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
- ATM withdrawal fee
- Overseas ATM withdrawal fee
- Overseas transaction fee of transaction value
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.
$0 opening balance
Unlimited electronic transactions
Available for businesses only
|Product Name||Commonwealth Bank Business Transaction Account|
|Monthly account fee||$0|
|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|
|Joint account availability||No|
|Minimum opening deposit||N/A|
$0 monthly account fee
This account charges no monthly account keeping fee and offers unlimited free electronic transactions. However, fees do apply when making assisted transactions in a bank branch. 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 each time you make a staff-assisted transaction.
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 in NetBank and via the CommBank app 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.
You don't get any free staff-assisted transactions with the Commonwealth Bank Business Transaction Account ($0 monthly fee option). 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 transactions per month. You can switch between these account options at any time in NetBank, by calling the Business Banking Services team available 24/7 or visiting a branch .
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 is available with the Commonwealth Bank Business Transaction Account when selecting this fee option. A $10 monthly account fee option is also available.
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 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.
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. Including your ABN or ACN where relevant.
- 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.
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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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Alison Banney Finder
June 27, 2023
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.