5 Best free Business Accounts 2024
Getting a business account is essential as soon as you have to send or receive payments on behalf of your business. It makes sense when you’re just starting out to look for an account with low or no fees, to help maximise your profits as you get established. While truly free business banking isn’t usually an option, there are lots of accounts out there from banks and non-bank alternatives, which can limit costs and avoid ongoing fees – giving your business a boost.
This guide looks at 5 of the best business accounts which have free features or no ongoing fees, to help you decide if any is right for you.
Quick summary: No fee business accounts
Wise business account: Great for no monthly fee accounts which can hold 40+ currencies and exchange with mid-market exchange rates
Revolut business account: Great for different plans to suit your business needs, which have monthly fees but which offer no fee transactions in return
Payoneer business account: Great for no monthly fees 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
Can you open a business account for free?
Australian entrepreneurs can open business accounts with no initial fee to pay, with banks and non-bank alternative providers. However, it’s helpful to note that fee schedules vary enormously between different account types, and you may also need to make a minimum opening deposit when you set up your account.
It’s important to look carefully at the fees associated with your preferred account – some, like Wise, have a one time account opening fee, but no monthly charges. Others, like Revolut, have different account packages which have ongoing charges to pay but which offer some no fee transactions every month in return. You may also run into other important costs such as account dormancy fees if you don’t transact regularly, as well as transaction and service costs.
Compare your options carefully before you pick – we’ve got all the details you need to get started coming right up.
Best free 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 | No minimum balance
|
No minimum balance |
| Transaction fees | Currency conversion from 0.33%
Some free ATM withdrawals monthly |
Currency exchange 0.6% once no fee allowance is exhausted
1% out of hours conversion fee 2% ATM fee |
0.5% currency conversion fee
Variable fees apply to get paid 3.15 USD ATM withdrawal fee |
3.5% foreign transaction fee
11 AUD fee to receive foreign payment International ATM fee of at least 2 AUD Cancel or amend a payment – 25 AUD |
3% foreign transaction fee
12 AUD fee to receive foreign payment Staff assisted transactions have fees from 3 AUD |
| 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: international businesses looking for an account with no ongoing fees, and ways 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. 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.
Wise business customers can 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.
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
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
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 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: 3 different plans available which all have ongoing fees, but which unlock some fee free transactions monthly, and support 25+ currencies for holding and exchange
Revolut customers can open Grow, Scale or Enterprise plans. Different account tiers have their own fees and features – but all accounts come with some no fee transactions monthly, including no fee local and international payments and currency conversion.
No-fee services Depend on the account plan you pick – transact with no extra fees to predetermined limits, and pay low fixed fees after you exceed these.
Grow plans have a 21 AUD/month fee, Scale plans cost 79 AUD a month, while Enterprise accounts are tailored to business needs. 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
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
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 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 for a no monthly fee account which can connect with PSPs and marketplace platforms for multi-currency settlement
Payoneer accounts for freelancers, ecommerce sellers, small businesses and enterprise customers are free to open, and while there’s an annual fee, this can be waived if you transact often enough.
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. Use your local account details, which means it’s free to receive payments in select major currencies – plus it’s free to be paid by another Payoneer customer, which is handy if you’re a freelancer and your customers use Payoneer too.
While many Payoneer services are free, there are markups on currency conversion and fees for some payments and withdrawals – check out the details before you sign up.
Eligibility: Australian based freelancers and registered business owners
Payoneer business account fees
- 29.95 USD annual fee for account, which can be waived by transacting frequently
- 29.95 USD annual fee for first Payoneer card issued – additional cards do not have an annual fee
- 0.5% currency conversion fee
- Variable fees apply to get paid and withdraw to other accounts
- 3.15 USD equivalent ATM withdrawal fee
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 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
Commbank offers 2 different types of Business Transaction Account. The one we picked out is designed to be used for fully digital services, with no monthly fee and fees for all over the counter transactions. 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.
If you need to deposit cash, there’s also an alternative version of this account which has a monthly fee but which lets you deposit cash into your account in a branch.
Eligibility: Australian based registered business owners
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
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 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
Westpac Business One Account fees
- Incoming international payments – 12 AUD
- 3% foreign transaction fee
- Most staff assisted transactions – 3 AUD
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 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 |
How to open a business account online for free with no deposit
Different banks and providers have their own processes to open a free business account – but you can usually get everything done with just your phone or laptop. Bear in mind that you’ll need some information and documents to hand, which we’ll run through in a moment. Once you have everything you need pulled together the steps you’ll usually need to take include:
- Choose your preferred account and head to the provider’s app or website
- Click Apply now and follow prompts to confirm your eligibility
- Enter your personal and contact information
- Add details of your business and any other directors or partners
- Complete the verification step by uploading images of required documents
- Your debit card will be mailed to you once your account is verified.
The paperwork and information you need can depend on the account you pick and the entity type you have. Usually you’ll need to provide:
- Full name, contact information, address, and date of birth of the business owner, as well as any partners and directors with over a 25% stake
- Your passport, driving licence or other valid ID
- Your full business address, and contact details
- Business registration documents, depending on entity type
- Business estimated annual turnover
Best free international business accounts
If you have customers overseas who prefer to pay in their home currency, or if you deal with international suppliers, you could be better off with an account which has multi-currency features. This will allow you to keep your costs down as you won’t need to convert between currencies unnecessarily – plus you may get beneficial exchange rates. Of the providers we’ve looked at earlier, we’ve picked out the following as the top picks for international businesses:
- Wise Business Account: No monthly fees to hold and exchange 40+ currencies, receive payments with local details in 23 currencies, convert with the mid-market exchange rate and low fees
- 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
While the business accounts we selected from Commbank and Westpac have some interesting features, they’re AUD denominated only and can have limited international reach. This can mean you can’t freely send or receive overseas payments – or the fees are high when you do so.
Best online business bank accounts with no minimum deposit or balance
If you’re just starting your business you may not have money to hand to add as a minimum deposit for your business account. The good news is that none of the providers we picked require any minimum deposit at all, so you can pick the one that suits you best based on your regular transaction types.
Conclusion: business accounts with no fees
Choosing a business account with no ongoing charges can mean you have more money to invest in growing your business. Finding completely free business account products is pretty much impossible, but there are certainly some good solutions available for accounts which cut costs and limit monthly fees.
Check out options like Wise if you want a powerful international account with no ongoing fees, or consider a provider like Commbank if you’d like an AUD denominated digital business account you can manage with your phone from a bank which also allows over the counter transactions for a fee.
Free business banking online FAQs
Which bank doesn’t charge for business accounts?
There’s a cost to offering business banking services, so you’ll usually run into some service and transaction fees with any business account you pick. However, you could consider business bank accounts with no monthly charges from providers like Commbank and Westpac, as a good place to start if you’re dealing with AUD transactions only. For international services, consider a non-bank alternative like Wise or Revolut.
Do all banks charge a fee for business accounts?
Usually there are some fees to pay for business accounts but these could be transaction fees for things like out of network ATM fees or international payments, rather than rolling charges you pay every month. Check out a selection of bank and non-bank alternative business accounts to see which works best for you.
Do business bank accounts have fees?
Most business accounts have some fees – but the way banks and non-bank providers approach fees can vary a lot. Some have monthly charges, while others waive ongoing fees but use transaction and service fees instead. Review your preferred provider’s terms and conditions document carefully before you sign up.
