Commonwealth Bank Business Transaction Account Review for Australia (2025)

Are you considering opening a CommBank Business Transaction Account for your business? As with any decision that relates to your financial management, having a thorough understanding of the services on offer will help you make an informed choice.

In this article, we’ll give a background to Commonwealth Bank, how their business account works, key features, eligibility requirements, regional services, associated costs, and timeframes, and their customer support channels.

What is Commonwealth Bank? 

One of Australia’s ‘big four’ banks, Commonwealth Bank provides 17 million individuals and businesses with financial services. Otherwise known as CommBank or CBA, the institution offers customers with personal and business banking, loans, international payment services, and insurance-related services. 

Commonwealth Bank has the largest brand network in Australia with over 700 branches and international offices. Its main offering for businesses is the CommBank Business Transaction Account.

CommBank Business Transaction Account key features and products 

Eligibility: CommBank’s Business Transaction Account is available for sole traders, Australian private companies, self-managed super funds and those in partnerships. These accounts separate the account owner’s business finances from their personal accounts. 

No minimum balance: There is no minimum balance required on this account. 

Cards: The CommBank Business Transaction Account comes with a Business Visa debit card, which can be used wherever Visa is accepted. There are no employee cards available to manage additional employee expenses. ²

Digital and Physical Account Management: CommBank Business Transaction Account offers two account options, one that's primarily online and the other is for those that use in-branch services.

CommBank has physical branches located across Australia where users can find in-person support and access ATM transactions. This allows users of the physical option to access staff-assisted transactions.

For those that do not require physical access, this account provides unlimited CommBank electronic transactions online.

Additional Services: While the Business Transaction Account only offers basic business-transacting services without interest, users can pair this with the CommBank Business Online Saver for no additional cost. This savings account provides interest rates for balances over $10,000.

CommBank Business Transaction Account Pricing & Fees

How much does it cost to use the Commbank Business Transaction Account? See the table below for the main fees and charges you need to know about. 

What do businesses need to open a CommBank Business Transaction Account? 

In order to open and use a Commonwealth Bank Business Transaction Account, businesses will need to supply documents to verify the account owner and the business. These include: 

1. Their ABN 

2. Their ACN (if applicable) 

3. The account owner’s ID (if they’re new to CommBank) 

If applicants are a private company, they will also need to confirm their directors, beneficial owners or trustees, and those parties need to also confirm their details online.² Applicants can open an account online.

Exploring alternatives to Commonwealth Bank?

There are other compelling options beyond the ‘big four’ when it comes to business accounts. 

An Airwallex Business Account provides businesses with similar benefits to the CommBank Business Transaction digital account. However, Airwallex offers products and services that are built specifically for businesses. Our Business Account is not only built for everyday business transactions. It’s designed to make managing, growing, and moving business funds globally simple.

Move money locally and globally

Expand business potential and slash the costs of spending at home and abroad.

• Open accounts in 60+ countries without needing a local entity

• Transfer to 150+ countries with market-leading FX rates, and enjoy free local transfers

• Accept payments from 130+ countries and maximise online selling with smart plugins and payment links

Manage money easily

Slash admin and reduce human error with our centralised tools that simplify financial operations.

• Issue corporate Visa cards for FX-free global spending. 

• Enjoy smart integrations with popular accounting platforms like Xero and Netsuite

Grow money effortlessly

Make every dollar work harder with our unique business savings solution. 

• Grow funds with our high-rate business saver Yield, empowering businesses to earn returns in AUD and USD

Looking for even more? Beyond our Business Account businesses can explore our advanced Spend Management tools and Platform APIs.

Airwallex is designed for businesses with global reach in suppliers, vendors and customers. Its end-to-end financial solution empowers businesses to replace traditional solutions and clunky tech stacks for a single powerful platform. 

Learn more about Airwallex vs CommBank. 

How to open a business account with Airwallex

The best way to get started with us is to sign up for our Business Account. Just fill out a few simple details.

Once you’re signed up, you can start opening multiple domestic and foreign currency accounts in minutes. Our platform is intuitive and built for getting started quickly. Additional assistance is also available from our friendly local support team.

Sources 

1. https://www.commbank.com.au/business/bank-accounts.html

2. https://www.commbank.com.au/business/bank-accounts/business-transaction-account.html

3. https://www.commbank.com.au/business/bank-accounts/business-transaction-account/rates-and-fees.html

4. https://www.commbank.com.au/business/international/international-payments/foreign-currency-accounts.html

Disclaimer: The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]].

This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (ACN 609 653 312, AFSL No. 487221), it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, available here. If you are a customer of Airwallex Capital Pty Ltd (ACN 661 618 819, AFSL No. 549026), it is important for you to read the PDS for Airwallex Yield, available at www.airwallex.com/au/terms and issued by K2 Asset Management Ltd (ABN 95 085 445 094, AFSL No. 244 393), a wholly-owned subsidiary of K2 Asset Management Holdings Ltd. All investments carry risk.