Which bank is best for business accounts?
Unfortunately, there’s no definitive answer to the question of which bank is best for business accounts. That’s because ‘best’ will differ from customer to customer, depending on their unique circumstances. These include not only your company’s financial position, but also its size, its age and the sector in which it operates. Another factor to consider is what features you want in a bank account. Your business may require different features than another business; and your business may require different features tomorrow than it does today.
The best thing to do is to thoroughly research the market before opening a business account. And when you do open an account, you should reassess your options every year or two, because the market moves quickly. A particular bank might offer the best account today, but be surpassed by one or several rivals tomorrow.
Opening a bank account is one of the simplest online tasks you could perform. The hard part is deciding which type of bank account you want to open.
All banking institutions have a website where you hit ‘apply’ on the account of your choice and step through an application in less than 10 minutes.
Here’s a list of information that is generally required for applications.
- Identification (driver’s licence, passport, proof of age card, proof of citizenship and/or birth certificate)
- Tax file number (so you don’t get charged the highest tax rate)
- Address, contact email and phone number
If you decide to open a new account at the branch, make sure you ask beforehand what information you need to take with you, or take all of the above to be safe.
You can cash a cheque without a bank account if you visit the bank that issued the cheque. For example, if somebody sends you a cheque from Bank X (as written on the cheque) and you visit Bank X, it’s likely that Bank X will let you cash the cheque – provided the person who wrote the cheque has enough money in their account. Bank X would probably charge you a fee for the service.
Transferring money to another bank is often called a bank transfer, and it can be done a few different ways.
Customers generally need three pieces of information to transfer money to another bank account. Customers need the account name, BSB and account number of the account they wish to transfer money to.
One way of transferring money to another bank account is in a branch with the help of a staff member; they will often give you a receipt as well as confirmation of the transfer.
Transfers can be also made via internet banking and phone banking.
Some banks also allow customers to make transfers via partnered ATMs, especially if the account is with the same bank.
Many Australian lenders allow foreigners to open bank accounts in Australia. Often, this can be done before you arrive in the country – with no Australian address required. When you get to Australia, you can pick up your debit card, using your passport as identification.
Yes, most lenders that operate in Australia will let you set up a bank account online. The process is usually simple and takes five to 10 minutes. You will probably need to provide a passport or birth certificate, as well as a driver’s licence, Medicare card or another form of secondary identification. Requirements differ from lender to lender, so some institutions might ask for more or different forms of ID.
The latest in bank account news
Today's top bank account products
Find popular bank account lenders from a wide range of Australian. View All >
Global Currency Account
Over 3,000 Westpac Group ATMs
specialReceive a free bottle of wine every time you dine at any Citibank Dining Program partner restaurant and pay with your Citibank Debit Card. T&Cs apply.