Free Business Bank Account Australia: A Complete Guide

Opening a dedicated bank account for your business is a smart and efficient way to manage your finances. It’s ideal to choose business banking with no added costs to get the most value.

While finding a completely free business bank account can be a challenge, we have covered some of the providers and alternatives in this article.

Table of contents
Can you open a free business account with no fees? Factors to consider Benefits Comparison of free business bank accounts in Australia Wise Business Westpac AMP National Australia Bank BCU Conclusion

Can you open a free business account with no fees?

It is possible to open a free business bank account with no monthly fees in Australia. However, the options are generally limited and typically come with additional conditions. These are likely to be restrictions on transaction volumes or additional charges for making international payments.

Although opening the business account itself might be free, usage is often subject to caps or other limitations. We advise on reading through the terms and conditions carefully when selecting your business account.

Alternatively, there are some online or app-based business accounts that are accessible without needing to pay a monthly fee. These bank and non-bank accounts can be scaled to grow with your business while enabling you to benefit from zero monthly fees. You may also be able to take advantage of free features depending on the provider. It’s important to consider if this style of account suits your business needs.

Factors to consider when considering business account with no fees

There are many factors to consider when looking for a no fee business account. These variables can affect how well your account functions as well as pose possible issues when it comes to scaling your business. It’s best to keep an eye out for the following:

Hidden fees and charges

Many banks in Australia offer “free” business accounts, but there can still be hidden fees. These fees can be difficult to initially spot and might be hidden at first sight. This is especially the case when it comes to international transfers or currency exchange.

Some accounts may also limit how many free transactions you can make each month and you may be charged if you go over this limit. There can also be fees for using cash machines outside the bank’s network or for making cash deposits. If you want extra cards or printed statements for tax purposes, those might cost extra too.

Make sure to read the fine print so you know what you’re really getting when setting up your business account.

Limited features

Free business bank accounts often come with limited features. These accounts may not offer everything your business needs - some do not support international payments or multi-currency options. Others may not connect with accounting software that you’ll need to perform critical tasks.

Some may also limit how many users can access the account. This feature may not matter for a small business, but they can become a problem as your business grows. Always check what is included before you choose your account to make sure it truly reflects the needs of your business.

Customer support

Another thing to take into consideration is the level of customer support you’re likely to receive when opening a free account. You might not get access to in-branch services or a dedicated support team while operating on a no-fee account. This might sometimes be a result of free accounts being offered online only, resulting in a lack of support for in-person help. You might also come across business accounts that offer dedicated customer support only for paid tier pricing. This can be something to look out for.

Business owners who are used to working remotely or running digital operations will likely find online-only support to be manageable. These types of owners are likely to be familiar with using live chats or apps to resolve any issues in a convenient way.

However, if you prefer receiving an in-person service, this could be a possible limitation to consider. Getting help over the phone or through email may not feel as efficient for those who prefer more traditional customer support systems.

Benefits of business account with no fees

Opening a business bank with no fees comes with a range of benefits. These advantages can be beneficial for smaller businesses or start-ups looking to get the most value out of their money. Consider whether these benefits will helpful to your business:

No initial start up fees

Opening a free business bank account means that you don’t need to pay an initial cost for registering or activating the account. For those managing a tight budget or just starting their business, this could be a good option to fulfil your banking needs without having to spend anything. However, one has to be mindful of recurring fees or subscriptions that could be charged after a period of time.

This is also applicable for those who want to save their money for more specific business purposes such as inventory, overheads or internal operations. You can keep your money going towards growing your business.

Accessible

Another benefit of opening a free business bank account is how accessible it can be for a multitude of businesses and sole traders. The no start-up fee typically makes a free business account easier to open.

Unlike some other business accounts, the no-fee options are typically straightforward. They typically require less paperwork as these providers might often be offering online account registrations. This can make the sign up process quicker and less stressful.

Flexibility to move

One of the good things about free business bank accounts is that they are usually flexible when opening and closing the account. Because there are no opening or monthly fees, you can try out different business banking providers without worrying about wasting money. This can give you the confidence to test what works best for your business.

It’s easier to switch platforms if your needs change as you are not locked into anything financially. This level of freedom means you can easily move between accounts without any financial loss. It’s a low risk option - especially for sole traders or new business owners who are opening their first business account and want to find the right fit.

Comparison of free business bank accounts in Australia

Finding a free business bank account that works for your unique business needs is crucial for elevating your business and keeping your finances efficient. Here is guide to compare different free business bank accounts based in Australia along with their best features and additional fee prices. :

Wise Business - Alternative to business bank accounts

The Wise Business Account can be used by Australian businesses looking for a low-cost approach to making transactions in foreign currencies and managing them.

Importantly, you can open a Wise Business account for free with no monthly fees or subscriptions. With this, businesses can send money in over 150+ currencies. For businesses looking to receive money into their Wise Business account, a one-time fee of 65 AUD gives access to account details in 8+ currencies. What this means for businesses is that they can now receive money and hold in their Wise Business account.

The Wise debit card also works in over 150+ countries, making it easy to spend globally. There are no hidden fees or markups on the exchange rates, so your costs stay clear and simple. Everything is managed online, so you can run your account from anywhere at any time. With the ability to connect to accounting software, modern businesses can have all their business foreign transactions in one place.

Sign up for the Wise Business account! 🚀

Westpac Business One Account

Westpac’s No Monthly Fee Business Account gives business owners flexibility without ongoing monthly fees. The agreement includes unlimited online transactions which is ideal if you do most of your banking online. Any in-person or branch-assisted transaction incurs a $3 charge.¹

The platform is additionally compatible with accounting software (like MYOB, Quickbooks, Xero) to streamline the tax process. Westpac also waives fees for sending money overseas in foreign currencies when you do it online. This helps keep your costs down and your payments more transparent.

AMP Everyday Business Account

The AMP Everyday Business Account is an option for business owners who want easy banking with no monthly account fee. The account is designed to keep things simple yet secure. You can manage your account through the AMP app - giving you control over your finances at any time and any place. There’s also no ATM withdrawal fee.

The account is well protected against possible fraud as the debit card has no printed number. This is beneficial for providing peace of mind and enables users to bank with confidence.

Another key feature is that you can earn Qantas Points on your account balance, receiving 1 Qantas Point for every $10 on your average monthly balance. This can be a nice bonus for individuals or businesses who travel often.²

One thing to be aware of is that the AMP Everyday Business Account doesn’t include an online web portal nor the capacity to issue cheques. It’s therefore worth considering whether this account is suitable for your needs if your business currently relies on these features.

National Australia Bank Business Everyday Account

The National Australia Bank (NAB) Business Everyday Account is a suitable choice for most small business owners. It’s compatible for businesses who typically use online banking over in-branch services. The online account is quick to open and can be set up in just a few minutes.

The account comes with a Visa Debit Card for managing daily expenses. Like Wise and Westpac, it also connects with popular accounting tools to help you track spending and stay organised.

While ATM withdrawals are free, any banker-assisted deposits or cheques are charged at $3 per item. The account benefits from unlimited electronic transactions and is eligible for around the clock business banking support through their customer helpline.³

BCU Business Basic Access Account

The BCU Business Basic Access Account is primarily built for small business owners who want low-cost banking with no added stress. There are no monthly fees, and you get unlimited electronic transactions - helping to keep your business costs low. The account also provides a Visa Debit card for daily spending.⁴

The BCU account is additionally compatible with accounting software to make tracking your finances easier. This is a simple account for business owners who mainly use online banking and don’t need to visit a branch often.

Smart banking starts with the right fit

Better your banking by finding a business account that’s the right fit for your company. One of the most important things to consider is whether the account can sustain growth alongside your business. Choosing a banking platform that supports scalability means you won’t need to switch accounts as your business expands.

While a traditional free business bank account may seem tempting, it’s important to look out for hidden fees or restricted capabilities. Platforms like Wise Business can be a great alternative to receive the benefits of a free business bank account while providing the flexibility required to sustain and scale alongside your growing business.

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! 🚀

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Sources:

1. https://www.westpac.com.au/business-banking/transaction-accounts/business-one/
2. https://www.amp.com.au/business-banking/small-business-everyday-money/everyday-business-account
3. https://www.nab.com.au/business/business-bank-accounts/transaction-accounts/no-monthly-fee-business-account
4. https://www.bcu.com.au/business-banking/bank-accounts/business-basic-access-account/