Business bank accounts with no fees
Business banking minus the fees? Yes, please.
Key takeaways
- Select a business account with no monthly fees, noting any balance or deposit requirements.
- Reduce international transfer costs using specialised services, which often offer lower fees.
- Review your account regularly to ensure its fees and features still suit your business needs.
Compare business bank accounts with no fees
When comparing business bank accounts, look for one with no fees, or that have fee waivers under conditions you can realistically meet.
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How can I avoid business banking fees?
Pay no monthly account fees.
There are plenty of business bank accounts that don't charge any monthly fees, but you may need to maintain a minimum account balance or meet ongoing deposit requirements.
Avoid transaction fees.
Many business bank accounts will impose limits on the number of fee-free transactions you can make each month. These limits may differ depending on what type of transaction is made. For example, you might have unlimited free online transfers but only 10 free in-branch transactions. Look for one that suits your typical banking habits.
Find the right business credit card.
Choose a business credit card with low or no annual fee. If you need to choose a card with an annual fee, you can reduce other fees by limiting your international purchases, not withdrawing cash and always paying your bill on time.
Avoid overdrafts.
If you don’t need or want an overdraft facility, contact the bank and ask them to turn it off. Keep in mind that this could lead to transactions being declined, which may incur costs elsewhere. If you do want an overdraft facility, check the timeframe in place to replace the funds before incurring a fee.
Reduce international transfer fees.
Does your business regularly send payments overseas? Specialised international money transfer services tend to have significantly lower fees and preferable exchange rates compared to the major banks.
Consider multiple bank accounts.
For example, you might use one account with favourable international transaction rates for all your overseas transfers and banking, and have a different account for day-to-day transactions within Australia.
Request electronic statements.
Unprompted, some banks will keep sending you paper statements, and charge a fee for doing so. Check whether you can request e-statements instead to eliminate this cost.
Make sure employees are on board.
If you have employees that use company cards or make transactions on behalf of your business, ensure they know how to minimise fees. For example, you might request that they stick to using ATMs within the bank's network.
Compare accounts often.
Banks regularly make changes to their accounts and the fees they charge for different transactions. Get in the habit of doing a quick comparison of your account against others in the market to make sure you're still getting the best deal.
What are the types of business banking fees?
- Account-keeping fees. These are charged monthly and can range from $0 to as much as $20.
- Transaction fees. You might be charged a small amount such as 20 cents for certain online transactions, or a few dollars for in-branch transactions.
- Annual fees. These are common with business credit cards and could range from $0 to almost $2,000.
- Loan fees. Business loans may charge application and establishment fees, ongoing fees, discharge fees and others.
- International transaction fees. These can be as high as 4% of the transaction value each time you make an overseas transaction.
- ATM fees. Some banks will charge a fee if you use an ATM outside of their network. This is especially common with overseas ATMs.
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