies an exchange rate which is worse than the real, mid-market rate, then you lose out as the true cost of your transfer is higher than it needs to be.

Discover the Wise Business account

Banks aren’t the only way to manage your business finances in Australia.

If you’re looking for a flexible and quick-to-open alternative, check out Wise Business.

It's specially designed to cut the cost of international payments, and you can manage business finances in 40+ currencies including AUD and GBP. Cover expenses with Wise Business debit cards, make easy batch payments to employees worldwide, and integrate with business tools for easier accounting.

You can even earn a return on the money you hold in your multi-currency account with Wise Interest. Capital at risk. Growth not guaranteed. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you’re uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

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Sources used:

Sources last checked: 17-Sept-2025