You can open a business account in Australia in a few steps once your business is registered. Several fintech providers and the major banks accept Australian businesses, and some accounts carry no monthly fee.
- Can a non resident open
- Possible, but the business must be registered in Australia with an Australian address, and some banks want at least one resident director.
- Typical timeline
- Often a few business days for fintech accounts, longer for the major banks.
- Free account available
- Yes, several accounts have a no monthly fee option as of 26 May 2026. Verify with the provider.
- Most providers
- Multiple business accounts
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
How business banking works in Australia
Australian business banking splits into two broad groups. The major banks, Commonwealth Bank, Westpac, NAB and ANZ, offer transaction accounts, lending and branch access. Fintech providers such as Wise Business, Airwallex and Revolut Business focus on multi currency accounts, online onboarding and lower everyday fees. Which group fits depends on whether you value branch access and lending or low cost international payments.
Who can open a business account
Registered Australian businesses can open an account, including sole traders, companies, partnerships and non profits. Most providers require an Australian Business Number, and companies registered with ASIC also need an Australian Company Number. Identity verification is required for directors and beneficial owners.
Traditional banks compared with neobanks
The major banks suit businesses that want lending, cash handling and branch support. Fintech providers suit businesses that send and receive money across currencies and prefer to manage everything online. Many businesses use one of each. Compare current fees and features before you decide, because terms change.
Requirements and documents
Documents vary by provider and by business structure. A typical application asks for the following, as of 26 May 2026. Verify with the provider
- An Australian Business Number, plus an Australian Company Number if you are a registered company.
- Identity documents for each director and beneficial owner, such as a passport or driver licence.
- Proof of a business address, for example a lease or a utility bill.
How to open an account
- Register your business and obtain your Australian Business Number, and an Australian Company Number if you are a company.
- Choose a provider and gather identity and address documents for the directors and beneficial owners.
- Apply online or in branch, complete identity verification, then confirm current fees and terms with the provider before you fund the account.
Compare business accounts available in Australia
These providers accept business customers in Australia. Fees and eligibility shown as of 26 May 2026. Confirm current terms with the provider before applying.
Compare business accounts →Questions about business banking in Australia
Can a non resident open a business account in Australia?
Do I need an Australian Business Number to open a business account?
Is there a business account with no monthly fee in Australia?
How long does it take to open a business account in Australia?
Fees, features, and eligibility change and vary by region. This page was last reviewed on 26 May 2026. Confirm current terms with the provider before applying.