The Commonwealth Bank Business Transaction Account allows you to separate your business and personal bank accounts in NetBank, track your business transactions and conveniently monitor your business’s cash flow. The account provides several simple ways to access your funds, including unlimited electronic transactions and a Business Visa debit card to use in stores or online. This account has no monthly account fee, however there are fees to make assisted transactions in branch.
Commonwealth Bank Business Transaction Account
- Account keeping fee
- $0
- ATM withdrawal fee
- $0
- Overseas ATM withdrawal fee
- $5
- Overseas transaction fee of transaction value
- 3%
Our verdict
Save time and easily manage cash flow with a Commonwealth Bank Business Transaction Account.
The Commonwealth Bank Business Transaction Account has a $0 monthly account fee option and includes unlimited free electronic transactions. However, you’ll need to pay a $3 fee for each staff-assisted transaction you make in branch.
If you regularly need to make deposits or withdrawals in branch, you can switch to the $10 monthly account fee option instead (such as via NetBank) which also includes unlimited free electronic transactions as well as 20 staff-assisted transactions. Being able to choose between the two fee options means you’re not paying for something that you don’t use, which is great.
You can also integrate your account with Xero or MYOB to easily import your transaction data from NetBank and help manage your accounting.
Pros
-
Fee-free transactions
-
Real-time alerts
-
$0 opening balance
-
Unlimited electronic transactions
Cons
-
Available for businesses only
Details
Key details
Product Name | Commonwealth Bank Business Transaction Account |
Monthly account fee | $0 |
Card access | Visa |
Own network ATM fee | $0 |
International ATM Fee | $5 + 3% |
International transaction fee | 3% |
Monthly deposit required to waive account fee | N/A |
Contactless Payments | Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay |
Eligibility
Minimum Age | 18 |
Joint account availability | No |
Minimum opening deposit | N/A |
Your reviews
Alison Finder
Editor
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Alison Banney Finder
June 27, 2023
Hi Gemma,
This fee applies whenever a currency conversion is required – including both purchases made overseas, and purchases made online when a currency conversion is required. Yes, the fee is an additional 3% of the transaction value.
Thanks,
Alison
Gemma Donnellan
June 26, 2023
Question about the International Transaction Fee of 3%. Does this mean if you order something on-line from overseas you pay an extra 3% of that transaction amount to the bank. Or does this mean if you are physically overseas and purchase something they will charge you 3%? Hope that makes sense.
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