ANZ Business Extra Account Review

Product details

With the ANZ Business Extra Account you get access to Internet Banking for Business for free, and you can access funds in your account using an ANZ Business Visa Debit card, phone banking, branch banking and an optional cheque book. You can also apply for an optional overdraft facility.

The ANZ Business Extra Account offers considerable flexibility to businesses looking at simplifying their cash flow.

Product Name: ANZ Business Extra

Monthly Account Fee: $22

Debit Card Access: Visa

ATM Withdrawal Fee: $0

Interest Rate p.a.: 0.10%

Details: Unlimited and free ANZ transactions available using ANZ Internet Banking, Phone Banking, ANZ ATMs, ANZ Business Visa Debit and EFTPOS.

Overseas ATM Withdrawal Fee: $5

Overseas Eftpos Fee: 3%

Phone Banking: Yes

Fees: $22

Internet Banking: Yes

What are the features of the ANZ Business Extra Account?

$22 monthly fee

The ANS Business Extra Account attracts a monthly account keeping fee of $22.

Additional fees

You may have to pay additional fees from time to time, which can include dishonour fees and fees for periodical payments.

Overseas ATM fee of $5

You can use your Visa Debit card to withdraw money overseas, however you will be charge a fee of $5 and a 3% transaction fee also applies.

Free transactions

Staff assisted transactions are free, as are cheques, manual merchant deposits, electronic transactions and the use of ANZ ATMs

ANZ Business Visa Debit card

You can use this card to access funds in your account at any time using ATMs, EFTPOS terminals, online banking and phone banking. The Visa payWave feature lets you use your card to make contactless payments for purchases less than $100. This card comes in three colours and you can get the bank to emboss it with your business name.

Your money is secure

ANZ Falcon anti-fraud protection and Visa’s Zero Liability policy are in place to offer that extra peace of mind.

Optional ANZ Business Overdraft feature

If you get the optional business overdraft facility linked to your account you can be sure that you have access to extra money as and when you need it. You get to choose from secured and unsecured options and there is no minimum or maximum term. Flexible repayment options can give you greater control over your cash flow.

Unlimited branch banking

You can make an unlimited number of deposits and withdrawals at all ANZ branches across Australia.

Cheque book available

This account comes with an optional cheque book facility, and you can write unlimited number of cheques for free.

Online banking available

The ANZ Internet Banking for Business platform gives you a free and secure way to bank online, and benefits include co-signatory authorisation as well as higher payment limits. You can also use this platform to make international transfers, to set up direct debits, for efficient payroll management and more.

Phone banking available

You can use phone banking to check your account’s balance and its transaction summary. Phone banking lets you initiate fund transfers, and you can use it to order cheque books. Phone banking also lets you connect with an ANZ representative.

Compare other ANZ products

Pros

Unlimited and free ANZ transactions (conditions apply)
Optional overdraft facility
Access to ANZ Internet Banking

Cons

Flat monthly fee applies
Overseas transaction and ATM fees apply

How do I apply for the ANZ Business Extra Account?

You can apply by meeting a small business specialist at your nearest ANZ branch, you can apply online, or you can get started over the phone. Applying requires that you meet the following eligibility criteria and have the below documentation handy.

Eligibility criteria

Business account. You are applying as a sole trader, company, partnership, trust, society, co-operative or association.
Authority. You have authority to open an account on behalf of the business you represent.
Over 18. All signatories are over the age of 18 years.

Documentation needed

Business details. The trading name of your business, its mailing address and its structure (sole trader, company, trust and so on).
Business number. Such as Australian Company Number (ACN), Australian Business Number (ABN) or Association Number.
Personal details of signatories. Details of all signatories to include complete names, job titles, dates of birth and contact details.

What happens next?

Once you submit your online application you should receive a confirmation email from ANZ in minutes. You can expect to hear from an ANZ small business specialist within 24 hours on business days. This is essentially to confirm your details, clarify your doubts, and then, open the account. Once the account is open you can make deposits straightaway. You receive another email notifying you of the account opening and a nominated branch, along with instructions surrounding what you have to do to activate the account completely.