Compare the best digital business bank accounts in Australia (2025)

Digital business bank accounts are quickly gaining traction in Australia. With more than 99% of transactions occurring digitally¹, businesses need to keep up with the rapid pace of modern business. Just under half of Australian business owners are planning to invest in digital payments in the next 12 months so finding the right solution is important.¹

The right business account can fast-track your growth, but how do you know which one works for you? In this article, we’ll cover everything you need to know about digital business bank accounts, how they work and the benefits they offer. We’ll also explore the Airwallex Business Account and how it can help you grow your business quickly with a comprehensive range of financial services.

What's the difference between a digital business account and a digital business bank account?

The difference between a digital business account and a digital business bank account is the financial institution that offers them, and the services they provide.

A digital business account is typically offered by fintech companies and comes with specialised services beyond traditional banking. For instance, the Airwallex Business Account has a payment gateway, expense management, and integrations with accounting software. Business owners enjoy more efficient financial processes on top of the convenience of transacting on-the-go.

On the other hand, a digital business bank account provides the traditional banking services like deposits and loans through a fully online platform. These accounts are offered by digital-only banks and established banks like NAB. While digital banking is increasingly available from traditional banks, they may not have the same innovative services that fintech business accounts have, such as advanced integrations and streamlined expense management.

Businesses who want to explore digital banking have several options they can consider:

• Traditional banks. Big 4 Banks in Australia like Westpac and Commonwealth Bank offer digital business banking services like transaction and savings accounts, loans, and corporate cards.

• Digital banks. Like traditional banks, digital banks offer payments and loans tailored to enterprises. The only difference is that digital banks have no physical locations for cash deposits, withdrawals, or account opening. Australia has various digital banks like Ubank or banks that provide online-only accounts like ANZ. 

• Fintech firms. Fintech business accounts like Airwallex are a good alternative to banks. Although Airwallex is not a bank, our Business Account lets you open 23+ local currency accounts with local bank details. This saves users the hassle and paperwork involved in opening corporate bank accounts in markets where they do business. While not a business bank account, the Airwallex Business Account is an option for business owners who like to manage their finances digitally. 

What alternatives are there to a digital business bank account?

Fintech platforms like Airwallex, Wise and GoCardless are a good alternative to digital business bank accounts. They provide similar services like handling payments and multi-currency accounts, but generally come with added benefits such as faster transactions, lower fees and additional features.

Airwallex, in particular, offers an end-to-end payment solution that lets you open foreign currency accounts in minutes and accept payments from over 180 countries. You can send payments to 120+ countries using our proprietary payment network, which means no SWIFT fees and 85% of transfers arriving the same day. These features reduce unnecessary currency conversion and makes it easier to do business in multiple markets. 

There’s no need to visit a physical branch to open a fintech account. All that’s needed is to upload soft copies of business registration documents and partners’ IDs. This efficient application process allows businesses to start transacting as quickly as 1 business day. 

The difference between digital banks and fintech firms lie in their specialised services.  While digital bank accounts focus on money transfer services, fintech offers a range of innovative solutions to see growth throughout your entire financial operations. As an end-to-end financial solution, Airwallex’s benefits go beyond low-cost transfers; we reduce unnecessary fees through our multi-currency payment gateway and expense management platform, allowing businesses of all sizes to grow beyond Australia. 

End-to-end solutions like Airwallex can also automate manual financial tasks like expense management or bill payments. Businesses can easily integrate their accounting software or eCommerce platform to the fintech account so that all their transactions can be viewed in one dashboard. This saves time and allows businesses to make the most of their lean teams.

For businesses who want to get started quickly and streamline their financial operations, fintech accounts are an excellent alternative.

Top 5 digital business bank providers in Australia   

In Australia, the top five digital business account providers include well-established banks with online banking services and digital-only banks. These institutions are recognised for their strong support of SMEs and for their innovative digital banking solutions.

Commonwealth Bank

Whilst Commbank is one of Australia’s Big 4 traditional banks with physical branches across the country, they also offer a digital-only business bank account called the Commbank Business Transaction Account. This allows businesses to make everyday payments and transactions through their app and website. 

Great Southern Bank 

Formerly a Credit Union, this customer-owned bank offers loans, insurance, everyday personal and business banking. They specialise in providing smaller small businesses with simple online banking. 

NAB 

Similar to Commbank, NAB’s customers are mainly retail businesses and are offered a range of digital banking products to allow customers to easily track, send and receive payments. They offer an everyday business bank account that is mainly online only.  Tyro Payments

Tyro Payments is one of Australia’s only neobanks - a bank operating solely online. This payments financial institution specialises in merchant credit, debit and EFTPOS acquiring. 

The top features to look for in digital business bank accounts and alternatives

Comparing digital business bank accounts and fintech accounts can be overwhelming and confusing. To make it easier, we’ve compiled a list of key features: 

• Swift account setup. It’s important to consider how quickly you can set up an account and get started banking. Established banks may require an in-person visit to confirm the account owner’s identity.

• Global reach. Check the bank's global reach to ensure it supports the markets you do business with. A bank with a strong presence in these regions can potentially offer lower international transfer fees and support local payment methods.

• Scalability. Choose a solution that can manage growing transaction volumes and multiple international markets with ease, so you won't need to switch providers as your business expands.

• Fees. Many providers display fees transparently, making it easier to compare prices across banks and avoid unexpected costs. Be sure to consider monthly subscription fees, foreign transaction charges, and currency conversion costs.

• Security and regulations. At a minimum, your business account provider should be licensed and regulated by the Australian Securities and Investments Commission (ASIC)  which regulates the financial services industry. They should also be PCI DSS compliant and have fraud prevention systems in place.

The Airwallex Business Account has all these features, plus solutions to automate business operations.

Compare digital business bank accounts and alternatives in Australia

Digital business bank accounts and fintech alternatives specialise in different financial solutions. Digital banks focus on transactions and loans, while fintech alternatives provide an all-in-one platform to manage your financial operations.  

Let’s take a look at the key features of various digital business bank accounts and fintech alternatives:

How do digital business bank accounts work?

Digital business bank accounts work by providing traditional banking services online, through a mobile app or website. The application process is done entirely online, and the account can be ready as soon as 1 business day. Business owners can use digital business bank accounts to transfer funds locally, make cross-border payments, or apply for loans from anywhere, without the need to visit a physical branch. 

If the business bank account is offered by a traditional bank like Commonwealth Bank, account holders can access physical bank branches or ATMs for cash withdrawals and deposits. 

Do I need a digital business account?

When looking for speed, cost-efficiency, and prefer digital-first solutions, a digital business account could be a great fit. It helps businesses go to market faster as it requires no in-person branch visits, and has a range of flexible solutions that scales with the business.

For example, the Airwallex Business Account lets businesses open 23+ local currency accounts in minutes, without the need to visit local bank branches. Users can start doing business like a local in 60+ countries, and cut down on hefty SWIFT and conversion fees. 

As the business grows, Airwallex gives quick access to services like physical and virtual corporate cards, expense management, and payment acceptance. The Airwallex Business Account also integrates with accounting and eCommerce platforms for a more streamlined view of your expenses and revenue. Open an account and discover what Airwallex can do for businesses.

What do I need to set up a digital business account?

When opening a digital business account, most firms use a fully digital account application process where you upload and submit the required documentation before being verified. You'll generally need to provide your business registration details and information about your business structure and industry to help the provider match you with the best account type.

The documentation and details you’ll be asked for may include:

• Business name;

• Primary business address;

• Australian Business Number (ABN);

• Australian Company Number (ACN);

• Industry type; and

• Identification for all owners or partners.

The online application process is generally quick once you’ve submitted all the relevant documents and information. However, verification checks can extend the time taken to open your account and you might be asked to give more information or paperwork to support your application.

Read more information here on: How to open a business bank account

Unlock faster growth with an Airwallex Business Account

More businesses in Australia are turning to digital business accounts for international transfers, currency exchange, and bill payments.¹¹ Both established banks and digital alternatives provide their  services online, offering added convenience for time-strapped SMEs.

However, fintech firms offer powerful alternatives that let businesses jumpstart their growth plans. The Airwallex Business Account can be opened as quickly as one business day if all your documents are in order. Once your account is verified, you can pay global suppliers in minutes, issue Borderless Cards instantly, or create local currency accounts. 

Airwallex also helps cut unnecessary conversion fees with Global Accounts, which lets users hold, receive, and convert 23+ currencies. When converting money, our interbank rates allow users to save up to 80% on foreign exchange fees. 

There are many fintech solutions in Australia, but most focus on currency exchange and transfers. Airwallex, on the other hand, is engineered to grow with the business. Users can quickly implement an eCommerce payment gateway, automate up to 1,000 bill payments, or activate expense management. Having all these services in one platform reduces the need to toggle between multiple providers, gives the business a consolidated view of its performance and saves time. 

Sources

1. https://www.fintechaustralia.org.au/newsroom/new-report-finds-nearly-half-of-australian-businesses-plan-to-invest-in-digital-payments-over-the-next-12-months

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

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

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

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

6. https://www.greatsouthernbank.com.au/business-banking

7. ​​https://www.greatsouthernbank.com.au/international-services/send-money-overseas

8. https://www.nab.com.au/important-information/business/banking-fees-charges

9. https://www.nab.com.au/content/dam/nab/documents/rates-and-fees/banking/nab-business-banking-guide-to-fees-charges.p

10. https://www.tyro.com/products/bank-account/

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 (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here.

The Airwallex Yield Liquidity Fund (Yield) is issued by K2 Asset Management Limited (K2) (ABN 95 085 445 094, AFSL No 244393), a wholly owned subsidiary of K2 Asset Management Holdings Limited. This information doesn’t take into account your objectives, financial situation, or needs. Read the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for Yield, available at www.airwallex.com.au/terms from Airwallex Capital Pty Ltd (ABN 37 609 653 312, AFSL No. 549026). All investments carry risk. *Target returns are net of fees as at [insert date] (AEDT) and indicate past 1-day annualised returns of the relevant underlying JPMorgan Liquidity Funds.