Best Online Business Accounts in 2024: A Full Guide
If you’re starting a business you need a business account to help you hold your company funds separately to your personal spending account. Online accounts can be a choice for a startup, SME or sole proprietorship. You’ll be able to open and manage your account with just your phone or laptop, no matter where you are, and you can pick from a selection of providers which all have their own unique features.
In this guide, we’ll look at 5 of the best online business banking accounts in Australia, including some which have no ongoing fees, no minimum deposits and ways to manage your business balance flexibly, on the go, and often across currencies. Let’s dive in.
Quick summary: Online business current account
Wise business account: Great for holding 40+ currencies with mid-market exchange rates
Revolut business account: Great for different plans to suit your business needs
Payoneer business account: Great for getting paid by customers and marketplaces
Commbank Business Transaction account: Great for no monthly fee, with pay as you go service options
Westpac Business account: Great for no monthly fee, accounting integrations and free electronic transactions
What is the best online business account?
A range of online business account providers have emerged over the past few years, offering lots of different account plans. Some are specialists in specific services like multi-currency payments, some integrate with a broad range of ecommerce platforms for easier transactions, some have niche markets like tech startups or freelancers. The good news is that with this broad spectrum of providers and accounts, the right one is out there for you somewhere – this guide walks through pros, cons, features and fees for 5 great picks.
Do some research and compare providers to find the best fit. Here are a few things to consider:
- Ongoing account fees – especially important if you’re not sure how often you’ll use your account. Try an account with no ongoing fees like Wise Business if you’re just testing the water
- International features and costs – for getting paid by overseas customers and paying international suppliers or contractors. Multi-currency functions from providers like Wise or Revolut can cover all your bases here
- Debit and expense card availability – for easy spending and withdrawals
- Australian branch network – especially important if you prefer a face to face service from time to time. Australian bank digital accounts, such as those from Commbank and Westpac may suit you in this case
Best online business accounts in Australia
The truth is that there is no single best online business account – it depends on how you’ll use your account day to day, what services you value, and what type of business you run. Here we’ve profiled popular non-bank services from Wise, Revolut and Payoneer, plus a couple of Australian banks, Westpac and Commbank, so you can compare their features and fees. Here’s an overview:
| Services/Provider | Wise Business account | Revolut business account | Payoneer business account | Commbank Business Transaction Account | Westpac Business One Account |
|---|---|---|---|---|---|
| Account opening fees | 22 AUD | No account opening fee | No account opening fee | No account opening fee | No account opening fee |
| Monthly fees | No monthly fee | From 21 – 79 AUD | 29.95 USD annual fee | No monthly fee
|
No monthly fee
|
| Minimum balance | No minimum balance | No minimum balance | No minimum balance
Annual account fees may apply depending on usage |
No minimum balance
|
No minimum balance |
| Transaction fees |
|
|
|
|
|
| Business debit cards | Available | Available | Available | Available | Available |
| Best features | Hold and exchange 40+ currencies
Mid-market exchange rates |
Hold and exchange 25+ currencies
Different account tiers for varied business needs |
No ongoing costs
Ways to pay and get paid in foreign currencies |
No ongoing fees – pay as you go option
Good option for businesses who bank exclusively online |
Branch service available at a fee
Full suite of local and international banking services offered |
*Information correct at time of writing – 19th July 2024
Wise business account
Great for: businesses looking to grow internationally, which need to hold, exchange, spend, send and receive foreign currencies with low costs
Wise for business is a multi-currency online account which lets you hold dozens of currencies, and pay invoices around the world. You’ll also get local account details for receiving AUD and foreign currency payments, and can withdraw payments from platforms like Stripe into your account for ease.
Currency conversion with Wise uses the mid-market exchange rate with no markups. There’s just a small per transaction fee which is easy to spot, and can keep costs low overall. You’ll also find there is no monthly fee or minimum balance to worry about, making this a flexible low cost option when you’re starting to grow your business across borders.
Eligibility: Australian registered business owners and freelancers – Wise is a global business, so if your business is registered elsewhere you may also be able to open an account in other countries
Best features: Wise business account
- Hold and manage 40+ currencies, send payments to 160+ countries
- Business debit and expense cards to spend and withdraw in 150+ countries
- Receiving account details to get paid by others in a selection of major currencies
- No monthly fee or minimum balance to worry about
- Bank level security and encryption to keep your money safe
Wise business account fees
- Account opening fee of 22 AUD if you open as a Australian resident
- Send cross border payments from 0.33%
- 6.11 USD fee to receive a USD wire (ACH transfers are free to receive)
- Make some free ATM withdrawals monthly, with low fees after that
| Wise business pros | Wise business cons |
|---|---|
| ✅ Hold and exchange 40+ currencies
✅ Debit and expense cards available ✅ Mid-market exchange rates ✅ Send and receive low cost transfers ✅ No ongoing fees or minimum balance |
❌ 22 AUD account opening fee
❌ Currency conversion costs from 0.33% ❌ No branch network |
Revolut business account
Great for: 25+ supported currencies plus accounts to suit your specific business needs, with 3 different plans available for customers in Australia
Revolut customers can open Grow, Scale or Enterprise plans. Different account tiers have their own fees and features – Grow plans have a 21 AUD/month fee, Scale plans cost 79 AUD a month, while Enterprise accounts are tailored to business needs.
Depending on your account plan you’ll get no-fee services up to predetermined limits, with low fixed fees after you exceed these. That means you can choose to move to a higher tier of account when your business starts growing, right up to tailored enterprise level products.
Eligibility: Australian registered business owners and freelancers – Revolut is available in many other countries, so if your business is registered elsewhere you may also be able to open an account in that location
Best features: Revolut business account
- Hold and transact in 25 currencies and get physical and virtual ATM cards
- Local account details for AUD, SWIFT details for other currencies
- Different account plans for different business size and need
- Currency conversion uses the mid-market exchange rate on weekdays, up to your account limit
Revolut business account fees
- Monthly fee from 21 – 79 AUD depending on account selected
- Currency exchange 0.6% once no fee allowance is exhausted
- 1% out of hours conversion fee
- 2% ATM fee
| Revolut business pros | Revolut business cons |
|---|---|
| ✅Pick from different account tiers depending on your needs
✅ All accounts have some no fee currency conversion ✅ Hold and exchange 25 currencies ✅ Receive payments in AUD and other currencies ✅ Some no fee transactions to plan limits |
❌ All accounts have ongoing fees to pay
❌ 1% out of hours fee for currency conversion ❌ ATM fees apply to all withdrawals |
Payoneer business account
Great for: Businesses looking to combine income from several platforms into one account, and then manage their money directly from Payoneer rather than making withdrawals
Payoneer has solutions for freelancers, ecommerce sellers, small businesses and enterprise customers. As a specialist in business transactions, Payoneer is integrated with a range of freelance and marketplace platforms, so you can get paid through several routes, all into the same account. You’ll also be able to charge clients in multiple currencies and then either manage your money in Payoneer or withdraw to a regular account.
Check out the fees before you sign up – there are markups on currency conversion and fees for some payments and withdrawals.
Eligibility: Australian based freelancers and registered business owners
Best features: Payoneer business account
- Sell and do business globally and bill in your client’s local currency with receiving accounts in several foreign currencies
- Integrate with platforms like Shopify, Fiverr and AirBnB to get paid easily
- Make payments to contractors, employees and suppliers, or pay your VAT direct from your account
- Fees apply to receive payments – there are also costs wrapped into exchange rates used for currency conversion
Payoneer business account fees
- 29.95 USD annual fee
- Annual account fees may apply depending on usage
- 0.5% currency conversion fee
- Variable fees apply to get paid and withdraw to other accounts
- 3.15 USD equivalent ATM withdrawal fee
| Payoneer business pros | Payoneer business cons |
|---|---|
| ✅ Industry specific services and products available
✅ Get paid to local receiving accounts in currencies like AUD and USD for free ✅ Capital advance services available ✅ Invoicing options – fees may apply ✅ Easy to use, including debit cards for eligible applicants |
❌ Variable and fairly complex fees
❌ 0.5% currency conversion fee ❌ Annual fees apply |
Commbank Business Transaction Account
Great for: Customers looking for a digital business account from an Australian bank with no monthly fees and pay as you go services
The Commbank Business Transaction Account is designed to be used for fully digital services, with fees for all over the counter transactions applied. You can manage your money online, and use your account to send and receive payments – cards are also available for local and international spending and withdrawals.
Eligibility: Australian based registered business owners
Best features: Commbank Business Transaction Account
- Account from a major Australian bank
- Most electronic transactions are free
- No monthly fees
- Accounts come with debit cards for ease of spending and withdrawals
- Get full business banking support when you need it
Commbank business account fees
- 3.5% foreign transaction fee
- 11 AUD fee to receive foreign payment
- International ATM fee of at least 2 AUD
- Cancel or amend an international payment – 25 AUD
| Commbank business pros | Commbank business cons |
|---|---|
| ✅ No monthly fee – pay as you go services
✅ No fee to send international payment online ✅ Upgrade to an account with a monthly fee and more services if your needs change ✅ Deposit cash at an ATM ✅ Secure and reliable, with a Australian banking licence |
❌ High foreign transaction fee, exchange rates are likely to include a markup
❌ 11 AUD incoming wire fee ❌ATM charges apply when out of network |
Westpac Business One Account
Great for: Australian business owners who mainly manage their money online and want a no monthly fee business account
The Westpac Business One Account account has no monthly fees and most electronic transactions are free. Over the counter or staff assisted transactions all incur fees. There’s no charge to send money overseas online but there’s likely to be a cost wrapped into the exchange rate being used to convert currencies.
Eligibility: Australian based registered business owners: Sole trader, partnership, company, association, SMSF, trust, or not-for-profit
Best features: Westpac Business One Account
- No monthly fees
- Most electronic transactions are free
- Full suite of banking products available
- Full range of international products available, including payments and card spending
- Safe and reliable option from a major Australian bank
Westpac Business One Account fees
- Incoming international payments – 12 AUD
- 3% foreign transaction fee
- Most staff assisted transactions – 3 AUD
| Westpac Business One Account pros | Westpac Business One Account cons |
|---|---|
| ✅ No monthly fee to pay
✅ No fee for international transfers made online ✅ Integrated with online accounting services ✅ Large bank with good branch network ✅ Secure and reliable |
❌ Staff assisted transactions incur a fee
❌ No multi-currency holding options ❌ 3% foreign transaction fee |
Best online international business accounts
Businesses working internationally might need cost saving features like multi-currency account functions, local account details in foreign currencies, or cheaper ways to send and receive international payments.
From the 5 providers we’ve looked at earlier, 3 can be especially good for international businesses, here is a summary of their features:
- Wise business account: Feature packed multi-currency accounts, offering multi-currency receiving account options, low cost international payments to 160+ countries, mid-market exchange rates and debit or expense cards for global spending
- Revolut business account: Hold and exchange 25 currencies, get local AUD details and SWIFT account details for incoming foreign transfers, linked debit cards and lots more
- Payoneer business account: Receive payments in a selection of currencies, including from marketplace sites and PSPs, exchange currencies with relatively low fees and send money around the world
When it comes to the 2 bank business accounts we touched on, neither support multi-currency balances, and they have pretty high international fees on card spending. Neither has an upfront fee for sending an international payment, but the costs of this transaction are likely to be included in the exchange rate used instead.
Online business account fees
While some business accounts are free to open there may be other factors to consider like minimum deposit requirements or monthly fees. Even with online accounts, there are likely to be transaction fees in some situations – making it crucial to weigh up different options based on account fees before picking the best online business account for your needs. Here’s an overview of the key charges for the accounts we looked at earlier.
| Service fees/Business account | Wise business account | Revolut business account | Payoneer business account | Commbank Business Transaction Account | Westpac Business One Account |
|---|---|---|---|---|---|
| Account opening fee | 22 AUD | No account opening fee | No account opening fee | No account opening fee | No account opening fee |
| Monthly or annual fees | No monthly fee | From 21 – 79 AUD | 29.95 USD annual account fee | No monthly fee
|
No monthly fee
|
| Transfer fees | Mid market exchange rate
Currency conversion from 0.33%
|
Mid market exchange rate to plan limit; then 0.6% fee
1% out of hours conversion fee
10 AUD transfer fee once plan allowance is exhausted |
Variable fees
0.5% currency conversion fee
|
No fee when sending in a foreign currency online – exchange rate markups will apply
|
No fee when sending in a foreign currency online – exchange rate markups will apply |
| International transaction fees | No foreign transaction fee | No foreign transaction fee | Up to 3.5% foreign transaction fee | 3.5% foreign transaction fee
|
3% foreign transaction fee
|
| Receiving AUD payments | No fee with local details | No fee with local details | No fee with local details | No fee | No fee |
| Receiving international payments | 10 CAD fee for CAD SWIFT payment
6.11 for USD wire
Other incoming payments free |
May vary based on account tier | Transaction fees may vary depending on usage | Up to 11 AUD | 12 AUD |
| Other fees to consider | Some free ATM withdrawals monthly, before fees begin | 2% ATM fee | 3.15 USD equivalent ATM withdrawal fee | International ATM fee of at least 2 AUD
Cancel or amend an international payment – 25 AUD |
Staff assisted transactions have fees from 3 AUD |
As you can see, each account has its own fees which are worth considering as you pick the account that will work best for you. Here is a quick summary:
- The Wise account has no ongoing costs and offers a very flexible multi-currency service with mid-market rates, making it a good pick for businesses which need to pay and get paid in foreign currencies regularly.
- Revolut also has good multi-currency features and lets you pick the account tier that suits your transaction needs – some fees apply to all accounts, such as a 1% out of hours conversion fee and a 2% ATM fee, so whether or not this suits you depends on your specific requirements.
- Our last non-bank provider, Payoneer, is best for businesses getting paid in foreign currencies by other Payoneer users, and then using funds to transfer out to Payoneer accounts or to pay suppliers without requiring currency conversion – fees are pretty complex so worth looking at carefully.
- If you’d prefer a bank business account, either Commbank or Westpac may suit. There are no fees for simple electronic transactions, although international services may work out to be pretty expensive. As fully licensed banks, they both also offer some services a non-bank alternative may not, such as credit cards and loans.
Best free online business current accounts
No business banking service is really free – usually you’ll run into various charges whether it’s account opening, maintenance or transaction fees, depending on how you use your account. Compare different providers’ fee structures, to see which has the best balance of features and fees for you – here’s a quick overview of the free features of the accounts we looked at earlier.
Wise business account: No ongoing account fees, free to receive payments in many currencies, free to spend currencies in your account with your card
Revolut business account: Some no fee currency conversion, no fee to spend currencies in your account with your card
Payoneer business account: Variable fees based on account use, usually free to receive payments using local details
Commbank Business Transaction Account: No monthly fee, few transaction fees for electronic transactions
Westpac Business One Account: No monthly fee, few transaction fees for electronic transactions
Best online business bank accounts with no deposit
The good news is that none of the online business bank accounts we’ve featured have minimum deposit requirements for account opening. That means you can pick based on the other features which matter to you and your business.
How to open a business account online
Different providers and banks have their own processes for account opening, but generally it’s pretty easy to do.
To give an example, let’s look at how to open a business account online with Wise:
- Download the Wise app or open the desktop site and tap Sign up
- Register by entering your personal details and confirming you need a business account
- Follow the prompts to enter your business information and upload the required documents
- Once your account is verified you can order a card, and start to transact
Usually you need some key information and documents to open a business account, which can include:
- Your name, nationality, birth date and address
- Your ID and proof of address
- Details of the business including trading name, and registered name where applicable
- Your business documentation, based on entity type – business licences, registration numbers, partnership agreements or articles of incorporation for example
Conclusion: Business current account online
Online business accounts can be a great option both for new businesses, freelancers and more established companies looking to manage their finances conveniently and with low costs.
Banks in Australia do often offer digital business accounts, but you may find you can get more features, including multi-currency functions and linked payment cards, from a non-bank alternative like Wise, Revolut or Payoneer. Use this guide to compare your options and get started.
Business banking online FAQs
How long does it take to open a business account online?
Opening a business account online can be done in a few minutes in most cases, by entering your personal and business information and uploading a few documents. Once your account has been checked and verified you’ll be able to start to transact.
What is the easiest business bank account to open online?
There’s no single easiest business bank account, but non-bank options can be a good choice as they’re optimised for digital onboarding and verification. Check out options like Wise and Revolut to see which works best for you.
