A business bank account is a transaction account that is specifically designed for businesses rather than for personal use. You can use your business bank account to pay for day-to-day business expenses, pay invoices and staff wages and also to receive payments from clients and customers.
Here are a few key things to consider when picking a business bank account:
Some business bank accounts charge monthly fees, in exchange for more features and services than what's offered on a personal account. If you don't need larger transaction limits, staff-assisted cash deposits or specialised features, look for a business bank account with no monthly fee.
Some banks don't have any physical branches in Australia. If you need to make staff-assisted transactions in a bank branch, make sure the bank account you choose has branches in convenient locations for your workplace or home.
Does the account come with access to an online portal to help with your business reporting and tax obligations? Also, looking for an account that's already integrated with accounting software like Xero can help you manage your business admin.
Is there a limit to how many debit cards you can request, or is there a fee for each additional card? Look into this if you want to have multiple debit cards for multiple employees.
If you regularly receive cash payments you should look for a business bank account that doesn't charge you to deposit cash. It's worth comparing the cost per transaction, with an account that charges a flat monthly fee for unlimited staff-assisted transactions to see which option would save you money.
This is a feature that's not widely offered with personal bank accounts, but it can be offered with business accounts. If your business needs an overdraft facility, look for an account that offers this.
If you travel a lot for work and plan to use the debit card to withdraw cash or make purchases overseas, look for a business bank account with low or no international ATM and foreign transaction fees.
If you’re registered as a partnership, small business, company, sole trader or Trust in Australia then you need to open a business bank account, and cannot use a personal account. This is to ensure you meet your business tax obligations.
Not only is it a legal requirement, but small business bank accounts are also helpful to keep your business income separate from your personal finances.
Business bank accounts offer a range of benefits, but some of the best include:
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Hi I’m looking for bank for business banking and international transfers at good margin and exchange rates
Chris
Hi Chris,
Unfortunately we can’t recommend specific products as it really depends on your personal financial circumstances, business financials and preferences. You can compare your options for business banking on the page above and you can click “more info” on the tables for each review to find out specific details.
This page on business transfers might also be useful https://www.finder.com.au/international-money-transfers/business-transfers
Hope this helps,
Elizabeth
I have setup a business with a ABN. I will need to make salary payments and incur expenses on behalf of the business from this account. I’d also like a credit card for expenses made for this business, as I’d like the business to earn points. Which business account would be best?
Hi Mads, we aren’t able to offer you any personal financial advice or product recommendations. You can compare business credit cards here: https://www.finder.com.au/credit-cards/business-credit-cards, or if you’d like some personal advice for your business we suggest speaking with a financial planner or accountant. Thanks!
Why don’t you have a phone number as I wish to speak to someone?
Hi Adam,
Finder doesn’t have a phone number to call. However, you can leave a comment or question for us, or chat with us. All you need to do is click on the chat button found in the lower right corner of our website.
Please note that we are a comparison website. If you’re trying to call a specific bank, please visit their website to find their contact details.
I hope this helps.
Thanks,
Alison
I am after the best bank account for small business with mobile eftpos and low fees.
Hi Carlie,
Thank you for reaching out.
You can compare business bank accounts from this page. Majority of the banks are already offering mobile eftpos such as NAB and CommBank. You can also try to contact other banks who are listed on this page to verify if they offer mobile eftpos too.
There’s also a table above that summarises the fees per bank account. You can refer to the part that says “Finder’s featured business bank accounts”. From there you will see that NAB Business Everyday Account ($0 monthly fee option) offers $0 on monthly account fee, ATM withdrawal fee and minimum deposit. But feel free to check other banks too as well the T&Cs so you can decide who among them will work best based on your preference and business needs.
Hope this is helpful.
Kind Regards,
Mai
Which bank is the best for business every day transaction account
Hi Tayla,
Thanks for your visiting our page on your business bank account needs.
The best bank account to use for you depends on your business needs and daily transactions. One that will coincide with the financial activities you’re business has on a daily basis. The part on our page that says “How to compare business bank accounts” will guide you to choose the best account for you.
As a friendly reminder, read up on the terms and conditions and product disclosure statement of the account before you open one and contact the bank should you need any clarifications.
Hope this helps! For any other inquiries, feel free to send us a message anytime.
Kind regards
Nikki