Best Business Bank Accounts in NZ | A 2025 Comparison Guide

Owning a business can be a rewarding venture, both financially and on a personal level. But it does come with a myriad of tricky decisions, including choosing a business bank account that aligns with your unique needs.

In this article, we’ll examine the top business bank accounts in New Zealand and cover some key considerations.

Table of contents
What is a business bank account? What are business bank account alternatives? Factors to consider when choosing a business bank account Comparing the best business bank accounts in NZ Wise Business ANZ BNZ Kiwibank ASB Westpac Finding the right solution FAQs

What is a business bank account?

A business bank account is in the name of a business entity rather than a person. The primary purpose is to separate personal and business expenses, which simplifies bookkeeping and taxes.

Banks include a slew of other business-friendly benefits, such as accounting software integration, business debit and credit cards, payment acceptance solutions, insurance, loans, consultations, and cash flow management tools.

Low-cost or free business bank accounts appeal to cash-strapped start-ups. Not big on paperwork? You can open some business accounts online in a matter of minutes.

Common challenges include high fees, complex residency conditions, lengthy registration processes, minimum balance requirements, and confusing loan conditions.

What are business bank account alternatives

The Big 4 and other Kiwi brick-and-mortar banks aren’t the only options.

Wise Business, for example, is a business banking alternative targeting Kiwi SMBs that frequently send money overseas. Low, transparent pricing and the mid-market exchange rate help customers save on international transfers.

Factors to consider when choosing a business bank account

Keep the following in mind when weighing up the options.

Fees

Accounts with no fees or a modest one-off cost will save you a significant sum in the long run. Other ongoing costs include fees for in-branch services and overdrafts.

International transfer fees can get expensive, with separate fees charged by the sending, receiving, and intermediary banks. You’ll also face a poor exchange rate that includes a hidden, built-in markup. If you send money abroad frequently, look for a banking alternative offering better rates.

Registration procedure

How complicated is the sign-up process, and can it be completed online? Visiting a brick-and-mortar store can be challenging if you live in a remote area. Furthermore, foreigners may find it impossible to meet residency requirements — a banking alternative can help here. They allow businesses to register online by opening accounts from their home region and offer access to account details in local currencies.

Sign up for the Wise Business account! 🚀

Customer support

The best banks offer a myriad of support channels, including telephone, live chat, in-person, and email support. Look for a bank that rapidly provides accurate responses in clear, easy-to-understand English and has support staff working extended hours.

If you deal with cash, you’ll want a nearby branch or a suitable ATM for deposits and withdrawals. Banks with a vast network might appeal to Kiwis who travel or plan to expand.

Interest rates & overdrafts

Interest rates are crucial when considering a loan. Review the rates and payment terms if you plan to borrow.

For short-term cash flow issues, some businesses prefer a business credit card. But if you can’t repay the debt in full before the interest-free period lapses, you’ll get stung by a nasty interest rate; lower interest rate cards can soften the blow.

Likewise, overdrafts can help you escape tricky financial situations. Review fees and limitations to ensure they meet your needs.

Corporate cards

The best business credit cards offer many perks. Low-interest cards can help balance delicate cashflow issues, while rewards cards offer points on every dollar spent, perfect for high-volume businesses. Business debit cards protect against overspending.

Accounts that allow multiple cards let you authorise key personnel to spend up to a pre-determined amount.

Online banking

All banks have online banking these days. But not all offer the same features, and some mobile apps function better than others. Explore the online services available through your preferred institution.

Accepting payment solutions

Kiwis don’t carry much cash these days. If you’re running an in-person business, you’ll want a Point of Sale (POS) system that accepts mobile wallets and other contactless payments.

Accounting software integration

The best accounting software can automate tedious tasks such as payment reconciliations and cross-checks. But these powerful programs won’t work properly unless they integrate with your business bank account.

Minimum deposits

Some banks require a minimum deposit to open an account. Determine whether this restriction applies and if you have the liquid capital to comply.

Transfer limits

Some business accounts have inbound and outbound transfer limits, which can disrupt day-to-day operations. Find an account with a higher limit than you need today to allow for future growth. This can largely affect how businesses make financial transactions, especially when dealing with large amounts.

Need for a business account?

Even if you’re a part-time sole trader, a business account separates personal and work-related expenses, making tax time a whole lot less hassle.

Comparing the best business bank accounts in New Zealand (and alternatives)

From the Big 4 to locally-owned operators and alternative solutions, we’re comparing different business accounts available in New Zealand. We’ll summarise a selection of key features to help you make an informed decision.

Wise Business (Alternative solution)

An alternative to the brick-and-mortar banks, Wise Business is an authorised online financial services provider specialising in low-cost international transfers. Clear, transparent pricing and the mid-market exchange rate help Kiwis save when paying overseas suppliers.

Who it’s good for:

Businesses and freelancers transacting abroad.

Account Fees:

Signing up is free. A one-time fee of unlocks local accounts in 8+ currencies.

Pros

• No hidden fees
• International transfers using the mid-market exchange rate
• No minimum balance or monthly account fees
• Local account details for 8+ currencies
• Multiple business debit cards
• Can open an account without NZ residency

Cons

• No cash deposits
• No overdrafts, credit cards, or loans
• Online only, no brick-and-mortar branches

Main features:

Wise Business lets you store 40+ currencies in a single account, and create local business account details accounts in 8+ currencies, including NZD, AUD, USD, and EUR, to send and receive money like a local.

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 40 NZD

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.

ANZ Business Current Account

The Australia and New Zealand Banking Group Limited (ANZ) is a large, award-winning bank offering a range of business-related services, including digital banking tools, foreign exchange, fast deposit bags, and accepting payments.¹

Who it’s good for:

Businesses primarily operating within New Zealand, as well as start-ups and non-profits seeking account fee relief.

Account Fees:

• $8.50 monthly account fee²
• $0.20 per transaction after the free monthly allowance is used

Main features:

The ANZ Business Current Account lets you manage funds online, over the phone, or in an ANZ branch.³ Businesses still relying on cash often choose ANZ for its wide ATM/branch network – this is New Zealand’s biggest bank. ANZ also offer overdrafts, loans, and business credit cards with competitive interest rates.³

If you run a start-up or non-profit, ANZ offers transaction and monthly account fee relief for the first two years of service.³ Nonprofits may also be exempt from paying certain fees.

Pros

• Wide ATM and branch network
• Business overdrafts and loans
• Fee relief for eligible start-ups and nonprofits³

Cons

• Monthly account fees apply (after waiver period lapses, if applicable)
• Additional fees for international money transfers start at $9 per transaction²

BNZ Business First Transact Account

The Bank of New Zealand (BNZ) is a well-established, long-standing institution with a commitment to sustainability, community, inclusive banking, fair conduct, and innovation.⁴ Its core offering is Business First Transact, which is designed to help small businesses manage their cash flow.⁵

Who it’s good for:

Small businesses primarily operating within New Zealand and experiencing cash flow challenges.

Account Fees:

• No monthly account fees
• No electronic or manual transaction fees
• Service and facility fees apply⁵

Main features:

The BNZ Business First Transact Account offers 24/7 access to its online banking portal and Mobile Business banking app, allowing you to transfer money, authorise payroll, make tax payments, and pay bills at any time. Telephone banking services, ATMs, and EFTPOS also run 24/7.⁵

To resolve cash flow woes, you can obtain a pre-approved overdraft limit or use a business credit card.⁵

Pros

• No monthly or transaction fees
• Overdrafts available⁵

Cons

• Focus on local transactions⁵

Read more on our guide to business bank accounts with BNZ

Kiwibank Business Edge Account

Kiwibank is a proudly New Zealand-owned and operated institution that keeps every cent of profit within the country.⁶ Its primary offer is Business Edge, an everyday business account with a range of perks.⁷

Who it’s good for:

Patriotic Kiwis who prefer to support local companies and would like to avoid the Big 4.

Account Fees:

• $5 monthly account management fee
• $10 per card per annum Visa Debit Card fee (waived for the first year)
• Free electronic deposits
• Free ATM withdrawal, automatic payment, direct debit, and bill payment
• $0.70 per in-branch withdrawal
• 25 free manual deposits ($1 per deposit after that)⁷

Main features

A low monthly account fee, 25 free in-branch deposits per month, and free electronic transactions (excluding bulk payments) help keep trading costs low. Owners get a Visa Debit Card, and can apply for additional cards for employees, provided they’re account signatories.

Business Edge integrates with accounting software like Xero and MYOB. Overdrafts are available.⁷

Pros

• Low fees and lots of freebies
• Accounting software integration
• Overdrafts⁷

Cons

• Director must be a New Zealand citizen or resident
• Primarily caters to domestic trading⁷

Read more on business banking with Kiwibank

ASB Business Focus Account

ASB began trading in 1847 and currently serves 1.3 million personal, business and rural customers. The innovative institution introduced online banking to New Zealand and was the first to offer mobile payments.⁸

Who it’s good for:

The ASB Business Account⁹ suits small businesses seeking a fee-free account.

Account Fees:

• No monthly fees
• No transaction fees
• Other fees and charges may apply¹⁰

Main features

The ASB Business Account has no monthly or transaction fees, perfect for small start-ups seeking a low-cost banking solution. Designed for day-to-day cash management, the account offers in-depth statements, MYOB/Xero integration, payment solutions, quick transfers with FastNet Business, and overdrafts.⁹

Account holders can apply for a business Visa debit or credit card, as well as Saver and Term Deposit accounts.⁹

Pros

• No monthly or transaction fees
• Debit and credit cards
• Overdrafts
• Accounting software integration⁹

Cons

• No interest on Business Account¹⁰

Read more on business banking with ASB

Westpac Business Transact Account

Another of New Zealand’s banking Big 4, Westpac has a range of personal and business products. For everyday business banking, the go-to option is the Business Transact Account.

Who it’s good for

Businesses or sole traders that primarily trade within New Zealand.

Account Fees:

• $7 monthly account maintenance fee¹⁰
• 100 free transactions per month (deposits and withdrawals)
• $0.25 per transaction after limit
• No fees on Westpac ATM withdrawals or EFTPOS debit transactions

Main features:

With a Business Transact Account, you can manage finances 24/7 using Smart ATMs, Business Online banking or Westpac One.¹⁰

An optional debit Mastercard is available, as well as overdrafts to manage cash flow.¹⁰ Westpac offers various ways to accept payments, including direct debit and EFTPOS/credit card. Users can pay multiple payees through various methods using Westpac One digital banking.¹⁰

Pros

• Overdraft facilities
• Accepting payment facilities
• No ATM withdrawal fees¹⁰

Cons

• Limited to 100 free transactions per month
• No online applications¹⁰

Finding the right business bank account in NZ

Every business is different. An account that works for a sole-trading sparkie mightn’t suit an online e-commerce entrepreneur. Work out what you need most–nearby branches, low fees, debit/credit cards, overdrafts, or low-cost international transfers–then sift through our suggestions to find the best option.

---

FAQs

1. What do you need to open a business account in New Zealand
   The requirements for opening a business bank account in New Zealand vary between banks. Here’s a general idea of what you might need to provide”

• A New Zealand Business Number (NZBN)
• ID and proof of address
• Company contact details
• The applicant must be a key authorised person in the company

1. Do I need to maintain a minimum balance to avoid fees?
   A minimum balance is often required to avoid fees, but it depends on the bank and specific account.

2. What are the standard transaction fees, and how many free transactions do I get per month?
   Transaction fees usually cost around $0.25, although some banks include a limited number for free each month (i.e., 100), or don’t charge for them at all.

3. How easy is it to add or remove signatories on the account as my business grows?
   Adding or removing signatories is usually quite an easy online process, although it depends on the bank.

4. If I already bank with someone personally, is it better to open my business account with them too?
   Dealing with one bank for personal and business use can make life a little easier. However, your personal bank won’t necessarily offer the best business account for your needs.

5. What happens to my account history if I switch banks?
   When switching banks in New Zealand, you may need to request a bank statement from your old bank, as your transaction history won’t always be carried across.

6. What is the process for closing a business bank account?
   To close a business account in New Zealand, ensure your balance is zero, cancel any upcoming debits or credits, and call your bank to finalise the process.

---

Sources

1. ANZ - Business
2. ANZ - Fees and Charges
3. ANZ - ANZ Business Current account
4. BNZ - About us
5. BNZ - Business transaction accounts
6. Kiwibank - About us
7. Kiwibank - Business Edge
8. ASB - About us
9. ASB - Business Focus account
10. Westpac - Business Transact account