• Written by: James Carey, CA CTA
• 12/11/2025

How to Open a Business Bank Account in Australia as a Foreign Company

Last Updated: February 2026

By Aus Business Register

Opening a business bank account in Australia from overseas is one of the most critical — and most frustrating — steps for any foreign company entering the Australian market. Without a local bank account, you cannot pay employees, receive payments from Australian customers, meet tax obligations, or operate effectively on the ground.

Yet for many foreign businesses, this step turns out to be far more difficult than expected. Australian banks have strict anti-money laundering (AML) and know-your-customer (KYC) requirements under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), and these requirements are significantly more demanding for foreign-owned entities.

This comprehensive guide walks you through every step of the process, from choosing the right bank to gathering the necessary documents, opening an account remotely from overseas, and avoiding the common mistakes that delay or derail applications.

Why You Need an Australian Business Bank Account

While it is technically possible to conduct some business in Australia using an overseas bank account, there are compelling practical and legal reasons to establish a local account:

• Tax compliance: The Australian Taxation Office (ATO) requires businesses to lodge Business Activity Statements (BAS) and pay GST, PAYG withholding, and company tax. These obligations are far easier to manage with a local account.
• Employee payments: Under the Fair Work Act 2009, employees must generally be paid in Australian dollars into an Australian bank account. The national minimum wage is currently $24.95 per hour (as of July 2024; indexed annually).
• Credibility with customers: Australian businesses and consumers expect to pay via local bank transfer (using BSB and account numbers) or through Australian payment gateways.
• Superannuation obligations: Employers must pay the Superannuation Guarantee of 12% (FY2025-26) into employees’ nominated super funds, which requires an Australian bank account.
• Reduced transaction costs: International wire transfers incur significant fees and unfavourable exchange rates, eating into your margins.
• Government payments: If your company receives grants, R&D tax incentives, or other government payments, these are generally paid into Australian bank accounts only.

Prerequisites Before You Apply

Before approaching an Australian bank, your company must have certain foundational elements in place. Banks will not open an account for a foreign entity that has not established a legal presence in Australia.

Register Your Business in Australia

You have two primary options for establishing a legal presence:

1. Register an Australian subsidiary (Pty Ltd company): This involves incorporating a new proprietary limited company with the Australian Securities and Investments Commission (ASIC). The registration fee is $611, and annual review fees are $329 for proprietary companies. This is the most common route and the one banks prefer. Learn more at our company formation services page.
2. Register as a foreign company (ARBN): Under Part 5B.2 of the Corporations Act 2001, a foreign company carrying on business in Australia must register with ASIC and obtain an Australian Registered Body Number (ARBN). This route is often used by companies that want to maintain their overseas legal entity while operating in Australia. See our branch establishment services for details.

Obtain an Australian Business Number (ABN)

An ABN is essential for operating in Australia. It is required on all invoices, tax filings, and business communications. You can apply through the Australian Business Register, and it is free of charge. Your ABN application is processed more quickly when you already have your company registration in place. Our ABN & GST registration service handles this from $450.

Appoint an Australian Resident Director

If you are registering a Pty Ltd company, at least one director must ordinarily reside in Australia under Section 201A of the Corporations Act 2001. Many foreign companies use a resident director service to satisfy this requirement. For foreign company registrations (ARBN), you must appoint a local agent instead.

Obtain a Registered Office Address

Your company must have a registered office address in Australia. This cannot be a PO Box — it must be a physical street address where ASIC documents can be served during business hours.

Do You Need an ABN to Open a Business Bank Account?

Yes, in almost all cases. Australian banks require an ABN (or at minimum an ACN) before they will open a business bank account. The ABN serves as the primary business identifier in Australia and is linked to your tax obligations.

Here is the sequence most banks expect:

1. Company registration first — either an Australian subsidiary (ACN) or foreign company registration (ARBN)
2. ABN registration — applied for through the Australian Business Register, typically approved within 1-2 business days once your company registration is confirmed
3. GST registration — mandatory if your annual turnover in Australia will exceed $75,000 (processed alongside or immediately after ABN)
4. Bank account application — submitted with your ACN/ARBN and ABN as part of the required documentation

Can you open an account with just an ACN (no ABN yet)? Some banks, particularly CBA and NAB, will begin processing your application with a company registration certificate and ACN, on the condition that you provide the ABN before the account is activated. However, the account will not be fully operational until the ABN is confirmed.

If you need assistance getting your ABN and GST registered quickly, our ABN & GST registration service typically has approvals within days.

Documents Required for Foreign Companies

Document requirements vary between banks, but the following checklist covers the standard requirements across the major Australian banks. Having all documents prepared before you apply is the single most important factor in avoiding delays.

Company Documents Checklist

• ☑ ASIC certificate of registration (for Pty Ltd) or certificate of registration as a foreign company (ARBN)
• ☑ Australian Business Number (ABN) confirmation letter
• ☑ Company constitution or equivalent governing document
• ☑ Certificate of incorporation from the home country (certified and, in some cases, apostilled)
• ☑ Register of members/shareholders showing ownership structure
• ☑ Register of directors and company secretaries
• ☑ Current company extract or equivalent from home country corporate registry

Identification for All Directors and Beneficial Owners

• ☑ Certified copies of passports for all directors and shareholders holding 25% or more
• ☑ Proof of residential address for each individual (utility bill, bank statement, or government-issued document dated within 3 months)
• ☑ For beneficial owners who are not direct shareholders, a detailed ownership chart tracing ultimate beneficial ownership
• ☑ Director ID numbers for any directors who have obtained them (required for Australian-resident directors)

Business Information

• ☑ Description of the business activities to be conducted in Australia
• ☑ Expected annual turnover and transaction volumes
• ☑ Source of funds documentation
• ☑ Details of countries you will transact with
• ☑ Business plan or executive summary (some banks require this for new entities)

Document Requirements by Bank

Identity Verification: The 100-Point Check

Australian banks use a 100-point identification system under AUSTRAC’s Anti-Money Laundering and Counter-Terrorism Financing Rules. Each identity document is assigned a point value, and you must reach 100 points to pass verification:

For foreign directors and beneficial owners, a current foreign passport (70 points) plus a certified proof of address document (25 points) plus a secondary government ID (40 points) typically satisfies the requirement. Banks may also accept a Certified Identification Form signed by an authorised person in your country — acceptable certifiers include Australian consular officials, notaries public, legal practitioners, accountants, and employees of authorised deposit-taking institutions.

Important: All documents not originally in English must be translated by a NAATI-accredited translator. Documents from most countries must be certified by an Australian consulate, a notary public, or through the Hague Apostille Convention process.

Comparing Australian Banks for Foreign Companies

Australia’s banking sector is dominated by the “Big Four” banks, but there are also several smaller banks and fintech providers worth considering. Here is how they compare for foreign-owned businesses:

Tip: If your company already has a banking relationship with HSBC, ANZ, or another bank with an Australian presence, leveraging that existing relationship can significantly streamline the process. Many banks offer referral programs between their international branches.

Opening a Business Bank Account from Overseas

One of the biggest challenges for foreign companies is the in-person verification requirement. Most Australian banks require at least one authorised signatory to visit an Australian branch, which creates a significant barrier for companies with no staff in Australia.

Here are the practical options for opening an Australian business bank account from overseas without travelling to Australia:

Option 1: Appoint a Resident Director as Signatory

If you have appointed a resident director through a professional services provider, they can attend the bank branch on your behalf as an authorised signatory. This is the most common solution and the one we recommend for most foreign companies. The resident director completes the in-person verification, and you manage the account remotely via internet banking.

Option 2: Use an International Bank’s Network

HSBC, Citibank, and some ANZ international branches allow existing clients to verify their identity at an overseas branch and have the information transmitted to Australia. If your company already banks with HSBC or Citi, this can be the fastest option — some accounts are opened within 1-2 weeks through internal referrals.

Option 3: Video Verification (Limited Availability)

A small number of banks and fintechs now offer video call verification for foreign directors. Availability varies and this option is typically limited to lower-risk business profiles. CBA has trialled remote verification for certain business segments.

Option 4: Fintech Accounts for Immediate Access

If you need an Australian BSB and account number quickly while your Big Four application is processing, fintech providers like Airwallex and Wise Business offer fully remote onboarding. You can be operational within days rather than weeks. See the fintech alternatives section below for a detailed comparison.

What About Power of Attorney?

Some banks accept a validly executed Power of Attorney (PoA) allowing a local representative to open the account and sign on behalf of the overseas directors. However, the PoA must typically be notarised, apostilled, and specifically authorise the representative to open and operate bank accounts. Not all banks accept PoA for account opening — confirm with the bank before preparing the documents.

Step-by-Step Process to Open Your Account

Step 1: Complete Your Australian Company Registration

Ensure your Pty Ltd or ARBN registration is complete and you have received your ACN/ARBN and ABN. Our company formation services can handle this entire process for you.

Step 2: Choose Your Bank

Select a bank based on the comparison above, considering factors such as your existing banking relationships, the nature of your business, expected transaction volumes, and whether you need multi-currency capabilities.

Step 3: Contact the Bank’s Business Banking Team

Do not simply walk into a retail branch. Most Big Four banks have dedicated business banking or international banking teams that handle foreign-owned company accounts. Request to speak with a business banking relationship manager.

Step 4: Gather and Certify Documents

Compile all required documents as outlined above. Have foreign documents certified and translated well in advance, as this can add 1-2 weeks to the process.

Step 5: Submit Your Application

Most banks require an initial appointment (in-person or video call) followed by submission of the complete document package. Some banks allow initial submission online or by email, followed by an in-person verification step.

Step 6: Attend In-Person Verification

At least one authorised signatory (typically a director) will need to visit an Australian branch in person to verify their identity. If you are using a resident director, they can attend on your behalf. Some banks accept verification at an overseas branch of the same bank.

Step 7: Account Activation

Once approved, the bank will provide your BSB number, account number, and online banking credentials. Initial transaction limits may be lower than usual and will increase as your account history develops.

How Long Does It Take to Open a Business Bank Account?

Processing times vary significantly depending on the bank, your company structure, and how complete your documentation is. Here is a realistic breakdown:

The number one cause of delays is incomplete documentation. If the bank requests additional information, each round-trip typically adds 1-2 weeks. Preparing everything upfront using the document checklist above is the best way to minimise your timeline.

Our banking support service helps foreign companies prepare their applications with the correct documentation from the start, which typically saves 2-4 weeks compared to self-managing the process.

Common Challenges and How to Overcome Them

Challenge 1: Account Application Rejected or Enhanced Due Diligence

Banks may reject applications or apply enhanced due diligence (EDD) for companies that present higher compliance risk. Common EDD triggers include:

• Companies from FATF grey or black list jurisdictions
• Structures involving nominee shareholders or bearer shares
• Directors or beneficial owners who are Politically Exposed Persons (PEPs)
• Industries such as cryptocurrency, gambling, money services, and import/export

If rejected, try another bank or consider restructuring your application to better demonstrate the legitimate nature of your business. Providing a detailed business plan and source of funds documentation upfront can help avoid EDD delays.

Challenge 2: Complex Ownership Structures

Banks must identify all ultimate beneficial owners (UBOs) holding 25% or more. If your company has a multi-layered corporate structure spanning several jurisdictions, be prepared to provide a detailed ownership chart with supporting documentation for each entity in the chain.

Challenge 3: No Australian Director or Signatory Available to Visit a Branch

This is one of the most common blockers for foreign companies. The best solutions are appointing a resident director who can attend on your behalf, using a bank that accepts verification at an overseas branch, or opening a fintech account as a bridge while the traditional application processes.

Challenge 4: Delays Due to Incomplete Documentation

The single biggest cause of delays is submitting incomplete documentation. Banks will pause the entire application until all missing items are provided. Working with a professional service provider who has experience with the process can help avoid this.

Challenge 5: Account Restrictions After Opening

Even after your account is approved, banks may place initial restrictions on foreign-owned accounts — lower daily transfer limits, higher scrutiny on international transactions, and periodic enhanced due diligence reviews. These restrictions typically ease after 6-12 months of regular, consistent account activity.

Digital Banking and Fintech Alternatives

While the Big Four banks remain the standard choice for most foreign companies, several digital and fintech options have emerged that may suit certain businesses:

• Airwallex: Founded in Melbourne, Airwallex offers multi-currency business accounts with competitive exchange rates. It is particularly well-suited for businesses that transact heavily across borders. Fully remote onboarding, typically approved within 1-3 business days.
• Wise Business: Provides Australian dollar accounts with local BSB and account numbers, along with multi-currency wallets. Onboarding is faster than traditional banks, though there may be limitations on transaction volumes for new accounts.
• Revolut Business: Offers Australian business accounts with multi-currency capabilities, though their presence in Australia is more limited compared to the UK and Europe.

Important caveat: Fintech accounts may not be accepted by all Australian institutions and government bodies. For example, the ATO and some super funds may require a traditional bank account. Most foreign companies find it best to have a Big Four bank account as their primary account, supplemented by a fintech solution for international transfers.

Banking Fees and How to Reduce Them

Banking fees for foreign-owned business accounts are typically higher than for domestic businesses. Here is what to expect across the Big Four banks:

Tips to Reduce Your Banking Costs

• Negotiate a package deal: If your expected account balance exceeds $250,000, request a dedicated relationship manager — they can negotiate fee waivers, better FX rates, and priority processing.
• Compare FX rates: Foreign exchange margins are negotiable for regular or large-volume international transfers. Ask for a “client rate” rather than accepting the posted rate.
• Use online channels: Branch and phone transactions are more expensive. Most payments, transfers, and account management are cheaper (or free) via internet banking.
• Batch payments: Consolidate supplier and payroll payments into batch runs using Direct Entry rather than sending individual transfers.
• Use fintech for international transfers: For frequent cross-border payments, services like Wise or Airwallex typically offer FX margins of 0.3-0.7% vs the 0.5-2% charged by Big Four banks.

SWIFT Codes and Australian Payment Systems

If your overseas parent company or clients need to send funds to your Australian business account, they will need your bank’s SWIFT/BIC code along with your BSB and account number.

Big Four SWIFT/BIC Codes

For incoming international transfers, senders will need: your account name (must match exactly), BSB number (6 digits), account number, SWIFT code, and the bank’s full name and branch address. SWIFT transfers typically take 1-5 business days depending on the sending country and intermediary banks involved.

Australian Payment Systems You Should Know

Once your account is active, you will use several Australian payment systems for day-to-day operations:

• NPP (New Payments Platform): Real-time domestic transfers available 24/7, including weekends and public holidays. Funds arrive in seconds. This is the standard for paying suppliers and receiving customer payments.
• PayID: Linked to your ABN, email, or phone number instead of a BSB/account number. Makes it easy for Australian customers to pay you without needing your full bank details.
• BPAY: Australia’s bill payment system used for ATO tax payments, utility bills, and government charges. You will use this regularly for BAS lodgements and company tax.
• Direct Entry: Batch payment system for payroll runs and recurring supplier payments. Processes next business day. Essential if you have Australian employees.
• RTGS (Real-Time Gross Settlement): For high-value payments over $1 million AUD. Settles in real time through the Reserve Bank of Australia.

Multi-Currency Account Structures

Australian banks offer two approaches to multi-currency accounts:

• Linked accounts: Separate account numbers for each currency (USD, EUR, GBP, etc.), all linked to your primary AUD account. ANZ and NAB use this model.
• Single account with sub-wallets: One account number with currency sub-accounts you can switch between. CBA and Westpac offer this structure.

The Big Four typically support 10-15 major currencies (USD, EUR, GBP, JPY, CNY, SGD, HKD, NZD, CAD, CHF), while Westpac covers over 130 currencies for trade finance clients.

Partnership and Joint Venture Bank Accounts

If your foreign company is entering Australia through a partnership or joint venture with a local business, the bank account requirements differ slightly:

• Partnership accounts require the partnership agreement, ABN (partnerships have their own ABN separate from the partners), and identification for all partners. All partners are typically required to be signatories.
• Joint venture accounts are typically set up under the JV entity (if one has been incorporated) or under one partner’s name with a sub-account arrangement.
• Documentation is more complex because the bank must identify beneficial owners across multiple entities. Allow additional time for KYC clearance.

For partnerships involving a foreign company and an Australian company, the Australian partner’s existing banking relationship can significantly speed up the process. The local partner’s bank is often willing to extend services to the joint venture entity more readily than processing a standalone foreign application.

Ongoing Compliance and Reporting

Once your account is open, be aware of these ongoing obligations:

• Transaction monitoring: Banks monitor transactions for suspicious activity under the AML/CTF Act. Unusual or unexplained large transactions may trigger inquiries or account freezes.
• Annual KYC reviews: Most banks conduct periodic reviews of business accounts, especially foreign-owned ones. Be prepared to provide updated documents annually.
• Foreign Account Tax Compliance Act (FATCA): If your parent company is US-based, your Australian bank will require you to provide a FATCA self-certification.
• Common Reporting Standard (CRS): Australia participates in the CRS for automatic exchange of financial account information. Your bank will report your account details to the ATO, which will share them with your home country’s tax authority.
• Director changes: If your company changes directors, update the bank within 28 days — the same ASIC deadline. Failure to update signatories can result in payment delays.

For assistance with your ongoing tax obligations and bookkeeping, our team can ensure you remain compliant with all Australian requirements.

Frequently Asked Questions

Can I open an Australian business bank account without visiting Australia?

In most cases, at least one authorised signatory must visit an Australian branch in person. However, there are workarounds: appoint a resident director to attend on your behalf, use a bank where you are an existing international client (such as HSBC), or start with a fintech provider like Airwallex or Wise that offers fully remote onboarding.

How long does it take to open a business bank account in Australia as a foreign company?

The typical timeframe is 2-8 weeks from initial application to account activation. Existing clients of international banks may have accounts opened in 1-2 weeks. Fintech providers can approve accounts within 1-5 business days. The biggest factor is documentation completeness — missing items can add weeks to the process.

What is the minimum deposit required to open an Australian business bank account?

Most Australian banks do not require a specific minimum deposit. However, some may require an initial deposit (typically $1-$100) to activate the account. Ongoing minimum balance requirements vary by bank and account type.

Can I use my Australian business bank account for international transactions?

Yes, all major Australian banks support international wire transfers (via SWIFT) and many offer multi-currency accounts. However, international transfer fees can be significant ($12-$30 per transaction) and exchange rate markups apply. For high volumes of international transactions, supplement your bank account with a fintech provider offering more competitive rates.

Do I need a separate bank account for GST and tax obligations?

There is no legal requirement, but many accountants recommend it. Setting aside GST collected (10% on most goods and services) and PAYG withholding amounts in a separate account helps ensure you have sufficient funds when BAS and tax payments are due.

What happens if my Australian business bank account is closed by the bank?

Banks can close accounts with notice (typically 30 days) if they have compliance concerns or if the account no longer meets their risk appetite. To avoid this, maintain open communication with your bank, respond promptly to information requests, and ensure your transaction patterns match what you described in your application.

Do I need an ABN to open a business bank account in Australia?

Yes, almost all Australian banks require an ABN before opening a business bank account. Some banks will begin processing your application with an ACN only, but the account will not be fully activated until the ABN is confirmed. ABN registration is free and typically approved within 1-2 business days.

Which Australian bank is best for foreign companies?

There is no single best bank — it depends on your circumstances. CBA and NAB are generally the most accommodating for new foreign-owned entities. HSBC is fastest if you are an existing client. For companies needing quick access without a branch visit, Airwallex and Wise offer practical alternatives while your Big Four application is processing.

Ready to Set Up Your Australian Business Banking?

Opening a business bank account in Australia as a foreign company does not have to be complicated. At Aus Business Register, we help foreign companies navigate the entire process, from company registration and appointing a resident director to preparing bank account applications and managing ongoing compliance obligations.

Our team has helped hundreds of foreign companies successfully establish their Australian banking relationships, and we know exactly what each bank requires.

Contact us today for a free consultation on setting up your Australian business bank account.