Choosing the right bank for your business account is one of those decisions that looks small on day one and matters a lot by year two. The monthly fee is only part of the story. How you get paid, how often you move money, whether you deal with overseas clients and how your accounting software connects to the account all change which bank is actually cheapest for you. This guide compares the main business accounts side by side, so you can pick the right one in a single read. If you also want to see what banks pay on business savings, read our guide to business banking interest rates.
Quick answer: business bank accounts at a glance
Most entry-level business transaction accounts from the big four banks and Macquarie now charge no monthly account fee when you bank online. That means the choice comes down to features, service and how you move money, not the headline price. The table below shows the entry-level account from each major provider, with fees correct as of late 2026. Always confirm the current fee schedule on the provider’s own site before opening an account, because fees change.
| Provider | Account | Monthly fee | Best for |
|---|---|---|---|
| CommBank | Business Transaction Account | $0 online; $10 in-branch option | Businesses that still want branch access |
| NAB | Business Everyday Account | $0 | Everyday local trading and simplicity |
| ANZ | Business Essentials / Business Extra | $0 / $10 | Businesses wanting an overdraft option |
| Westpac | Business One | $0 online; $10 Plus plan | Choosing your own service level |
| Macquarie | Business Transaction Account | $0 | Fee-conscious businesses that bank digitally |
| Airwallex | Global Account (Explore) | $29, or $0 with $5,000 monthly deposits or a $10,000 balance | Founders taking or making overseas payments |
| Wise | Wise Business | $0 (around $65 one-off for account details) | Occasional international payments at low cost |
What to compare before you choose
A $0 monthly fee does not always mean a $0 account. Before you compare banks, work out how your business actually uses an account, then check each provider against the same list.
1. Monthly fee and fee waivers
Most entry accounts are now $0 a month when you bank online. Some banks charge around $10 a month for in-branch or staff-assisted service, or for a higher tier with extra features. If you rarely visit a branch, the online option is the obvious pick.
2. Transaction costs
Check what happens after any free-transaction allowance: per-transaction fees, cash deposit and withdrawal fees, and assisted-transaction fees. A business that takes a lot of cash payments will feel these far more than a business paid by bank transfer.
3. International payments and currency conversion
This is where a traditional bank can quietly cost the most. The big four typically charge around 3% to 3.5% on international transactions. If you invoice overseas clients or pay international suppliers regularly, a multi-currency provider can save far more than any monthly fee difference.
4. Accounting software integration
A clean, reliable bank feed into Xero, MYOB or QuickBooks saves hours every month. All the big four banks and Macquarie offer direct feeds. Before you commit, test the feed between your shortlisted bank and your accounting software. A smooth feed saves more time over a year than any small difference in monthly fees.
5. Overdraft and credit access
Not every business needs an overdraft, but if you want one, it is usually only available on a higher-tier account, such as ANZ Business Extra. Digital-first providers generally do not offer overdrafts.
6. Cards, users and team features
If you have staff, look for multiple user access with permission controls, extra debit or expense cards with individual limits, and batch payments for payroll and suppliers.
7. Branch access and support
If you deposit cash, need certified documents or simply like talking to someone in person, a branch network matters. If you bank entirely online, it does not, and a digital-first account may give you more for less.
Big four business accounts compared
The big four cover the majority of businesses, and in 2026 their entry business accounts are broadly comparable on price. The differences are in the service model and the extras.
CommBank Business Transaction Account
CommBank offers a no-fee online business transaction account, with an in-branch transaction option for around $10 a month, backed by the largest branch and ATM network in the country. It was named Business Bank of the Year 2026 by Money magazine. It suits businesses that want the reassurance of a branch nearby and a strong app. The trade-off is the international transaction fee of around 3.5%, which is at the higher end of the big four. You can check the current terms on the official CommBank business transaction account page.
NAB Business Everyday Account
NAB’s Business Everyday account carries no monthly fee, offers unlimited electronic transactions and connects directly to Xero, MYOB and QuickBooks. It is the simplest of the big four options and a strong default choice for a local business that wants low cost and low fuss. It also offers express business deposits for a fee if you need cash in the account fast.
ANZ Business Essentials and Business Extra
ANZ offers two tiers: Business Essentials with no monthly fee, and Business Extra at around $10 a month, which adds unlimited electronic transactions, accounting integrations and an optional overdraft. ANZ won Canstar’s Small Business Bank of the Year 2026, the fifth year in a row. If you think you may want an overdraft later, ANZ is the most straightforward big four path to one.
Westpac Business One
Westpac’s Business One lets you pick between a free online-only plan and an assisted Plus plan at around $10 a month. That choice is the point: you pay for staff-assisted service only if you actually use it. Like the other big four accounts, it includes accounting software integration and an optional overdraft on eligible accounts.
Macquarie: the digital challenger
Macquarie has become a genuine challenger to the big four for business banking, largely because it removed fees from its business 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: there is 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.
Airwallex and Wise: for international payments
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 20 currencies, multi-currency wallets and company cards, with conversion priced close to the interbank rate. Its Explore plan is $29 a month, waived to $0 if you deposit at least $5,000 a month or hold a $10,000 balance, moving to the $99 Grow tier as your needs grow.
Wise takes a leaner approach: no monthly fee, a one-off charge of around $65 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 foreign exchange saving from Airwallex or Wise usually dwarfs any everyday-account fee. If they are occasional, Wise pairs neatly with a free local account.
Which account suits your business?
Best 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. Legally a sole trader can trade through a personal account, but a dedicated business account makes bookkeeping, GST and tax far cleaner.
Best 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. Prioritise multi-user access with permission controls, extra cards with individual limits, batch payments for payroll and suppliers, and a reliable feed into Xero or QuickBooks. 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.
Best for international businesses
If overseas payments are a real part of your work, start with Airwallex or Wise for the currency saving and add a free local account if you need one. The number of businesses operating in the country grew 2.2% to 2.66 million between 2024 and 2025, according to the Australian Bureau of Statistics, and a growing share of them trade across borders, which is why multi-currency accounts have become a serious option rather than a niche product.
What you need to open a business bank account
Opening an account is quick once you have your paperwork ready. The exact list varies slightly by provider, but the essentials are consistent:
- 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
In most cases you cannot open a business account without 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. Sole traders can open an account as soon as they have an ABN, while a company generally needs to be registered first, because the ACN and company documents only exist once incorporation is complete.
How to choose: a simple decision order
With fees so similar across providers, work through the decision in this order:
- Do you take or make overseas payments regularly? If yes, start with Airwallex or Wise for the foreign exchange 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.
Can you 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. Before switching, ask your new bank for a full fee schedule, including transaction, cash-handling and international fees, so you can compare the true cost rather than the advertised monthly fee.
Frequently asked questions
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 tax 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.
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 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.
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.
This article provides general information only and is not personal financial advice. Banking products, fees and features change often, so confirm current terms directly with the provider before opening an account and consider speaking with a licensed financial adviser about your own circumstances.
