- The best business bank account depends on your stage: low-fee everyday accounts suit sole traders, while founders taking overseas payments are better served by a multi-currency provider.
- Most major Australian providers now offer a no-monthly-fee online business transaction account, so the real differences are in features, integrations and international payments.
- Every fee and feature below should be checked on the provider's own site before you decide, because business banking pricing changes frequently.
The best business bank accounts in Australia in 2026 are the ones that match how you actually run your business, not whichever brand is biggest. A sole trader invoicing local clients wants low fees and clean accounting feeds. A founder taking payments from overseas customers wants cheap currency conversion far more than a familiar logo. The good news is that most major providers have dropped monthly account-keeping fees on their entry business accounts, so the choice now comes down to features, integrations and how you move money. This guide compares the main options and helps you pick in one read.
Best business bank accounts in Australia 2026 (comparison table)
Here is the shortlist at a glance. Fees shown are for each provider’s entry-level business transaction or everyday account and were correct as of July 2026; always confirm on the provider’s own site before opening, because these change often.
| Provider | Monthly account fee | Standout features | Best for |
|---|---|---|---|
| CommBank | 0 dollars online (10 dollars for in-branch transaction option) | Large branch and ATM network, strong app, wide accounting integrations | Businesses that still want branch access |
| NAB | 0 dollars | No monthly fee on the Business Everyday account, solid digital tools | Everyday local trading and simplicity |
| ANZ | 0 dollars (Business Essentials); 10 dollars (Business Extra) | Optional overdraft and accounting integrations on higher tier | Businesses wanting an overdraft option |
| Westpac | 0 dollars online (10 dollars for staff-assisted Plus plan) | Choice of online-only or assisted plan | Choosing your own service level |
| Macquarie | 0 dollars | No account-keeping, electronic transaction or dishonour fees; interest-earning; batch payments | Fee-conscious businesses that bank digitally |
| Airwallex | 29 dollars (Explore), or 0 dollars if you deposit 5,000 dollars a month or hold a 10,000 dollar balance; 99 dollars (Grow) | Local account details in 20+ currencies, multi-currency wallets, company cards | Founders taking or making overseas payments |
| Wise | 0 dollars monthly (one-off ~65 dollars for account details) | Mid-market FX, local details in multiple currencies | Occasional international payments at low cost |
If you are opening a business account as part of setting up the company itself, that account choice sits alongside company registration, and our register your company service links the two steps together.
Best business bank account for sole traders
For a sole trader, the priority is usually simplicity and cost, not a long feature list. A no-monthly-fee everyday business account from one of the big four or Macquarie covers almost everything you need: separate business banking, a debit card, and a feed into your accounting software.
The one decision worth making early is whether you keep business and personal money in separate accounts. Legally a sole trader can trade through a personal account, but a dedicated business account makes your bookkeeping, GST and tax far cleaner, which matters when you register for GST as a sole trader or hand records to an accountant.
If most of your clients are local and you rarely deal in other currencies, a big-four or Macquarie account is usually the sensible pick. Reach for a multi-currency provider only if overseas payments are a real part of your work.
Best account for a growing company or team
Once you have staff, multiple cards, and more transactions, the feature set starts to matter more than the headline fee. Look for the things that save admin time as you scale.
The features worth prioritising for a growing team are:
- multiple user access with permission controls, so staff can see what they need and nothing more
- easy issuing of extra debit or expense cards with individual limits
- batch and scheduled payments for payroll and suppliers
- a clean, reliable feed into Xero or QuickBooks to keep the books current
Macquarie and the big four all handle team banking well, with the big four adding physical branch support if you value it. Airwallex is worth a look for a growing company that also spends or earns internationally, because it combines team cards with multi-currency accounts in one place.
TIPBefore you commit, open a test feed between your shortlisted bank and your accounting software. A smooth, well-categorised bank feed saves more hours over a year than any difference in monthly fees, and it is the thing most owners overlook when choosing.
Best for international payments (multi-currency)
If you invoice overseas clients or pay international suppliers, a traditional business account can quietly cost you the most through currency conversion margins, even when the monthly fee is zero. This is where dedicated multi-currency providers earn their place.
Airwallex gives you local account details in more than twenty currencies, multi-currency wallets, and company cards, with conversion priced close to the interbank rate. Its Explore plan is 29 dollars a month, waived to 0 dollars if you deposit at least 5,000 dollars a month or hold a 10,000 dollar balance, moving to the 99 dollar Grow tier as your needs grow. Wise takes a leaner approach: no monthly fee, a one-off charge of around 65 dollars to unlock local account details, and conversions at the mid-market rate with a transparent percentage fee.
The rule of thumb: if international payments are frequent or large, the FX saving from Airwallex or Wise usually dwarfs any everyday-account fee. If they are occasional, Wise pairs neatly with a free local account.
Big-four business accounts reviewed (CommBank, NAB, ANZ, Westpac)
The big four cover the majority of Australian businesses, and in 2026 their entry business accounts are broadly comparable on price. The differences are in service model and extras.
CommBank offers a no-fee online business transaction account, with an in-branch transaction option for around 10 dollars a month, backed by the largest branch and ATM footprint. NAB’s Business Everyday account carries no monthly fee and leans into its digital tools. Westpac’s Business One lets you pick between a free online-only plan and an assisted “Plus” plan at around 10 dollars a month. ANZ offers a no-monthly-fee Business Essentials account, and a Business Extra account at around 10 dollars a month that adds unlimited electronic transactions, accounting integrations and an optional overdraft.
For most owners, the honest takeaway is that any of the four will do the everyday job well. Choose on the service model you want, the branch access you will actually use, and the quality of the accounting integration, rather than on small fee differences.
Macquarie business account: Quick review
Macquarie has become a genuine challenger to the big four for business banking, largely because it removed fees from its business deposit accounts. Its business transaction account has no monthly account-keeping, electronic transaction or dishonour fees, earns interest on balances, and supports batch payments and unlimited transfers.
The trade-off is the one that comes with any digital-first bank: no traditional branch network. For an owner who banks online and values a strong app plus interest on idle cash, that is a fair deal and often a better one than a big-four account. For an owner who still wants to walk into a branch, one of the big four will suit better. It is a strong option, not a universal one.
What you need to open a business bank account in Australia
Opening an account is quick once you have your paperwork ready. The exact list varies slightly by provider, but the essentials are consistent.
To open a business account you will generally need:
- your ABN, and your ACN if you trade through a company
- proof of identity for each director or signatory
- your business or company registration details
- your business structure and, for a company, its constitution or key details
If you are still at the setup stage, this ties directly into incorporation, because your ACN and company documents come out of that process. Our guide to setting up a company in Australia and the cost to incorporate covers what you receive and when. Foreign founders should also read opening a business as a foreign founder, because identity and residency checks differ.
How to choose the right account for your business
With fees so similar across providers, the decision comes down to matching the account to your situation. Work through it in this order.
- Do you take or make overseas payments regularly? If yes, start with Airwallex or Wise for the FX saving, and add a free local account if you need one.
- Do you want branch access? If yes, favour a big-four account. If you are happy banking online, Macquarie is often the stronger digital option.
- Are you a sole trader after simplicity? Any no-fee everyday account works; pick the one with the cleanest feed into your accounting software.
- Are you a growing team? Prioritise multi-user access, expense cards and batch payments over the headline fee.
If you would rather not weigh this up alone, a small business accountant can point you to the right fit based on how your business actually operates, and the starting a business FAQ hub answers the common setup questions around it.
How Sleek helps you get set up (incorporation and banking partner)
Choosing a bank account is one step of getting a business off the ground, and it works best when it is joined up with the rest of your setup. Sleek registers your company, keeps you compliant, and points you to a banking partner such as Airwallex so your account and your entity come together in your first ninety days rather than as separate scrambles.
That means your ACN, your company documents and your account can be lined up in one go, with your books and tax handled from day one instead of bolted on later.
Sleek sets up your company and points you to the right banking partner
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Frequently Asked Questions
Can I open a business account without an ABN?
In most cases no, an Australian business account requires an ABN, and a company account also needs an ACN. Some providers let you begin an application first, but you will need the ABN to complete it. If you do not have one yet, sort your ABN (and incorporation, if you are a company) before applying.
Do sole traders need a business bank account?
Legally a sole trader is not required to have a separate business account, but it is strongly recommended. Keeping business and personal money apart makes bookkeeping, GST and tax far cleaner and reduces errors, which saves time and money at return time. A no-fee everyday business account removes the main reason people avoid it.
Which bank is best for a new business?
For a new local business, any no-monthly-fee everyday account from the big four or Macquarie is a safe choice; pick the one with the best app and accounting integration for you. For a founder expecting overseas payments, a multi-currency provider like Airwallex is usually the better starting point because of the currency savings.
Can I open a business account before the company is registered?
Generally you need the company registered first, because a company account requires the ACN and company documents that only exist once incorporation is complete. Sole traders can open an account as soon as they have an ABN. This is why account opening usually follows, rather than precedes, setting up the entity.
Is a multi-currency account worth it for a small business?
If you regularly invoice overseas clients or pay international suppliers, yes, because the saving on currency conversion typically outweighs any account fee. If your international activity is rare, a free local account with an occasional Wise transfer is usually more cost-effective than paying for a premium multi-currency plan.
Are there really no fees on business accounts now?
Many entry-level business transaction accounts now have no monthly account-keeping fee, but other charges can still apply, such as international transaction fees, some cash-handling fees, or fees on higher tiers. Always read the provider’s fee schedule, since “no monthly fee” does not always mean no fees at all.
Can I switch business bank accounts later?
Yes, you can switch at any time, though it takes some admin to move payees, direct debits and your accounting feed across. Because switching is a hassle rather than a barrier, it is worth choosing carefully up front, but you are never locked in if your needs change as the business grows.
