The first thing that any business requires is a business bank account, especially if you are working as an LLC or a Limited Liability Company. Individuals operating as Sole proprietorships are not legally required to have a business banking account.
However, having a business account would bring more credibility to your customers and vendors. Your business looks more reputed when you issue invoices or checks from a business bank account, compared to a personal bank account.
Your business bank account will play an important role in creating your financial standing for the future, thus it is important to keep few things in mind before selecting a bank that always assures great returns and efficient service.
Here are a few things, that you must consider:
- The ease of making payments and cash withdrawals.
- Zero or minimal withdrawal charges.
- 24*7 customer service.
- Online banking facility
- Minimum Balance requirement
- Global Presence of the bank
One of the top choices in the category of business banks is ANZ (Australia and New Zealand Banking Group Limited). With regards to credibility, this bank has a reputation for providing a range of financial solutions in Australia for the last 175 years and more. So, if you are a start-up and require a lending hand, then ANZ could be a viable option.
The other most popular business banking option is the Airwallex Business Account – a Fee-free business account solution, empowering business growth. Both these Australian banks provide top-notch service. However, to make your life easy, we would provide you with a comparative analysis of both banks. Depending on your need you can pick your bank.
Listed below are the features of ANZ business account:
1. Monthly fees
The bank charges a minimal maintenance fee of $10 every month. For Internet banking, you need to pay a fee of $15 per month. For making payment to international accounts, a small fee of $7 will be levied and for payments received in foreign currency, the bank charges $15 per transaction.
2. ANZ Fast Pay
This ANZ bank offers an app, using which you can accept card sales and enjoy same-day transaction settlements.
3. Internet Banking
To facilitate business with the power of digital. ANZ provides a secure and easy online banking platform with three security levels.
4. Account Linking Software
Now businesses can concentrate on growing rather than on reconciling payment. ANZ provides a facility whereby customers can link their banking data to the accounting software and save time and effort. You can create a payment file on your accounting software and upload it easily into ANZ internet banking. The feature can auto-populate up to 20 payment records at once.
5. Multiple Account Login
The ANZ online banking for business allows multiple users to access the same business account. The head of the company can act as an administrator, controlling the entry of users to the account. Thus, with this feature, it provides flexibility as well as maximum security.
6. Get Personalized service
A human connection is always good. ANZ offers you, expert business managers, as per your line of products and services offered. These managers will guide you on various financial aspects and act as your business banker.
Features of the Airwallex Business Account
Now let’s understand the features of the Airwallex Business Account.
1. Zero Monthly account Fees
Airwallex does not have any monthly maintenance fee. This means that with Airwallex you can open a foreign currency account free of cost. What further makes Airwallex an attractive option is zero FX transaction rates and best foreign exchange rates.
2. Go Global
This is the biggest advantage of Airwallex bank. By getting associated with the bank you can set up your Global account in more than 23 currencies. The bank believes in keeping processes simple; thus, to open multiple global accounts you do not even need to set up a base account. Now with a Global account, you can make and receive FX and other international payments in foreign currencies with almost zero transfer fees.
3. Account integration
Just like ANZ, Airwallex also allows you to link up your Airwallex Global accounts to your account software. This integration empowers organizations to manages their finances accurately and easily. To make like simple, the bank allows you to sync your financial data every hour.
4. Unlimited transactions
With Airwallex, you can make unlimited same-day international payments and money transfers at zero fees only if it is done on the banking platform. For payments made through SWIFT, a charge of $10 will be levied.
The Bottom line:
Knowing the offerings of a bank is important before partnering with it. ANZ and Airwallex, both are highly credible banks. Choose the bank that supports your business and contains the features that would make your life easy.
