How to Open a Business Bank Account in Australia
Written by Shuo Wang
Australia, often referred to as the “Land Down Under,” is a vibrant and diverse country known for its strong economy, multicultural population, and stunning natural landscapes. With a population of approximately 26 million, it is one of the most urbanized nations, boasting world-class cities like Sydney, Melbourne, Brisbane, and Perth. Australia is also a global leader in education, trade, and innovation, making it an attractive destination for businesses and entrepreneurs. Its business-friendly environment, stable political system, and comprehensive financial services make it an ideal hub for startups and established companies alike. Whether you’re a local resident, international student, or foreign investor, Australia offers ample opportunities to thrive.
A) Banks in Australia
Australia boasts a robust and well-regulated banking system, offering a diverse range of options for both personal and business banking. The industry is dominated by the “Big Four” banks — Commonwealth Bank (CBA), National Australia Bank (NAB), Westpac, and ANZ — each providing extensive branch networks, online banking platforms, and a wide array of financial products. Additionally, challenger banks and fintech companies, such as Airwallex and Zeller, have gained traction by offering digital-first solutions tailored for small businesses and startups. With competitive features like low or no monthly fees, multi-currency accounts, and seamless integrations with accounting software, Australia’s banking options cater to various business needs, whether for locals, international students, or foreign entrepreneurs. This diversity ensures that businesses can find a solution aligned with their operational and financial requirements.
B) Account Opening Process Overview
Step 1: Choose A Reliable Bank
Commonwealth Bank (CBA) is a strong choice for opening a business account due to its comprehensive services, extensive branch network, and user-friendly digital banking. CBA caters to various customer types by offering straightforward account options, multi-currency support, and advanced online tools. Whether you’re a local resident, student, or foreigner, CBA’s accessibility and features make it a dependable option to manage your business finances efficiently.
Step 2: Gather The Documents Required
You’ll need
- Your ABN
- Your ACN (if you have one)
- Your ID (if you’re new to CommBank) Have at least one of these handy:
- Australian drivers licence
- Birth certificate
- Passport
If you’re a private company you’ll also need to confirm your directors, beneficial owners or trustees and they’ll need to confirm their details online.
Step3: Choose A Suitable Business Account For You
Whether you bank online or in a branch, we have an account that can help your business thrive.
- Online
May suit if you do most of your banking online.
$0 Monthly account fee
Pay $5 per assisted transaction or $10 per QuickCash deposit
- In branch
May suit if you bank regularly in branch or at a post office.
$10 Monthly account fee 5 assisted transactions included
$5 per assisted transaction or $10 per QuickCash deposit after you’ve used 5
Step 4: Open The Account Online Or In The Branch
How to open online
Step 1: Fill in your details. We’ll setup your Netbank and verify your ID
Step 2: Verify your business or SMSF
Step 3: When your account is ready to be opened, we’ll email you.
If you’re a private company you’ll also need to confirm your directors, beneficial owners or trustees and they’ll need to confirm their details online.
Who needs to open in branch?
If your company is new to CommBank and not registered as a sole trader, Australian private company (Pty Ltd), a self-managed super fund or a partnership, you’ll need to open your account in branch.
If you want to authorise others to operate your account, you’ll also need to go to branch.
Open an account as Nationals or Permanent Residents:
Personal Identification: One primary photo ID (e.g., passport or Australian driver’s license) or two non-photo documents (e.g., birth certificate plus a utility bill showing address).
Business Details: Australian Business Number (ABN) or Australian Company Number (ACN), business address, and industry type or code.
Proof of Residency: Address verification if not included in other documents.
Open an account as Students in Australia:
Same as nationals, with emphasis on valid student visa details for residency verification if not a permanent resident.
Open an account as a Foreigner not residing in Australia
Identity Documents: Valid passport and any additional documents required by CBA for international customers, such as proof of overseas address.
Business Verification: ABN or ACN for businesses operating in Australia, or similar documentation for overseas businesses interacting with Australian markets.
For all customers, CBA might also request further details depending on the business structure (e.g., sole trader, partnership, or company).
Fees
$0 Monthly account fee or $10/month with 5 assisted transactions included (usually $5 each).
$0 Electronic transaction fees
Plus no fees for deposits or withdrawals at any of our ATMs.
Assisted transactions, cheques and Quick Deposits
Charges may apply for assisted transactions, cheques and Quick Deposits. See all rates and fees for additional transactions.
This story was written by a graduate student at NYU. Read stories about other 50 countries here