In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Commonwealth Bank Business Transaction Account ($10 Monthly Fee Option)

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Commonwealth Bank Business Transaction Account ($10 Monthly Fee Option)
Account keeping fee
$10
ATM withdrawal fee
$0
Overseas ATM withdrawal fee
$5
Overseas transaction fee of transaction value
3%

Our verdict

This is a flexible business bank account that allows you to switch between monthly account fee options depending on how often you make transactions in branch.

The Comonwealth Bank Business Transaction Account allows you to switch between different account options depending on your banking needs. The $10 monthly account fee option includes 20 free assisted transactions per month, so it could suit you if you make a lot of transactions in branch.

The $0 monthly fee option includes unlimited free electronic transactions, however you’ll need to pay a $3 fee for each staff-assisted transaction you make in branch. This option could suit you better if you mostly make online 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

  • 20 free assisted transactions per month for a $10 monthly account fee
  • Unlimited electronic transactions
  • Can switch to the $0 monthly account fee option at any time
  • Free Commonwealth Bank Business Visa Debit card

Cons

  • $10 monthly account fee applies
  • Overseas ATM fees and transaction fees apply

In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name Commonwealth Bank Business Transaction Account ($10 Monthly Fee Option)
Monthly account fee $10
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

Key features

Picture not described

$10 monthly account fee

This bank account has a $10 monthly account fee and includes 20 free staff-assisted transactions per month.

If you don't make many assisted transactions (for example depositing cash or cheques in branch), this account has a $0 monthly fee option. With the $0 monthly fee option you'll instead pay $3 per staff-assisted transaction.

Account management

The Commonwealth Bank Business Transaction Account separates your business finances from your personal accounts. Not only does this make it easier to keep track of your business transactions at tax time, but it also ensures that you can easily monitor your business's cash flow at all times through NetBank.

MYOB and Xero integration

Integration with MYOB and Xero means you can streamline accounting by allowing you to send online transaction data with CommBank's NetBank.

Compare other CommBank business products


How to apply

Eligibility

Before you apply, make sure you meet the following eligibility requirements:

  • Minimum age. You must be at least 18 years old to apply for this account online. You can open this account at 16 years old with a signatory.
  • Business requirements. For domestic businesses you should have your ABN or ACN. If you're a foreign entity you'll need to contact the bank directly (in branch or by calling 13 19 98) to see what details are required.

If you're new to CommBank business banking and either a sole trader or a director of a private company, you can open an account online in around 10 minutes. However, if you cannot be identified, or you are not a sole trader or a director of a private company, you'll need to visit your nearest CommBank branch to apply.

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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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yoooooo

February 17, 2022

how do i make another bank account to save money in

im with commonwealth bank


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Alison Banney Finder

March 08, 2022

Hi there,


If you’re looking to open another account with Commonwealth Bank, you can visit our guide here to see the different types of accounts they offer.


Then go to the Commonwealth Bank website to apply online.


For other banks, have a look at our Savings Accounts page to see your options. Use the comparison table to compare and choose. Then click the Go to Site button to apply.


Before applying, don’t forget to read the terms and conditions, and eligibility requirements to make sure that it would suit your needs.


I hope this helps!


Regards,

Alison


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