Commonwealth Bank Business Transaction Account
Save time and easily manage cash flow with a Commonwealth Bank Business Transaction Account.
The Commonwealth Bank Business Transaction Account allows you to organise 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 a $10 monthly fee option which includes 20 staff-assisted transactions per month. If you need to make a lot of transactions in branch, you can switch to this account option at any time via NetBank, over the phone or heading into a branch. Or, you can keep the $0 monthly fee option and pay a small fee
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Overseas transaction fee
of transaction value
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
The Comonwealth Bank Business Transaction Account allows you to switch between different account options depending on your banking needs. 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.
If you regularly need to make deposits or withdrawals in branch, you can switch to the $10 monthly fee option instead 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.
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.
Set up real-time account alerts
CommBank provides free, real-time alerts to let you know when your account balance is low or high, or when you've been paid. This gives you greater control over the cash flow of your business no matter where you are.
Unlimited electronic transactions
The Commonwealth Bank Business Transaction Account features unlimited CommBank electronic transactions and CommBank ATM cash withdrawals with no transaction fees. This ensures convenient and easy access to your money whenever you need.
With the $0 monthly fee account option, you don't get any free staf-assisted transactions. Instead, there's a $3 fee for each assisted transaction you make.
If you switch to the $10 monthly fee option, the account provides 20 free CommBank staff-assisted or transactions per month. You can switch between these account options at any time in NetBank.
No minimum balance
There is no minimum balance requirement on this account, meaning you are free to focus your attention on your business rather than maintaining a specific amount in your account.
Business Visa debit card
The Commonwealth Bank Business Transaction Account comes with a Business Visa debit card, providing simple and convenient access to your funds wherever Visa is accepted.
$0 Monthly account fee
A $0 monthly account fee applies to the Commonwealth Bank Business Transaction Account.
You can manage your money at any time through NetBank, CommBiz, the CommBank app and ATM and phone banking services.
Pair with a savings account
You also have the option of combining your Commonwealth Bank Business Transaction Account with a Business Online Saver for no additional cost. This second account allows you to earn a competitive interest rate on balances of $10,000 or more.
Quick application process
It's quick and easy to apply for an account online, with the application process taking around 10 minutes.
How to applyIf the Commonwealth Bank Business Transaction Account sounds like it has all the features you're looking for in a business account, click on one of the "Apply now" links on this page. You will be redirected to the Commonwealth Bank website where you can find out more about the account and complete an online application.
Before you apply, make sure you meet the following eligibility requirements:
- Minimum age. You must be at least 18 years old.
- Business requirements. Your business must be registered in Australia and have a valid ABN or ACN.
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.
To apply online, all you need to do is:
- Answer a few questions about yourself and your business.
- Verify your identity online (if you're a new customer).
- Verify your business details online.
You'll need the following information and documentation handy when you apply:
- Business details. These include your ABN or ACN and your registered office address.
- Identification. If you're a new Commonwealth Bank customer, you must supply at least one form of ID, for example a driver's licence, Medicare card, passport or birth certificate.
- Contact details. CommBank also requires the names and email addresses of any other directors (if applicable) and of shareholders who own more than 25% of the company's shares.
What happens after I submit my application online?
Once you submit your application online, CommBank will be in touch within 3-5 working days. You'll receive a confirmation email and Welcome Pack with further instructions on setting up your NetBank.
If you're looking for an account that provides easy access to your funds and a convenient way to manage your business cash flow, the Commonwealth Bank Business Transaction Account is well worth a look. But before you apply, make sure to compare this account with other business transaction accounts to ensure you find the best product for your needs.