Best business bank account for international payments in Australia (2025)

Many businesses that are eager to expand their operations will often consider setting up a business account that facilitates a wide range of international payment options. Having the best business account for international payments is essential for businesses that trade with global partners and customers, as they will often offer perks and advantages that are specific for international business.

This article will explore the top business bank accounts and alternatives available in Australia that offer specific features dedicated to international custom. We will explore the main areas to look out for when choosing the best account for your business, before examining each of the main players in the field. We will also offer the alternative to a traditional bank account brought to you by Wise.

Best business bank account for international payments

For businesses looking to expand globally, having a business account that simplifies international payments is crucial. The right account can offer significant advantages for companies trading with international partners and customers. Let us look at some business bank accounts as well as alternatives in Australia by highlighting key considerations when choosing an account, such as fees, security, transaction speed, and scalability.

Wise Business - Alternative

Wise Business is used to manage global business transactions and ideal for those that operate internationally. With the multi-currency account, businesses can hold, send, and receive money in different currencies. When dealing with cross-border payments, businesses don’t have to worry about any hidden markups as Wise facilitates currency conversions at the mid-market exchange rate and charges low transparent fees. This means that businesses could potentially save 3x more when sending money with their Wise Business account.

Best for: Businesses that multiple foreign currency transactions.

What's more, you'll benefit from the following with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, Quickbooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD

Sign up for the Wise Business account! 🚀

ANZ Bank

ANZ¹ is one of Australia’s most established and popular banks, so it is unsurprising that they offer a competitive foreign currency account that facilitates international payments. Its rates and fees are generally more appealing than some of its competitors. For example, there is a $0 transfer fee on any currency sent in a foreign currency made from an AUD account.

Additionally, their fees for sending money overseas in AUD is $7 - this is considerably lower than both Westpac and NAB.

ANZ is regulated through the Financial Claims Scheme (FCS) given its position and market size, so it will have a high level of security features and protocols.

ANZ does add its own fees and costs when calculating a retail exchange rate.

Best for: Businesses with frequent and occasionally complex banking needs

Some of the main features for this type of account include:

• No transfer fees on payments that are over $10,000
• No monthly fees
• ANZ will cover certain correspondent bank fees

NAB Bank

NAB² offers a 0% transaction fee on international payments. There is no upfront fee for sending a payment overseas using online banking.

There are no fees applicable when payments are made using the NAB app or internet banking, as long as the transfer is sent in a foreign currency. They also cover fees charged by the overseas bank. And there is no minimum transfer for overseas payments.

One of the bigger disadvantages of a NAB bank account, in relation to international payments, is that it only deals with AUD.

Great for: Business or individuals who deal with infrequent, low-amount payments

Some of the main features for this account include:

• No surprise fees
• No minimum transfer
• Dedicated app to track payments
• No monthly fee for infrequent use

Westpac

Westpac is able to offer a $0 transfer fee for payments made using foreign currency, though this doesn’t apply for payments made in AUD³. It is also one of the only banks that requires a $25 cancellation fee on exchanges.

In terms of the exchange rate markup, it falls mostly in line with the other options on this list, with an exchange rate of around 0.4%. There are no monthly fees associated with setting up an account with Westpac, though this only applies for the first twelve months.

Great for: Businesses working with global partners in many countries

Some of the main features for this account include:

• No monthly fees (for first twelve months)
• Online banking security guarantee
• No transfer fees on foreign currency payments

Commonwealth Bank (CBA)

CBA has an impressive scope of countries and currencies available. It offers the opportunity to set up a dedicated foreign currency account, though you’ll need to have an eligible CBA bank account already set up⁴. This account is also appealing in terms of there being no monthly fees and certain international fees waived altogether.

However, there are fees applicable to receive payments from abroad.

Great for: Business that predominantly pay in foreign currencies

Some of the main features for this account include:

• No electronic transaction fees
• No upfront transfer fees on payments sent abroad
• Potential to earn competitive interest on selected currencies

Considerations when choosing a business account for international payments

There are a number of key factors and metrics that you should look out for when selecting which business or bank account is right for you. As well as learning each of the features that each of your prospective choices offer, it is important that you know what you’re going to be using the bank account for, as this can often impact the final decision.

Though not an exhaustive list, we believe the following to be the most common considerations you should look to make before deciding on your bank account.

Fees

Fees are likely to be the first thing that comes to mind which bank account is the most suitable for international payments. If you’re a business or individual that is likely to conduct a lot of overseas business, with frequent transactions, then these fees can quickly add up and become overwhelming.

Some of the potential fees to to look out for:

• Exchange rate markup fees (hidden fees)
• Commission fees
• Service/Administrative fees
• Foreign transaction fees (Card)
• ATM Withdrawal Fees (Card)
• Dynamic Currency Conversion (DCC)
• Processing fees
• Subscription fees
• Overdraft fees
• Excess fees

Security

Businesses or individuals can often feel a little nervous about sending money overseas, as they might think that there is a higher chance of something going wrong during the transaction process. Those that facilitate overseas transactions have an important responsibility in looking after their customers’ money during these exchanges and should have robust security features in place to make sure the money gets there safely.

Encryption, Multi-factor Authentication (MFA), and Know Your Customer (KYC) are some of the security features to look out for as they should all be a standard part of a business bank account’s security protocols.

Speed of transaction

For businesses involved in high-volume, rapidly-moving sectors, the ability to pay your overseas customers promptly without delay is essential. Your chosen bank account should be in a position to facilitate quick and reliable transfers on a consistent basis.

Scalability

Businesses who want to open a business bank account in Australia, for international payments specifically, often do so because they have ambitious plans of scaling to reach a global customer base, or a worldwide network of manufacturing partners. As your business grows, it is essential that your chosen account can scale with you as your payments become more numerous and complex. Features to look out for in this regard include API integration, expense management, multi-currency cards and more.

Wise Business - For international business transactions

While the traditional banks are still vital for everyday Australians in terms of their everyday monetary transactions and savings, Wise Business functions as an alternative to how international payments and transactions can be managed. With transparent pricing on foreign currency conversion, Wise Business makes managing global finances less expensive than it needs to be. Learn more about Wise Business and find out how it can help your business.

Sign up for the Wise Business account! 🚀

Sources:

1. ANZ international money transfer
2. NAB international money transfer
3. Westpac international money transfer
4. CBA foreign currency account