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Compare Business Bank Accounts in New Zealand (9 Options) - October 2025

Compare business bank accounts from BNZ, ANZ, ASB, Westpac, Kiwibank and TSB, and business account options from Wise, Emerge and Airwallex. We outline zero-fee options, unlimited transactions and digital banking solutions.
Updated 27 October 2025
Summary
  • Opening a business bank account is one of those tasks that seems straightforward until you start being asked for a lot of documents and to complete long forms.
  • Whether you're launching a new business, trialling a side hustle, looking to invoice clients or pay suppliers in multiple currencies, scaling up operations, or just wanting a 'better bank', choosing the right business banking setup can save you money and hassle in the future, and make running a business easier.

To help you decide what's right for your business, our guide outlines: 
Important: All businesses, regardless of size, need a separate business account, even if you're just selling items occasionally. The good news is that many business accounts offer low fees, so it has never been cheaper to open one. A separate business account is needed for many reasons:
  • Legal and tax compliance: Mixing personal and business transactions is asking for trouble come GST return time - you need to keep things simple.
  • Professional credibility: Asking clients to pay into your personal account is not professional. A proper business account with your company name builds trust and shows you're serious about your venture.
  • Financial clarity: When every business dollar flows through its own account, you'll actually know if you're making money.

Know This First: Opening a business bank account can be considerably more involved than opening a personal account. Banks need to comply with anti-money laundering regulations, which means they require paperwork. You'll usually be asked for:
  • Company incorporation certificate (if you've registered a company) - you can search and obtain this from the Companies Office Register
  • IRD number for the business
  • Proof of business address (even if it's your home)
  • Personal ID for all directors/signatories
  • Details about your business activities and expected transaction volumes

The time factor: While some banks promise "instant" online applications, the reality is that most business accounts take 3-10 business days to fully activate. If you're looking to set up lending facilities or merchant services, you may need to have an in-person meeting, and the wait time will be longer. Please factor this into your launch timeline.
MoneyHub Founder Christopher Walsh shares his views on the best bank accounts available right now:

"Business banking in New Zealand is frustratingly uncompetitive - the banks know switching can be disruptive, so there is arguably a lack of innovation.

The good news? Competition is finally arriving. BNZ's zero-fee unlimited transaction account shows what's possible, and digital providers like Wise are exposing the 2-3% margins banks hide in "wholesale" exchange rates.

For businesses turning over up to $2-3 million annually, the accounts outlined in this guide will serve you well. If you're larger or need specialised facilities, such as agribusiness or trust accounts, you'll need to explore specific banking options.

Please be aware that none of these business accounts pays interest on credit balances, although you may want to open a business call account".
MoneyHub Founder Christopher Walsh
​

Business Bank Account Options - BNZ vs ANZ vs Westpac vs ASB vs Kiwibank vs TSB

Our list of business accounts lists nine options below, but there is a difference between traditional banks (six options - ANZ, ASB, BNZ, Westpac, Kiwibank, TSB) and the digital offerings (three options - Wise, Emerge, Airwallex). It's important to understand the differences:

Traditional banks
  • Offer the full package - business lending, merchant services, international trade facilities, and local New Zealand employees who know your business.
  • However, some banks charge above-market fees, are slower to innovate, usually have high FX costs, and setting up can take weeks, while simple changes require forms and lengthy processing times.

Digital alternatives
  • Speed and simplicity define digital banking - business owners can open accounts in minutes, get instant virtual cards, and enjoy interfaces that continue to be improved.
  • International payments occur at actual exchange rates, not the "bank rates" that cut into gross margins but are profitable for the bank.
  • However, there's no relationship manager to call if and when you need to, and you won't be offered overdrafts or business loans.
  • Account freezes for "suspicious activity" (like normal business growth) can paralyse operations and take days to resolve.

Traditional bank offerings include:

BNZ Business First Transact


Key features:
  • 24/7 access via Internet Banking for Business, Mobile Business Banking app
  • No cash handling charges
  • Overdraft available
  • No minimum balance requirement
  • Eligibility: Small to medium businesses with turnover under $5 million p.a.

​Our View of BNZ's business banking offering:
  • BNZ's zero-fee structure is genuinely market-leading - no catches, no transaction limits, and no cash-handling charges.
  • We believe the BNZ is the benchmark other banks should deliver, rather than chase small fees.
  • The business banking app is popular with users (per social media comments), and their Internet Banking for Business platform handles complex needs well.
  • A downside is the $5 million turnover cap, meaning growing businesses eventually need to migrate to pricier options.
  • However, for small to medium businesses wanting simplicity without fee surprises, BNZ is hard to beat.

Unique Offering: BNZ Partners Centres provide free co-working spaces, meeting rooms, and event facilities across 30+ locations nationwide exclusively for BNZ business customers, with each centre equipped with presentation technology, video conferencing, and access to BNZ financial specialists.

Westpac Business Transact

​
Key features:
  • No fees on Westpac ATM withdrawals or EFTPOS transactions
  • Optional Debit Mastercard available
  • Overdraft facility available
  • Business Online and Westpac One digital banking
  • Choose your own fee billing date

​Our View of Westpac's business banking offering:
  • The 100 free transaction limit feels restrictive for growing businesses.
  • Westpac has strong institutional knowledge of New Zealand business sectors and may suit businesses with established Westpac relationships who value consistency over cost savings.

ASB Business Edge


Key features:
  • Free electronic transactions (excludes bulk payments)
  • Visa Debit Card available ($10/year, first year free)
  • Overdraft available
  • Integration with Xero, MYOB, Reckon
  • ATM/EFTPOS cards for multiple signatories

​Our View of ASB's business banking offering:
  • ASB has positioned itself for digital-first businesses with free electronic transactions while charging for branch services.
  • The $5 monthly fee is reasonable, and the business banking team is proactive about offering solutions before you ask.
  • The main limitation is their exclusion from free transactions for bulk payments, which catches growing businesses off guard.
  • Overall, ASB is a strong option for businesses comfortable with digital banking.

ANZ Business Current Account


Key features:
  • Overdraft and business loan options
  • Access via ANZ goMoney, Internet Banking, phone banking
  • Non-profits may qualify for fee exemptions
  • Automated and manual transactions are charged at the same rate

Our View of ANZ's business banking offering:
  • ANZ's two-year fee waiver for new businesses is helpful for startups while revenue builds. After 2 years, the 200/month transaction limit is reasonable for most small businesses.
  • The $8.50 monthly fee after two years is higher than competitors' fees.​ ​​​

Kiwibank Business Edge

  • ​Monthly fee: $5
  • Transaction fees: Free electronic transactions, $0.70 in-branch withdrawals, first 25 branch deposits free, then $1 each
  • More details: Kiwibank Business Edge

Key features:
  • Visa Debit Card option ($10/year, first year free)
  • Overdraft facility available
  • Xero, MYOB integration
  • NZ-owned bank

Our View of Kiwibank's business banking offering:
  • Being New Zealand-owned resonates with many businesses, and their business bankers genuinely understand local SME challenges.
  • However, Kiwibank's smaller branch network and occasionally glitchy online platform can frustrate.
  • Most SMEs select Kiwibank for the values alignment and local support, not for cutting-edge features.

TSB Business Everyday

  • ​Monthly fee: $0
  • Transaction fees: Free electronic transactions
  • More details: Business Everyday

Key features:
Our View of TSB's business banking offering:
  • TSB delivers genuine community banking with local decision-making and personalised service, making them a solid choice for businesses who value relationships.
  • However, their limited branch network and basic online banking capabilities mean businesses needing sophisticated digital tools should look elsewhere.
​

Digital Banking Alternatives - Emerge vs Wise vs Airwallex

Digital account offerings include:

Wise Business

Monthly fee: $0
Transaction fees: Pay-per-use model, transparent pricing
Key features:
  • Multi-currency accounts with local bank details in 10+ countries
  • Real exchange rates for international transfers
  • Instant account opening online
  • Virtual and physical debit cards
  • API integration available
  • More details: Wise Business Account Review

Our View of Wise's business banking offering:
  • Wise revolutionises international business banking - if you're importing, exporting, or dealing with overseas clients, Wise's transparent FX rates and multi-currency accounts are game-changing.
  • The platform is intuitive, and getting started takes minutes. However, Wise isn't a full bank replacement - no overdrafts, limited local support, and no relationship manager. It does not offer lending products (business loans and business credit cards) or physical branches.
  • Wise's fees, while transparent, add up with volume. As a point of reference, MoneyHub uses Wise Business alongside a traditional business bank account, as some trusted partners pay in GBP, USD and AUD. 

Emerge

​Monthly fee: $0
​Transaction fees: Free

​Key features:
  • Unlimited sub-accounts for every organisation
  • Virtual cards are instantly available
  • Team permissions and spending controls
  • Automatic receipt capture and Xero integration
  • 7-minute online application (faster than any business bank account)
  • Funds held in trust with a major New Zealand bank

Our View of Emerge's business offering:
  • Emerge innovates with business expense management.
  • The unlimited sub-accounts feature alone justifies consideration and avoids multiple bank fees.
  • Emerge's instant virtual cards and team controls solve real problems that traditional banks may ignore.
  • The 7-minute setup genuinely works, and Xero integration is flawless.
  • However, while Emerge is strong in digital, it offers no lending products (business loans and business credit cards) or physical branches.

Airwallex

Monthly fee: $0
More details: Visit Airwallex

Our View: As a relatively new entrant to New Zealand's business banking landscape, Airwallex's local presence and offering are growing, as outlined in this NZ Herald article from March 2025. Our research team hopes to expand our coverage of Airwallex in due course. 
​

Business Lending Options

​Many businesses need ongoing funding (business loans and a line of credit) but find their bank unwilling or, as is the case with Wise or Emerge etc, unable to provide lending. However, banks aren't your only funding source.
  • Prospa is a popular business lender focused on approving working capital in hours, not weeks. Rates can be higher than bank lending, but the difference is that Prospa is proactively lending, whereas banks, per this article from interest.co.nz are increasingly risk-averse.  
  • Business credit cards offer interest-free lending when managed properly. The AMEX Gold Business Card is an example of a card with a rewards program that essentially pays business owners to use their money.
  • Invoice financing turns receivables into immediate cash and can be useful when clients pay on 60-day terms but suppliers want money sooner.

Our View: Every business needs an account that lets the business owners focus on their business. 
​

10 Must-Know Facts About Business Banking in New Zealand

Accounts may be simple, but there's a lot to know - we outline what's important below:

Business Banking Managers Can be Helpful Long-Term

​Most SMEs don't realise that traditional banks assign dedicated business banking managers once your account reaches certain thresholds (usually around $100,000+ annual turnover or when you need lending). For the most part, commercial and business banking managers aren't just salespeople - they help you access the bank's wider offerings.

Bank business managers can fast-track mortgage applications, negotiate better rates on business loans, coordinate between bank teams when you need multiple services, and help you with credit card and business loan applications. Digital banks don't offer this human touch, which is not insignificant for the majority of New Zealand businesses that rely on multiple bank services.

Your Business Banking Choice Can Affect Your Home Loan

Banks like to benefit from "total relationship value" and prefer you to have your business accounts, personal banking, credit cards (both business and personal) and mortgage with the same bank, which can help to secure better rates across some products - a 0.20% p.a. lower mortgage rate on a home loan is not insignificant. Conversely, spreading your banking across multiple banks means starting from scratch with each loan application.

The First Account May Not Be Your Last

Some businesses outgrow their first bank account within a few years - transaction limits may be exceeded, a lack of POS integration, overdraft or business lending can cause problems for cash flow management. For this reason, it's useful to look for a leading business bank account that makes sense now (and will likely make sense later) because changing banks (and notifying clients of a new bank account number) can be disruptive.

Settlement Delays Need to be Anticipated

The gap between making a sale and money hitting your account varies wildly - Stripe, for example, can take 2-3 business days. EFTPOS transactions might settle overnight, online payments take 2-7 days, and international transfers can take a week.

​During peak trading (like Christmas), these delays compound. Many businesses maintain overdrafts specifically to bridge these timing gaps - having a business bank account with an 'affordable' overdraft interest rate is important to consider if settlement delays will affect cash flow needs.

"Free" Accounts Have Expensive Limitations

Zero-fee accounts can restrict you to basic features, but they may not offer everything you need. For this reason, it's important to consider an account with proper features, which may deliver better value than wrestling with free account limitations.

Branch Access Still Matters (Sometimes)

Even digital-first businesses occasionally need physical banking - as New Zealand becomes more digital-focused, having at least one account with a bank with local branches will provide backup options if and when you need to apply for something "in-person".

Switching Banks Can Be a Hassle

Changing business banks means updating details with every client, supplier, subscription service, and government agency, and some clients will almost always pay into the old account months later. It's realistic to allow around 10 hours of admin time to move the bank and update everyone (depending on the size of your business). You'll also need to keep the old account open for at least six months. The hassle is a reminder of why your first business bank account choice matters.

Bank Lending Criteria Vary Dramatically

Each bank has different appetites for business risk. Your industry, tenure, and growth trajectory affect which banks will offer overdrafts or loans. A "no" from one bank doesn't mean no from all banks. Business banking managers can often indicate lending interest before you waste time on applications.

Know This: Our research team is aware of the reluctance of banks to lend to businesses, as outlined in this detailed interest.co.nz article - our guide to business loans is popular as a result.

Integration Quality Determines Daily Sanity

Poor integration between your bank and accounting software creates an ongoing hassle - manual transaction imports, missing references, and reconciliation errors compound into hours of wasted time.

Our View: Before committing to any bank, verify that their Xero/MYOB integration actually works - most do. Still, it's important to integrate quickly so you can confirm the accuracy of feeds and the associated transaction descriptions to enable automatic matching.

Government Backing Has Limits

The Depositor Compensation Scheme (DCS) covers up to $100,000 per depositor per institution - but this applies to your business and personal accounts combined at each bank. While the risk of a banking default is low, larger businesses may want to consider spreading their reserves across multiple banks to remain within coverage limits.

​Digital providers like Emerge hold funds in trust accounts at major banks, which adds another layer between you and the government guarantee.
​

Changing Bank Accounts - Understanding the Process

​Switching business banks requires careful planning to avoid disrupting your cash flow. Here's our suggested approach:

Before making the switch:
  • Create a comprehensive list of all automatic payments, direct debits, and recurring transactions
  • Identify all clients who pay you regularly and note their payment methods
  • List every supplier, subscription service, and recurring expense
  • Download at least 12 months of transaction history from your current bank

Notification timeline:
  • 8 weeks before: Notify major clients about upcoming payment detail changes
  • 6 weeks before: Update supplier details and subscription services
  • 4 weeks before: Send reminders to clients with your new payment details
  • 2 weeks before: Send ongoing reminders to any clients who haven't confirmed the change - this may take some time

The transition period:
  • Keep your old account open for at least six months after switching
  • Monitor the old account weekly for any missed payments
  • Redirect any incoming payments immediately
  • Document any fees or issues for potential reimbursement from your new bank

Setting up your new account:
  • Connect your accounting software on day one
  • Configure user permissions and dual authorisation limits
  • Create payment templates for your regular suppliers
  • Set up transaction alerts and spending controls
  • Test international payments if you need them
  • Confirm credit card and overdraft facilities are active

Common mistakes to avoid:
  • Closing the old account too quickly (missed payments can damage supplier relationships)
  • Forgetting about annual subscriptions that may not appear in recent statements
  • Not updating your details with IRD for tax payments
  • Missing international payment providers or merchant services
  • Forgetting to update invoice templates with new payment details
​

Frequently Asked Questions

We've listed a number of popular questions to make the decision process easier. If you're unsure about anything, ask the bank before going any further or signing up.

Know This First: Banks possess varying credit ratings, which serve as indicators of the safety of your account. While the risk is low, for more information, refer to our comprehensive Bank Credit Ratings guide.

How many transactions does my business really need?

​Count (or estimate) every money movement - incoming payments, supplier bills, transfers between your accounts, tax payments, payroll, and even balance checks. Most businesses underestimate this significantly.

A typical small business with 20 customers and 10 suppliers easily hits 100+ transactions per month. Add GST payments, PAYE, and subscriptions, and you're pushing 150.

What's more important - low monthly fees or transaction inclusions?

Our view is that transaction inclusions are critical - a $0 monthly fee with 20 free transactions costs $65/month if you make 100 transactions at $0.65 each. Meanwhile, a $10 account with unlimited transactions saves you $55 monthly.

Is Xero and MYOB integration important?

Yes - manual reconciliation wastes 5-10 hours monthly and introduces errors. Full bank feed integration means automatic transaction matching, proper GST coding, and clean reports. Banks with poor integration force you into detective work and ongoing manual matching.

Do I need an overdraft if I'm cash-flow positive?

​It's worth considering the option, even if you won't use it. This is because growth spurts, seasonal fluctuations, and delayed customer payments can squeeze cash flow unexpectedly. Having an overdraft arranged costs little (usually an annual fee) but provides breathing room when needed. Setting it up when you're desperate costs more and might be declined.

What's the real cost of international payments?

Most banks hit you twice:
  • ​Transfer fees ($15-30) plus
  • Exchange rate markups (1-3% hidden in the rate).

For example, sending $5,000 overseas through traditional banks might cost up to $200 in fees. Digital business accounts like Wise charge 0.5% to 1% all-in, and funds move much faster. If you're doing regular international transfers, this difference is massive.

What if my bank doesn't offer the features I need?

In this case, you may want to use multiple providers. Many businesses run a traditional bank for lending and relationships, plus Wise for international payments, or use Emerge for expense management. Don't force one provider to do everything poorly - use specialists for what they do best.

Are digital banks safe for my business money?

Digital providers like Wise and Emerge hold funds in trust accounts with major New Zealand banks. Wise is regulated in multiple jurisdictions. They're safe for operational funds, but they don't offer the Depositor Compensation Scheme coverage that traditional banks provide (up to $100,000 per institution).

Can I negotiate bank fees?

Once you're generating $500,000+ in annual revenue, we believe it is worth asking: banks want growing businesses and will discount fees to keep you. However, business credit card rates and international transfers are rarely negotiable.

Do I need a business credit card?

It depends - our guide explains what cards are on offer. For example, the Amex Gold Business Card offers up to 51 days of interest-free credit - essentially free short-term finance. Plus, you earn rewards points on expenses you're paying anyway, but you have to repay the full amount every month. For many businesses, this is smarter than overdrafts for managing cash flow timing.

How do I find my local branch?

The easiest way, beyond the bank's website, is to Google your bank's name and the area you live in. You'll get a Google map showing the branches around you as well as their opening hours.

How do I know when to upgrade my account?

When you're consistently hitting transaction limits, needing higher daily payment limits, or paying more in excess fees than the next tier's monthly cost. Or you're not satisfied with the banking experience. ​

What's the difference between a direct debit and automatic payment?

An automatic payment is a fixed recurring amount you set up to transfer out of your bank account every month or fortnight etc. A typical example would be a subscription, which is a fixed price, or lease payments to a landlord. A direct debit is payment taken out of your bank account because you authorised the recipient to do so. Direct debits are used when the amount varies each billing time. Examples include phone bills, power bills and internet/fibre bills.

When it comes to switching bank accounts and arranging new direct debits and automatic payments, per the New Zealand Bankers Association:
  1. Your new bank can take care of everything in five working days. This process also links recurring payments, such as direct debits and automatic payments, to your new bank account number. Your new bank can do all that for you, through a single form. It’s the fastest switching in the world.
  2. If you're unhappy with your current business bank account, this guide outlines the options currently available.

Are internet and mobile banking safe?

Yes - but as with anything online, protecting your details from fraud is essential. To do this:
  1. Never share or send your online/mobile banking information.
  2. If you use an app on your phone, make sure you regularly update it so that you have the latest security features.
  3. Delete any unusual emails about 'password recovery' or 'fraud alerts' - these are likely to be scams. If in doubt, contact your bank via their official number. 
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