CommBank Business Account: 2025 Guide & Alternatives

Opening a separate business account for your business finances is always considered “good practice.” Commonwealth Bank (often shortened to CommBank) is the biggest bank in Australia, so you’ll find no shortage of accounts for business use. These will help you manage everyday transactions and keep on top of your cash flow.

In this guide, we’ll outline what a CommBank business account actually is, and go through a few of the different account types available and how you can open one. There’s also an introduction to Wise Business — a handy account if you want lower fees on overseas transactions.

Table of contents
What is a CommBank business account? Types of business bank accounts How to open a business account Documents required Alternatives

What is a CommBank business account?

A CommBank business account is a dedicated account for business-related transactions. You can use this for things like paying business bills and expenses, managing your payroll and staff wages, and integrating it with your accounting software for easier bookkeeping. Basically, it can act as the financial hub for your business.

Key benefits with CommBank include:

• Multiple account types to suit different businesses (sole traders, companies, etc.).
• Digital banking via the CommBank app and NetBank online portal.
• Access to business lending and a suite of financial management tools.
• The ability to send and receive international payments (with fees).

Because CommBank is one of the “big four” banks in Australia, it offers nationwide access to 700+ branches and a large network of ATMs. This is useful if you still rely on cash (or need to from time to time).

Types of CommBank business bank accounts

CommBank currently has six business bank accounts, but four of these are geared more towards savings and term deposits. The main account for day-to-day business banking is the Business Transaction Account, which is available with a monthly fee of $0 or $10. The features and allowances are slightly different.

Let’s take a look at each one in more detail.

Business Transaction Account (Online) - $0 Monthly fee¹

CommBank’s Business Transaction Account is built for everyday business. The version with no fees is designed for businesses that complete most of their transactions online and are happy to manage everything themselves without any assistance from CommBank staff.

Key features of the BTA account include:

• Business Visa Debit Card that can be used with wallets, including Apple Pay and Google Pay
• Option to apply for a Smart Mini EFTPOS reader to take payments
• Option to apply for Business Overdraft
• Option to link to the Business Online Saver account

Fees²:

• Unlimited free electronic transactions
• Free to withdraw cash at all CommBank ATMs across Australia ($2 outside Australia)
• $5 for assisted transactions
• $5 fee for cheque transactions
• $10 for Quick Deposits
• 3.5% international transaction fee

Business Transaction Account (In-Branch) - $10 Monthly fee¹

The Business Transaction Account's $10 monthly fee option is branded as “In-branch.” If you prefer to do face-to-face banking with staff, this might be a better option. You also get 5 assisted monthly transactions, with the same $5 fee (or $10 for QuickCash deposits) outside the allowance.

The features are exactly the same as the waived fee account, so you’ll get a debit card and the option to apply for a terminal to take payments on the go, plus overdraft and savings account facilities.

Fees²:

• $10 monthly account fee
• 5 assisted transactions per month (includes cheques and Quick Deposits), $5 thereafter, and $10 for Quick Deposits
• Unlimited free electronic transactions
• Free to withdraw cash at all CommBank ATMs across Australia ($2 outside Australia)
• $5 for cheque transactions
• 3.5% international transaction fee

Here’s an overview of the fees for the two main everyday account types:

Service	BTA - $0 Monthly Fee	BTA - $10 Monthly Fee
Assisted transactions	$5 per assisted transaction	5 free, then $5 per assisted transaction
Overseas ATM	$2 per withdrawal	$2 per withdrawal
international transaction fee	3.5%³	3.5%³
International money transfers	$30 when issued at a branch, waived via app and Netbank when debited from AUD and converted to foreign currency, up to $11 per transfer to receive foreign currency⁴	$30 when issued at a branch, waived via app and Netbank when debited from AUD and converted to foreign currency, up to $11 per transfer to receive foreign currency⁴

Business Online Saver⁵

CommBank’s Online Saver account pays a single variable interest rate across your entire balance, depending on how much you hold in the account. This starts at a 0.01% standard variable rate for balances below $50,000, and tops out at 0.65% for balances over $1 million (AUD). Interest is calculated daily and paid each month.

While the rates aren’t ultra-competitive, this account is designed for businesses that want easy access to savings. You can deposit and move money back and forth between two accounts quickly, either online or by phone. If you don’t want to open a Business Online Saver straight away, you can link your Business Transaction Account at a later date.

Features and fees:

• $0 monthly account fee
• Access and manage your funds 24/7 with the CommBank app
• Access funds anytime via a Business Transaction Account
• $5 for paper statement ($0 online)
• Customer support via in-app messaging and phone

Business Investment Account⁶

CommBank has just launched a new “Flexi” account for business term deposits, alongside its standard account type. With Flexi, you get flexible 3 to 12 month terms and the option to withdraw up to 20% of your balance before it ends. The standard account locks away funds for the full term, from as little as 8 days to 5 years.

Both accounts may be useful if you want better interest rates on funds you don’t plan on using for everyday business.

Features and fees:

• $0 setup or monthly account fees
• Earn up to 3.5% per annum with Flexi
• Earn up to 3.75% per annum with standard
• Minimum deposit of $5,000 for both account types

Capital Growth Account⁷

Finally, there's the Capital Growth Account if you want a middle ground between flexible savings and term deposits. You can still earn interest here, but you can dip in and out when needed, as long as you give a brief notice period from 48 hours.

Features and fees:

• Competitive variable interest rates
• Flexible notice periods from 48 hours up to 370 days
• No minimum deposits for 48 hours and 7-day notices
• Add funds at any time
• $0 account keeping or monthly fees

How to open a business account with Commonwealth bank

Opening a business account with CommBank is quite straightforward. But the exact process depends on your business structure and the account type. Most sole traders, partnerships, and Pty Ltd companies can complete the whole process online, but other structures like public companies will need to visit a branch to get started and verify their identity.

Here’s a step-by-step guide for the Business Transaction Account — the easiest to set up¹.

1. Click “apply now” on the Business Transaction Account page and register for NetBank, CommBank’s online banking platform, if you don’t already have a personal account.
2. Fill in your details and verify your ID.
3. Provide business details, including your Australian Business Number (ABN).
4. Submit the application and wait for approval.
5. Receive an email from CommBank when the bank account is ready.
6. Start using your bank account.

CommBank says you can open an account online in as little as 8 minutes.

You can also open a business account by visiting a CommBank branch and taking your documents to a “small business specialist”⁸.

Documents required to open a Commonwealth business account

In order to get your account, you’ll need to submit a few personal and business documents. This is the same for both accounts opened online or at a branch.

Here’s what personal details you’ll need:

• CommBank requests one of three personal ID documents: a passport, Australian driver's licence or birth certificate for the person opening the account⁹.

You’ll then need to provide different documents depending on what sort of business you have. For some business structures, CommBank will require you and at least one director, partner, etc., to visit a branch with ID.

For sole traders¹⁰:

• Business name and registered address
• ABN
• Industry type and code

For private companies (Pty Ltd)¹¹:

• Australian Company Number (ACN)
• Full company name registered with ASIC
• Full names, email addresses, and mobile numbers of all directors or business beneficiaries and directors of the company
• Company registration details
• Tax residency information

For public companies¹²:

• ACN
• Full company name registered with ASIC
• Industry type
• Director and shareholder details
• Proof of registration

For partnerships or trusts¹³:

• Partnership or trust deed
• ABN
• Details of all partners, trustees, and beneficiaries
• Business registration documents
• Tax residency information

After getting a business transaction account, you can then use it to open an investment or savings account. All you need to do is inform CommBank which account you’ll use to fund it, and they will open it (usually overnight).

Alternatives to CommBank business accounts

With CommBank’s Business Transaction Account, you don’t get any multi-currency features. It’s not designed for trading with suppliers or paying freelancers overseas; the 3.5% international transaction fee can be a real financial burden.

If you regularly do cross-border business, you need a business bank account that reduces the cost of paying for and receiving international transfers while providing tools to manage your daily finances.

Wise Business offers just that. Instead of being limited to a single currency, you can hold and manage money in dozens of currencies at once from one account. Plus, fees for sending and converting money start from just 0.63%.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get 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! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

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Sources:

1. CommBank - Business Transaction Account online, in-branch, how to open online
2. CommBank - Business transaction account rates and fees
3. CommBank - What is an international transaction fee?
4. CommBank - Standard fees and charges for international payments
5. CommBank - Business Online Saver
6. CommBank - Business Investment Account
7. CommBank - Capital Growth Account
8. CommBank - Documents you need to open an account
9. CommBank - What to provide to open an account
10. CommBank - Sole trader checklist
11. CommBank - Pty Ltd company checklist
12. CommBank - Public company checklist
13. CommBank - Partnership checklist