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Bank of Sydney business bank account. The fees, types and requirements.
Bank of Sydney, also known as BOS, is a local Australian retail bank with several branches around Sydney. BOS offers both personal and business financial products ranging from transaction and savings accounts, and various lending options.
This article will introduce some of the available business products that can be opened, including how a prospective customer can open an account.
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Business account
Types of business accounts offered by Bank of Sydney
BOS offers three types of accounts for businesses. There is the Business Advance account, the SmartNet account and a Controlled Money Trust Account.¹ Each of these accounts have different features and are catered to different business needs. Here is a brief summary of each account.
SmartNet Account²
This business transaction account lets you access and manage your money whenever you need to. This account also acts as a savings account with money deposited i accruing interest up to 3.60% per annum. Customers will receive their own Visa Debit card to make business purchases online or in store with local suppliers.
Business Advance Cheque Account³
This transaction account is designed for businesses that manage a large amount of transactions and hold either a BOS term deposit or another business lending product. This account can accept direct debit or credit payments and be linked to a BOS Visa Debit card.
Controlled Money Trust Account⁴
Acting as a savings account predominantly, this account is targeted towards businesses that need to hold their clients funds. Money deposited in this account can accrue up to 2.9% interest per annum.
Moving forward, we’ll narrow in on the SmartNet Account as this is the basic option of BOS transaction accounts.
BOS business account fees and costs
When it comes to fees charged by different providers, it’s hard to tell what’s normal or reasonable. We’ll compare the fees associated with the SmartNet Account and another business account option, the Wise Business Account.
| Fees | SmartNet Account¹ | Wise Business account |
|---|---|---|
| Account monthly fees | $10 (Waived if a BOS term deposit is held, or balance is above $5,000) | One-time fee of 22 AUD to get AUD and international bank details. |
| Access to multiple cards | Yes | Yes |
| International transfer fee (for a sample amount of $1,000 AUD to GBP) | $10 per transfer + potential correspondent bank fees | Small payout fee + 0.45% variable conversion fee (e.g. for a transfer of $1,000 AUD to GBP, the total fee charged is $5.14 AUD) You can make a fee calculation here. |
| ATM withdrawals | 3 free withdrawals per month and then $2 thereafter | You can take out money for free twice a month — as long as the total amount is under $350 AUD. After that, there is a $1.50 AUD per transaction fixed fee. If you take out over $350 AUD in one month, there is a 1.75% on the amount exceeding that. See card fees here. Note: ATM providers may charge their own fees |
| Card maintenance fees | $20 per lost/replaced card | None |
| Interest | $0 - $9,000 = 1.45% p.a $9,000 - $24,999 = 1.5% p.a $25,000 - $1 million = 3.60% p.a. |
Fees as seen on 1st November 2023
As you can see, BOS and Wise have similar perks but if your business deals with foreign transactions frequently, Wise for Business comes out on top.
You’ll also pay less overall by only needing to pay a one time account fee of $22 which gets you international bank details in AUD and other major currencies.
How to apply for this business account?
One thing that helps make choosing or ruling options out is the application process to open a business account. Here is how to open an account with BOS.
How to open a SmartNet Account account with Bank of Sydney?
To open a SmartNet Account, you’ll need to get in contact with BOS either through their only enquiry form or by visiting a branch.²
How to open a Business Advance Account with Bank of Sydney?
Similar to opening a SmartNet Account, you will also need to enquire directly with BOS to open a Business Advance Account. However, to open this account, you’ll need to already have a BOS term deposit or other lending product to be eligible.³
What do I need to open an account? Requirements, documents and what to know.
Even though you will need to reach out to BOS to initiate the process of opening a BOS business account, you are still going to need to know what else you’ll encounter through the process.
We’ll take you through some of the documentation you need, and whether you may be able to open your account online or have to present at a branch.
Which documents do I need to open a Bank of Sydney business account?
There are some main eligibility requirements to open a SmartNet business account. Customers will need to⁵:
- Have an active Australian business entity
- Hold another BOS business product
Unlike opening a personal account, opening a business account requires you to provide more documents. You’ll need to prepare⁶:
- Personal identification documents
- Proof of business identity such as ABN or ACN information
- Overseas tax resident information if applicable
- Business financial statement
Documents may vary depending on the type of structure of business you have. BOS staff will advise you if they require more documents from you.
Can you manage a Bank of Sydney business account online or on the app?
BOS business account holders can register for online business banking given they have an active BOS business account.⁷
How long does it take to open this account at Bank of Sydney?
There are no specified time frames of how long it takes to open a BOS business account. You will be informed though once you begin the process.
Do I need to go to a bank branch, can I do this online or from abroad?
You will need to visit a BOS branch to open a business account. You may also visit a branch to register to use BOS business internet banking to manage your money.
However, it is possible to email a BOS representative to receive your internet banking login credentials within 24 hours.⁷
Can you have additional business bank cards with this account?
It is not explicitly stated if business customers can order multiple Business Visa cards. However, costs for additional cards are listed as nil in the general terms and fee disclosure.
What else do I need to know?
For business owners looking for an overdraft facility attached with a business account, the BOS business accounts may not be suitable for this need.
Business support details for Bank of Sydney.
There are three main ways to reach BOS. You can:
- Call 13 95 00 from within Australia or +61 2 8262 9191 from abroad
- Reach out online through their online form
- Visit a branch
To see the BOS contact centre and access all the support options, you can access it here.
Wise Business Account and debit card
Streamlined and hassle-free the Wise Business Account with linked debit card delivers an all-in-one solution for businesses.
Shop online or in-store via the Mastercard network and make easy ATM withdrawals using the Wise business debit card.
With no monthly fees, hefty rates or hidden charges, Wise makes it easier to spend, send and receive funds. Manage your money via your local Australian account while also benefiting from access to accounts in over 9 major currencies.
Access additional cards for your team as needed and pay a single fixed card-creation fee per card with no monthly fees applied.
Able to integrate with most major APIs, the Wise Business Account also facilitates better cash flow management and consistent, reliable reporting across all additional cards.
Find out more about how the Wise Business Account can save you time and money.
Register your Wise business
Account in minutes
| Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Sources:
- BOS fees PDS
- BOS Advance
- BOS SmartNet
- BOS Controlled
- BOS target
- BOS business
- BOS internet banking
Sources checked on: 01 November 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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