Best Business Bank Account NZ 2025: Complete Comparison Guide
Choosing the right business bank account can save you thousands in fees and unlock better credit facilities. This comprehensive guide compares New Zealand's major business banking providers to help you find the perfect fit for your business size, industry, and needs.
💡 Quick Recommendations
- Startups & Sole Traders: Kiwibank (free under $100k turnover) or ASB ($10/month)
- Growing Businesses: ANZ or BNZ (best for $250k-$2M turnover)
- International Traders: Westpac or ANZ (strong FX services)
- Lowest Fees: Kiwibank (free) or ASB ($10/month)
Quick Comparison Table
| Bank | Monthly Fee | Transaction Fee | Best For | Rating |
|---|---|---|---|---|
| Kiwibank | $0 (under $100k turnover) | $0.38 | Startups, low volume | ⭐⭐⭐⭐ |
| ASB | $10 | $0.30 | Small business, digital-first | ⭐⭐⭐⭐⭐ |
| ANZ | $15-$30 | $0.35 | Established businesses, credit needs | ⭐⭐⭐⭐⭐ |
| BNZ | $15 | $0.40 | Growing businesses, branch access | ⭐⭐⭐⭐ |
| Westpac | $15-$30 | $0.35 | International trade, FX | ⭐⭐⭐⭐ |
💡 Fee Reality Check: Monthly fees are just the start. Most small businesses pay $20-$50/month total when including transaction fees, EFTPOS costs, and card processing. Choose based on your transaction volume.
Detailed Bank Reviews
1. ASB Business Account 🏆
Best Overall for Small Business
$10/month
+ $0.30/transaction
ASB consistently ranks as New Zealand's best business bank for small and medium enterprises. Excellent digital banking platform, competitive fees, and strong customer service make it ideal for modern businesses.
✓ Key Features
- • Best mobile/online banking app in NZ
- • Free Xero and MYOB integration
- • 24/7 phone support for business
- • Overdraft facility up to $100k
- • Competitive foreign exchange rates
- • Free EFTPOS terminal options
Pricing Breakdown
- • Monthly fee: $10
- • Electronic transactions: $0.30 each
- • Branch transactions: $1.50 each
- • Merchant fees: 1.8-2.5%
- • Overdraft interest: ~8-12% p.a.
Best for: Service businesses, professional services, trades, retail (small to medium). Ideal if you want modern digital banking with strong accounting software integration.
2. Kiwibank Business Account 💚
Best for Startups (Free Banking!)
$0/month
if turnover <$100k
Kiwibank's free business banking for small businesses (under $100k annual turnover) is unbeatable value. 100% New Zealand owned, strong community focus, and growing branch network make it a popular choice for local businesses.
✓ Key Features
- • Free account under $100k turnover
- • NZ-owned and operated
- • Growing branch network (NZ Post)
- • Simple, straightforward pricing
- • Good Xero integration
- • Community banking focus
Pricing Breakdown
- • Monthly fee: $0 (<$100k turnover)
- • Electronic transactions: $0.38 each
- • Over $100k turnover: $15/month
- • Merchant fees: 2.0-2.8%
- • Overdraft interest: ~10-13% p.a.
Best for: Sole traders, startups, small businesses with turnover under $100k. Perfect if you want to minimize banking costs while getting established.
3. ANZ Business Account
Best for Established Businesses
$15-$30/mo
+ $0.35/transaction
ANZ is New Zealand's largest bank with extensive resources, relationship managers, and credit facilities. Higher fees are offset by better lending options, international banking capabilities, and comprehensive business services.
✓ Key Features
- • Dedicated business relationship managers
- • Large branch network nationwide
- • Strong business lending (overdrafts, loans)
- • Excellent international banking
- • Comprehensive business services
- • Industry expertise and advice
Pricing Breakdown
- • Monthly fee: $15 (Basic) or $30 (Plus)
- • Electronic transactions: $0.35 each
- • Overdraft facility: up to $500k+
- • Merchant fees: 1.5-2.3%
- • Competitive FX rates
Best for: Established businesses ($250k+ turnover), businesses needing credit facilities, exporters/importers, companies seeking relationship banking and business advisory services.
4. BNZ Business Account
Best for Growing Businesses
$15/month
+ $0.40/transaction
BNZ offers a good balance of digital banking and personal service. Strong focus on helping Kiwi businesses grow with tailored advice, competitive lending, and solid online banking platform.
✓ Key Features
- • Good balance of digital + branch
- • Business growth support programs
- • Competitive overdraft rates
- • Xero and MYOB integration
- • Industry-specific expertise
- • Nationwide branch network
Pricing Breakdown
- • Monthly fee: $15
- • Electronic transactions: $0.40 each
- • Branch transactions: $2.00 each
- • Merchant fees: 1.8-2.5%
- • Overdraft interest: ~9-12% p.a.
Best for: Growing SMEs ($100k-$1M turnover), businesses planning expansion, companies needing business advisory services alongside banking.
5. Westpac Business Account
Best for International Trade
$15-$30/mo
+ $0.35/transaction
Westpac excels in foreign exchange services and international banking. If you're importing, exporting, or dealing with overseas suppliers/customers regularly, Westpac's FX platform and global network are hard to beat.
✓ Key Features
- • Excellent foreign exchange services
- • Global banking network
- • Multi-currency accounts
- • Trade finance expertise
- • Strong business lending
- • International payment platform
Pricing Breakdown
- • Monthly fee: $15-$30 (tiered)
- • Electronic transactions: $0.35 each
- • Competitive FX margins
- • Merchant fees: 1.8-2.5%
- • International transfer fees vary
Best for: Importers, exporters, businesses with international suppliers/customers, companies dealing with multiple currencies regularly.
Best Business Bank Account by Type
🚀 Startup / Sole Trader (First Year)
Recommended: Kiwibank (free if under $100k turnover)
Why: Zero monthly fees and low transaction costs let you minimize expenses while getting established. Simple setup, basic features cover most startup needs. Upgrade to ASB or ANZ as you grow.
🔧 Trades & Services (Plumbers, Builders, Electricians)
Recommended: ASB ($10/month)
Why: Excellent mobile banking for on-the-go invoicing and payments. Strong integration with Xero/MYOB for job costing. Overdraft facilities for managing cash flow gaps between jobs.
🏪 Retail (Physical Stores)
Recommended: ASB or ANZ
Why: Need low merchant fees for EFTPOS/credit card processing (1.5-2.5%), good POS system integration, and working capital facilities. ASB for smaller retailers, ANZ for chains/established brands.
💼 Professional Services (Consultants, Lawyers, Accountants)
Recommended: ASB or BNZ
Why: Digital-first banking with excellent online platforms. Strong accounting software integration (Xero). Professional image with business credit cards. Relationship banking as you scale.
📦 E-commerce & Online Business
Recommended: ASB + Stripe/PayPal business accounts
Why: Modern digital banking matches your business model. Multi-currency support for international sales. Easy integration with e-commerce platforms (Shopify, WooCommerce). Low/no branch needs.
🌏 Import/Export & International Trade
Recommended: Westpac or ANZ
Why: Superior foreign exchange services and rates. Multi-currency accounts. Trade finance expertise (letters of credit, documentary collections). Global banking networks for international payments.
🏗️ Construction & Manufacturing
Recommended: ANZ or BNZ
Why: Need significant credit facilities (overdrafts $50k-$500k+), equipment financing, and working capital support. Relationship managers understand industry cash flow cycles. Strong business lending capability.
🍽️ Hospitality (Cafes, Restaurants, Bars)
Recommended: ASB or BNZ
Why: Low merchant fees for high card transaction volume. Same-day settlement options for cash flow. Integration with hospitality POS systems (Lightspeed, Square). Understanding of industry challenges.
Understanding Business Banking Fees
Business banking fees can be confusing. Here's what you actually pay and how to minimize costs:
1. Monthly Account Fee ($0-$30)
Base fee for maintaining the account. Usually tiered—higher tiers include more transactions or better features.
Cost-saving tip: If you're under $100k turnover, Kiwibank's free account saves $120-$360/year.
2. Transaction Fees ($0.30-$0.50 each)
Charged per electronic transaction (bank transfers, direct debits, online payments). Branch transactions cost more ($1.50-$2.00).
Cost-saving tip: Typical small business: 50-100 transactions/month = $15-$40. Use online banking to avoid expensive branch fees.
3. Merchant Fees (1.5-3% of sale)
Fee for accepting EFTPOS, credit card, and contactless payments. Varies by card type (EFTPOS cheapest, Amex most expensive).
Cost-saving tip: Negotiate rates if processing $50k+ annually. Consider surcharging for credit cards (legal in NZ with proper disclosure).
4. Overdraft Fees & Interest (8-15% p.a.)
Arrangement fee ($200-$500) plus interest if you use an overdraft facility. Useful for managing cash flow gaps.
Cost-saving tip: Only get overdraft if you need it. Interest only charged on used amount, not the limit.
5. Foreign Exchange Fees (1-3% margin + transfer fee)
Margin on exchange rate plus transfer fee ($10-$25) for international payments. Adds up quickly for regular traders.
Cost-saving tip: Use specialist FX providers (OFX, Wise) for large international transfers—often 50% cheaper than banks.
💡 Total Monthly Cost Reality: Most NZ small businesses pay $20-$60/month total for banking (account fee + transactions + merchant fees). High-volume retail might pay $100-$200+/month. Calculate your estimated costs based on transaction volume.
How to Choose the Right Business Bank Account
Step 1: Calculate Your Transaction Volume
Count monthly invoices sent, bills paid, transfers made. Multiply by $0.30-$0.40 to estimate transaction costs. Low volume (under 50/month)? Any bank works. High volume (200+/month)? Transaction fees matter more than monthly fee.
Step 2: Assess Your Credit Needs
Will you need an overdraft, business loan, or equipment finance in the next 12 months? If yes, choose ANZ or BNZ—they have stronger lending and relationship managers. If no immediate credit needs, ASB or Kiwibank work great.
Step 3: Consider International Requirements
Regular international payments or multi-currency needs? Westpac or ANZ excel here. Domestic-only business? Any bank will suffice, prioritize low fees and good digital banking.
Step 4: Check Accounting Software Integration
All major banks integrate with Xero and MYOB, but quality varies. ASB has the best bank feed reliability. Check your accounting software's recommended banks before choosing.
Step 5: Evaluate Digital vs. Branch Needs
Prefer mobile/online banking? ASB leads here. Need regular branch visits for cash deposits or face-to-face advice? ANZ and BNZ have largest networks. Most modern businesses rarely visit branches.
How to Open a Business Bank Account
Required Documents (All Business Types)
- ✓ Photo ID for all owners/directors (passport, driver license)
- ✓ IRD number for business (company or individual)
- ✓ Proof of business address (utility bill, lease agreement)
- ✓ Business registration (NZBN for companies, partnership agreement, trust deed)
Sole Trader
Easiest setup. Need: Personal ID + IRD number. Can usually open online or in-branch in 20 minutes. Some banks let sole traders use personal accounts, but business accounts are better for accounting.
Company (Ltd)
Need: Company registration from Companies Office, shareholder/director IDs, NZBN, IRD number. Most banks require in-person meeting or video call for identity verification. Process takes 3-5 business days.
Partnership
Need: Partnership agreement, all partner IDs, business IRD number. Each partner typically needs to sign account opening documents. Similar process to sole traders but requires all partners' involvement.
Trust
Need: Trust deed, trustee IDs, IRD number, settlor details. Banks scrutinize trusts more carefully (anti-money laundering). Process can take 1-2 weeks. Expect more documentation requirements.
💡 Pro Tip: Open your business bank account BEFORE registering for GST. You'll need the account number for IRD registration, and it simplifies your first GST return setup.
Frequently Asked Questions
Which bank is best for small business in NZ?
For most small businesses in NZ, ASB and Kiwibank offer the best combination of low fees and digital features. ASB charges $10/month with competitive transaction fees and excellent mobile banking. Kiwibank offers free banking for businesses under $100k turnover. ANZ and BNZ are best for established businesses needing relationship managers and credit facilities. Westpac suits international traders with strong foreign exchange services.
Can I use a personal bank account for my business in NZ?
While legally permitted for sole traders, it's not recommended. Using a personal account for business makes accounting difficult, complicates GST tracking, looks unprofessional to clients, and violates terms of service for companies and trusts. A business bank account provides transaction categorization, integration with accounting software (Xero, MYOB), professional appearance, and proper separation for IRD compliance.
How much does a business bank account cost in NZ?
Business bank accounts in NZ cost $5-$30/month in base fees, plus transaction charges of $0.20-$0.50 per transaction. Kiwibank offers free banking for businesses under $100k annual turnover. Most small businesses pay $15-$40/month total (base fees + transactions). Additional costs include merchant fees (EFTPOS/credit cards 1.5-3%), overdraft fees, foreign currency transactions, and cheque processing.
What documents do I need to open a business bank account in NZ?
Required documents vary by business structure: Sole Trader (IRD number, personal ID like passport/driver license), Company (company registration, shareholder/director IDs, NZBN), Partnership (partnership agreement, IRD number, all partner IDs), Trust (trust deed, trustee IDs, IRD number). All businesses need proof of business address and may need a business plan for credit facilities.
Do I need a business bank account for GST in NZ?
Technically no—IRD doesn't require a separate business account for GST registration. However, it's strongly recommended. A dedicated business account makes GST tracking accurate, simplifies expense categorization, provides clear audit trails for IRD, integrates seamlessly with accounting software (Xero/MYOB), and separates business/personal finances. Most accountants insist their clients use business accounts.
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