Best business accounts for Freelancers and Sole Traders in Australia
Snapshot
Freelancers and sole traders in Australia usually want a low cost account that keeps business money separate, handles occasional overseas invoices, and is quick to open.
Suits Freelancers and Sole Traders best
A no monthly fee account often fits
Typical monthly fee
From no monthly fee to about A$21 a month by plan
Non resident position
Possible where the business is registered in Australia. Verify with the provider.
Providers that fit
Three reviewed here
Fees and features as of 3 April 2026Last reviewed 3 April 2026
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
A sole trader can register for an Australian Business Number and open a business account without forming a company. As of 3 April 2026, Wise Business has no monthly fee, while Revolut Business adds budgeting tools on paid plans. Compare current fees before choosing.
What Freelancers and Sole Traders in Australia need from a business account
Freelancers and sole traders want a clear split between business and personal money, low everyday fees, fast onboarding, and an easy way to bill clients at home and abroad. Lending and cash handling usually matter less. Confirm current terms with the provider.
W
Wise Business
No monthly fee and clear international pricing, but no lending or cash deposits.
Best for
Freelancers invoicing overseas
Monthly fee
No monthly fee, one off A$65 to access local account details
Compare accounts for Freelancers and Sole Traders in Australia
These providers accept Freelancers and Sole Traders in Australia. Fees and eligibility shown as of 3 April 2026. Confirm current terms with the provider before applying.
Questions about banking for Freelancers and Sole Traders in Australia
Can a sole trader open a business account in Australia?
Yes. A sole trader can register for an Australian Business Number and open a business account without forming a company. Requirements vary by provider, so confirm before applying.
Do freelancers need a separate business account?
It is not always legally required for a sole trader, but a separate account keeps records clean and simplifies tax. Many freelancers use a low cost or no monthly fee account. Verify the current terms with the provider.
What is a low cost option for freelancers?
As of 3 April 2026, Wise Business has no monthly fee with a one off A$65 to access local account details. Revolut Business paid plans start from about A$10 a month. Compare current fees with the provider.
Can I get paid by overseas clients as a freelancer?
Yes. Wise Business and Airwallex let you receive and convert several currencies, with margins shown as of 3 April 2026. Check supported currencies and current rates with the provider.
Fees, features, and eligibility change and vary by region. This page was last reviewed on 3 April 2026. Confirm current terms with the provider before applying.