Opening a CommBank business account. All you need to know.

Whether you’re a sole trader, running a limited liability business, or sorting out the finances for a huge multinational, one thing is always the same: you need a decent business bank account. Every single business owner needs to have confidence they’re banking with the institution that’s best suited to them.

One option that many Australian businesses consider is Commonwealth Bank, also known more briefly as CommBank. One of Australia’s “Big 4” banks, CommBank offers financial products from personal and business accounts through to help with home buying, financial planning and much else. But how do their business accounts stack up?

This article will tell you what you need to know about CommBank’s business accounts.

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What are the different account types for business with Commonwealth Bank?

CommBank keeps things relatively simple when it comes to business bank accounts. There is a Business transaction account with 2 fee levels to choose from:¹

• Business Transaction Account — $0 Monthly Account Fee option
• Business Transaction Account — $10 Monthly Account Fee option

Those 2 are both transaction business accounts. As you’d expect, there are also business accounts for savings:

• Business Online Saver
• Term Deposit and cash deposit accounts

There are some more specialised products available too:

• FarmManagement Deposit Account and a
• Society Cheque Account.

But, chances are, you’ll already know if you need one of those more specific types of accounts. In this article, the focus will be on the main, everyday accounts for businesses with relatively conventional demands.

Business Transaction Account With $0 Monthly Account Fee

CommBank’s most popular account for businesses is the Business Transaction Account. This version with no fees is designed for businesses that will manage the account online themselves and won't need many staff assisted transactions.

Here are some of its key features.²

• No monthly fees
• Unlimited electronic transactions
• Free withdrawals at Commbank ATMs
• If you’re a sole trader or if you direct an Australian private company, you can open it online.
• Commbank invoicing can be made available for some eligible accounts. Some eligibility factors include, you must be 18 years or over, with a Netbank client number. You must be registered to NetCode and a sole trader or director of a Pty ltd company.
• The account comes with a business Visa debit card that you can use with Apple Pay, Google Pay and Samsung Pay.
• There are various other perks including accounting software integration and business insights. You can do mobile banking via the app.

Business Transaction Account With $10 Monthly Account Fee

This account is the same as the free version, with all the features listed above. There's the addition of 20 free assisted bank transactions per month. This account is for companies that want more hands-on help from bank clerks or assistants, the post office or agency.²

What are the fees for a Commonwealth Bank business account?

The fees that you’ll be charged by CommBank naturally depend on what sort of account you use and the services you need. The main differentiator is the assisted transactions you get with the paid account.

Here’s an overview of the key fees you’ll face with either **Business Transaction Account (BTA) **fee levels.⁴

Service⁴	BTA — No Monthly Fee	BTA — A$10 per month Fee
Monthly Fee	None	$10
Assisted transactions — Transactions involving staff assistance help	$3 per assisted transaction	20 free assisted transactions, then $3 for each over the first 20
Commbank ATM overseas	$2	$2
Non Commbank ATM abroad or foreign currency conversion payments	3% of the transaction value for Maestro (EFTPOS) or Visa Debit Card or Debit MasterCard Any other cash withdrawal overseas: AUD $5 plus 3% of the transaction value	3% of the transaction value for Maestro (EFTPOS) or Visa Debit Card or Debit MasterCard Any other cash withdrawal overseas: AUD $5 plus 3% of the transaction value
International transfers⁷	Send in branch: $30 Send online in foreign currency: $6 Send online in when debited and credited in AUD: $22 Send online from a foreign currency account: $6 Receive into a Commbank AUD or foreign currency account: up to $11	Send in branch: $30 Send online in foreign currency: $6 Send online in when debited and credited in AUD: $22 Send online from a foreign currency account: $6 Receive into a Commbank AUD or foreign currency account: up to $11
Foreign exchange rate⁶	Includes margin	Includes margin

The international money transfer fees quoted above are CommBank’s standard international transfer fees – they’re not specific to business accounts. But they’re worth taking a look at if you’re likely to need to send – or receive – a lot of these.

Even the international transfer fees quoted above may not be the full picture, because often there are correspondent bank fees that also come out of your transfer amount. CommBank offers a fixed price per currency for upfront payment of such fees, which can take the stress out of the transaction. Better to avoid having to pay these fees altogether, though.

As one alternative specifically in regard to international transfers, take a look atWise’s pricing and coverage.

CommBank Business Visa Debit card

Both the business accounts mentioned above come with a Visa debit card. CommBank also offers a range of credit cards to businesses.² Depending on your business’s needs, you might be interested in a Low Rate, Awards, Interest-Free Days or Corporate credit card.⁵ Or, of course, you might be fine with just the debit card.

What are the requirements to open a business bank account with Commonwealth Bank?

If you are a sole trader or a director of an Australian private company (Pty Ltd), you'll be able to open this account online. In order to get your account, you’ll need to do the following³:

• Provide identification details about you and your business: A Passport, Australian driver's license or Birth certificate for the person opening the account.
• The full names, mobile numbers and emails of all directors or business beneficiaries and directors of the company.
• You’ll need to provide different documents depending on what sort of business you have. A sole trader needs to provide business name, address, ABN and your industry type or code, plus some personal ID.
• A listed public company, on the other hand, will need to provide the ACN, and the company will need to have all the appropriate registrations. Make sure you have the appropriate business licenses and so on.

Read more: How to open a bank account with Commonwealth Bank

How can you contact the Commonwealth Bank business banking support team?

Here are the easiest ways to get in touch with CommBank for business support.⁵

• Call 13 1998 within Australia or +61 2 9009 0593 from overseas
• You can also locate your local Business Banker]

Check out Wise for Business

The Wise Business account offers affordable services for local and international transactions. It’s run by Wise, who’s a secure provider that’s authorised to operate in Australia.

With a Wise business account you can pay invoices in over 70 countries around the world. There’s no hidden fees and your money is exchanged using the real exchange rate, like you’d see on Google.

To help make running your business a little easier, you can have multiple business debit cards, all currencies are accessed through a single account and you can pay up to 1000 people at once. It also has options for accounting software integration.

If you're intrigued why not have a look at the Wise Business account for yourself - you can create your own in just minutes.

Open your Wise business account
in minutes 🚀

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Sources:

1. Commbank business account types
2. Commbank business transaction account info
3. Commbank business account requirements
4. Commbank Business terms and conditions - fees pages 21-25
5. Commbank business support contact details
6. Commbank exchange rate includes a margin
7. Commbank international transfer fees page 2 and 5

Sources checked on 08 March 2022