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Commonwealth Bank Business Transaction Account

The details shown below are for the Business Transaction Account ($0/month fee)

The details shown below are for the Business Transaction Account ($10/month fee)

Choose the version of this loan that suits you best

  • Business Transaction Account ($0/month fee)

  • Business Transaction Account ($10/month fee)

Account fee
$0.00
Payment options
Apple Pay, Google Pay, PayID, Samsung Pay, Garmin, Fitbit
Interest rate
0% p.a.
Account fee
$10.00
Payment options
Apple Pay, Google Pay, PayID, Samsung Pay, Garmin, Fitbit
Interest rate
0% p.a.

Mozo editorial review Commonwealth Bank Business Transaction Account

Last updated: 20 February 2020.

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What's hot
  • 2020 Mozo Experts Choice Award
  • Unlimited electronic transactions and CommBank ATM withdrawals
  • Multiple payment options - e.g. Apple Pay, Google Pay, Samsung Pay
  • $0 account fee (for some customers)
What's not
  • Overseas ATM and purchase fees
Mozo snapshot

If flexibility is what you’re after in a business account, then the Commonwealth Bank Business Transaction Account could be your match. With this account, you can pick between two versions. The first charges no account fees and gives you an unlimited number of electronic transactions and CommBank ATM withdrawals every month - features which helped it take out a 2020 Mozo Experts Choice Award.

The second offers 20 free cheque and staff-assisted transactions every month on top of that ($10 monthly account fee applies). Both versions are compatible with a wide range of digital payment options including Apple Pay, Google Pay and Samsung Pay, offering businesses the convenience of purchasing stock or inventory with their digital wallet.

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Key features

The Commonwealth Bank Business Transaction Account has two versions, depending on the sorts of transactions you prefer as a business owner. 

The first option hits the ground running with no ongoing account fees, as well as unlimited electronic transactions and cash withdrawals from any CommBank ATM. Whether you prefer doing your banking in-person or from the comfort of your computer desk, this account has the answer for you - it gives you access to your money through a range of channels, including at a CommBank branch, over the internet, or via the CommBank app

But if technology isn’t your strong suit and you would rather the more traditional kind of banking, then the second option could interest you, as it comes with an additional perk of 20 free cheque and staff-assisted transactions per month! Just keep in mind that for this option, you’ll have to budget for a $10 monthly account fee.

What’s more, having a CommBank Business Transaction Account means you can leave your wallet and physical Mastercard debit card at the office, as the account offers multiple cardless payment options, including Apple Pay, Google Pay, PayID, Samsung Pay, Garmin and Fitbit. 

Going on a business trip abroad? With the CommBank Business Transaction Account, you can access ATMs and make purchases with your debit card while overseas. But bear in mind you’ll be charged a 3.00% foreign exchange commission on any purchases, and if you withdraw money from an international ATM, you’ll also have to factor in a $5 fee per withdrawal. 

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Who is it good for

This is a good transaction account for Aussie businesses that want flexible payment and transaction options, and the peace of mind of banking with a big four. 

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Any catches

The CommBank Business Transaction Account may not be suited for big cash purchases, as there’s a $2,000 daily limit for ATM withdrawals.

If you’re walking into a CommBank branch to do your banking, keep in mind also that any over the counter deposits and withdrawals come with a $3 fee each time.

And if you’re packing this card for your next business trip overseas, remember that a 3.00% foreign exchange commission applies to all international purchases, and you’ll be hit with a $5 fee for any ATM withdrawals outside of Australia.

Details

Rates and fees information correct as at 3 June 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.00% p.a.

  • n/a

  • n/a

Fees
  • $0.00

  • n/a

  • Unlimited electronic transactions and CBA ATM cash withdrawals.

  • $0.00

  • Commonwealth, Bankwest

  • $0.00

  • $3.00

  • $3.00

  • $0.00

  • $0.00

  • $0.00

  • $3.00

  • $5.00

  • 3.00%

  • $0.00 monthly

Other financial bits
  • $0.00

  • $0.00

Features
  • $2,000.00

  • yes

  • yes

  • no

  • yes

  • yes

  • yes

  • yes

  • none

  • none

Atm card
  • $5.00

  • $0.00

  • 3.00%

Debit card
  • $5.00

  • $0.00

  • 3.00%

Details

Rates and fees information correct as at 3 June 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.00% p.a.

  • n/a

  • n/a

Fees
  • $10.00

  • n/a

  • Unlimited electronic transactions and CBA ATM cash withdrawals. 20 cheque & staff-assisted transactions free per month

  • $0.00

  • Commonwealth, Bankwest

  • $0.00

  • $3.00

  • $3.00

  • $0.00

  • $0.00

  • $0.00

  • $3.00

  • $5.00

  • 3.00%

  • $0.00 monthly

Other financial bits
  • $0.00

  • $0.00

Features
  • $2,000.00

  • yes

  • yes

  • no

  • yes

  • yes

  • yes

  • yes

  • none

  • none

Atm card
  • $5.00

  • $0.00

  • 3.00%

Debit card
  • $5.00

  • $0.00

  • 3.00%

Customer Reviews

This product is not currently reviewed.

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