🇦🇺 Opening a Bank Account in Australia
Honest assessment of business banking for foreign founders in Australia.
Australia has four major banks — Commonwealth Bank (CBA), Westpac, ANZ, and NAB — all of which offer business banking for Pty Ltd companies. Account opening is relatively straightforward for companies with at least one Australian-resident director. Most banks allow online applications but may require an in-person branch visit for identity verification. Non-residents can open accounts remotely through some neobanks (e.g., Airwallex, Wise Business) but traditional banks generally require local presence. KYC requirements include proof of identity for all directors and beneficial owners, company registration documents, and a description of business activities.
Tips for Success
- Have all company formation documents ready before applying — trade licence, articles of association, certificate of incorporation.
- Prepare a clear business plan or description of your business activities, even if the bank doesn't explicitly ask for one.
- Consider digital/neo-banks as your first account — they typically have faster onboarding for new companies.
- Apply to multiple banks simultaneously rather than sequentially — rejection at one doesn't affect others.
This content is educational and does not constitute legal or tax advice. Always consult a qualified professional for your specific situation. Data last verified March 2026.