Lanzamo
中文

Oceania · Pty Ltd

Open a business bank account in Australia

Banking, not registration, is the real obstacle to running an Australian company from abroad — and Australia is harder than most peer jurisdictions here. The big four banks (CBA, Westpac, NAB, ANZ) are built around face-to-face identity checks and are cautious with foreign-controlled companies, so a fully non-resident-directed account is often stalled or declined unless a signatory can verify in person or by video. The one genuine advantage Australia hands you is the mandatory resident director: because you already have an onshore officeholder, account opening is materially easier than in jurisdictions with no local presence at all. The pragmatic path for most founders is to pair a big-four application (using the resident director as signatory) with a fintech account that onboards remotely.

Australia overview How we research
Country
Australia
Topic
Open a bank account
Reviewed
June 2026

By the Lanzamo Editorial Team · Reviewed June 2026 · How we research

Difficulty for non-residents: Hard for non-residents

Traditional banks

Commonwealth Bank (CBA)

Largest Australian bank; can open some company accounts remotely but typically wants at least one authorised signatory to verify identity in person at a branch or by video, which is far smoother if your resident director does it onshore.

Westpac

Offers online business account opening for simpler structures (e.g. single-director companies and existing customers); foreign-controlled companies generally face additional verification and a stronger expectation of an onshore signatory.

NAB

Handles foreign-owned companies case-by-case; its Asian offices can help applicants in those markets, but standard onboarding still leans on Australian identity verification and the presence of a resident director.

ANZ

Has a wide international network that can assist verification in many markets, but as with the other majors a non-resident-controlled Pty Ltd is treated cautiously and usually needs an onshore signatory to complete identity checks.

Fintech & EMI options (built for remote)

Wise Business

Onboards Australian-registered companies remotely and gives local AUD account details plus multi-currency receiving accounts — a common first account for cross-border founders who can't easily get to a branch.

Airwallex

Australian-founded; opens business accounts fully online with no branch visit, AUD and global collection accounts, and remote KYC — widely used by foreign-owned Pty Ltds as an interim or primary operating account.

Revolut Business

Available in Australia for business; onboards remotely, but eligibility and accepted director nationalities/residencies vary by profile, so confirm your specific case before relying on it.

What you'll usually need

  • Certificate of Registration and the company's ACN (and ABN once issued)
  • Director ID for each director and proof of identity (passport) for directors and signatories
  • Australian registered office and principal place of business address on file
  • Resident director's Australian identity verification — the key that unlocks big-four onboarding
  • Description of the business, expected turnover and source of funds (for KYC/AML)
  • Details of beneficial owners holding more than 25% of the company

Tips to get approved

  • Use your mandatory resident director as the verifying signatory — onshore identity verification is the single biggest thing that gets a big-four account approved.
  • Open a fintech account (Wise or Airwallex) in parallel so you can receive revenue immediately while a traditional bank application grinds through KYC.
  • Have the ABN, TFN and a clean ASIC record in place before applying; banks cross-check the register and mismatches cause rejections.
  • Prepare a clear, honest source-of-funds and turnover story — vague or inflated figures are the top reason foreign-controlled accounts are declined.
  • Avoid high-risk-looking activities (crypto, gambling, adult) on your stated business description; they trigger automatic enhanced due diligence or refusal.

Frequently asked questions

Can I open an Australian business bank account without flying to Australia?

Often only partly. Fintechs such as Wise and Airwallex onboard Australian Pty Ltds fully remotely and are the reliable no-travel option. The big four (CBA, Westpac, NAB, ANZ) usually want at least one signatory to verify identity in person or by video — which is why having your resident director complete that onshore is so valuable.

Does having a resident director make banking easier?

Yes — materially. The resident director you must appoint anyway can act as the onshore, Australian-verified signatory the big four expect, which is the difference between a stalled application and an approved one. It is one of the few places where Australia's strict directorship rule actually works in a foreign founder's favour.

Is a fintech account like Wise or Airwallex a real bank account?

For most operating needs, yes: you get AUD account details, can send and receive payments, and pay suppliers and the ATO. The legal difference is that these are not banks — funds are safeguarded rather than government-guaranteed, and they don't offer lending or overdrafts. For an early-stage Pty Ltd that is usually sufficient as a first account.

Why is Australian business banking so hard for foreign founders?

Australia's anti-money-laundering regime pushes banks to verify the people behind a company and a genuine local nexus. A foreign-controlled Pty Ltd reads as higher risk, so the majors default to in-person checks and caution. Fintechs absorb more of that risk with automated KYC, which is why pairing a fintech with a big-four application is the practical strategy.

Sources

More on Australia

Australia — full overview How to register Taxes Cost breakdown vs a U.S. LLC

Comparing Australia with other countries?

See Australia next to 12 other startup-friendly jurisdictions — fee, tax, capital and the resident-director catch — in one table.

Compare all jurisdictions Browse all countries