Business banking with Bank of Melbourne. The account types, requirements and fees.

If a new business account is on your radar, Bank of Melbourne may be an option you’re considering when it comes to opening a new account.

Bank of Melbourne, also known as BOM, is a financial institution based in Victoria, Australia. They offer personal, business, and corporate banking, as well as advice in wealth management.

This article will provide you with an in depth look at the BOM business account, including fees and costs you need to be aware of, as well as directions on how to apply.

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Business account

Types of business accounts offered by BOM

BOM offers three different business accounts, each differing depending on the types of transactions you’re looking to use. One of these options is primarily a savings account.

Freedom Business Account

The Freedom Business Account is BOM’s main transaction business account and is primarily designed for electronic transactions, with the occasional need to drop into a branch. The monthly fee for this business account is $10 AUD per month, and provides access to the following¹:

• Unlimited electronic transactions
• Up to 30 in-branch transactions
• Business Visa Debit Card
• 12 bonus months when paying for 1 month of MYOB (New MYOB customers only)

Business Cheque Account Plus

The Business Cheque Account Plus is designed for electronic transactions, however, it also accommodates those that require more frequent need to bank in-branch. The monthly fee for this business account is $20 AUD per month, and provides the following¹:

• Unlimited electronic transactions
• Up to 70 in-branch transactions
• Business Visa Debit Card
• 12 bonus months when paying for 1 month of MYOB (New MYOB customers only)

Business Access Saver

The Business Access Saver account is BOM’s business savings account and is designed for putting money aside for business purposes including tax, savings, or unexpected expenses.¹

There is no monthly fee for this business account, however other fees may be applicable such as branch access charges.¹ The account provides the following features¹:

• Interest can be earned on balances
• 24/7 access to account via an online linked transaction account
• No minimum monthly deposit/balance required

BOM business account fees and costs

Now for the section you’ve been waiting for — the fees and costs to be aware of when using a BOM Business Freedom Account.

We’ve detailed the charges you need to know about, as well as a comparison with the Wise Business Account:

Fees	BOM business freedom Account	Wise Business account
Account monthly fees	$10 per month¹	One-time fee of 22 AUD to get AUD and international bank details.
Automated payments (including Direct Debits and Standing Orders)	Yes¹	Yes
Access to multiple cards	Not mentioned	Yes
International transfer fee (for a sample amount of $1,000 AUD to GBP)	$10 to make an international payment in foreign currency $20 to make an international payment in Australian Dollars $12 to receive an international payment⁶	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	No ATM withdrawal fees will apply if using the following banks in Australia³: St.George BankSA Bank of Melbourne Westpac or Westpac Group partners ATM fees may apply at other branches.	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: Some ATM providers may charge additional fees.
Card maintenance fees	None	None

As seen on 24 March 2023

How to apply for this business account?

To apply for BOM business accounts, the steps differ slightly depending on the type of account you want to open. Here’s a run-through of how to open each type of business account with BOM:

How to open a Freedom Business Account with BOM?

To open a Freedom Business Account with BOM, there are two routes for application.

You can head to your nearest branch to apply for an account in person, however, you can also apply online if you’re a sole trader, a 1-director company, or already a BOM business customer.³

How to open a Business Cheque Account Plus with BOM?

The Business Cheque Account Plus with BOM can only be opened in-branch. Online applications for this account are not available as yet.⁴

How to open a Business Access Saver Account with BOM?

As with the Freedom Business Account, BOM’s Business Saver Account can be opened online if you’re:

• a sole trader
• a 1-director company
• or already a BOM business customer

All other parties will be required to pop into their local branch to apply.⁵

Read more: Bank of Melbourne international transfer: Fees, rates and transfer time

What do I need to open an account? Requirements, documents, and what to know.

You will be required to pass an eligibility check and provide a few pieces of documentation with you when opening a BOM business account.

An eligibility check will ensure you meet the following requirements³:

• 18 years + (applicants plus signatories)
• Operating in Australia with an Australian address
• Business structure is a sole trader, company, association, partnership, self-managed super fund, not-for-profit organisation, or trust

Which documents do I need to open a BOM business account?

You will be required to provide the following documents when opening a BOM business account.

These are the same for each account but will differ slightly depending on your business structure as detailed below.

Identification

Regardless of your business structure, you will be required to provide ID when opening any business account with BOM. These can be in the following forms³:

• Driving licence/passport or
• Birth/citizenship certificate, plus Medicare card or recent utility bill

Documents Required

Other documents that may be required include the following³:

• Customer ID (if already a BOM customer)
• ABN (if available), ASN (if applicable)
• Registration/establishment date and in which state/territory
• Foreign tax residency information if any (must include Foreign Tax ID Number)
• Full names, addresses, and dates of birth of CEOs, MDs or anyone who has a share of 25% or more in the business
• If regulated company or non-listed but regulated, the name of regulator and licence number

If you’re a company, partnership, trust, association, or co-operative, you may need to show the following documents³:

Company

• ASIC certificate of registration, or:
• Publicly issued document from last 12 months (e.g. audited accounts)

Partnership

• Proof of current membership or professional association if you’re a regulated partnership, as well as
• Partnership agreement, or:
• Minutes from recent meeting, or:
• ATO notice from the previous 12 months, or:
• Registration certificate of business name

Trust

• Trust deed (or certified copy) including trust names, trustees, beneficiaries/settlors, plus execution page, or:
• Settlement deed, or:
• ATO notice within last year, or:
• Letter from appropriate professional confirming trust name and settlors

Association

• Constitution/rules of the association, or:
• Meeting minutes, or:
• ASIC registration certificate/equivalent

Co-operative

• ASIC certificate, or:
• Register maintained by co-operative, or:
• Meeting minutes

Can you manage a BOM business account online or on the app?

A BOM business account can be managed online or via the Bank of Melbourne Mobile Banking App.

Do I need to deposit money to open a BOM business account?

It’s not clear if there’s a minimum deposit or balance required with a BOM business account. There is, however, a minimum monthly balance of $100,000 that must be kept to avoid a monthly account-keeping fee of $10 AUD.⁷

How long does it take to open a business account at BOM?

It’s unclear on the amount of time it takes to open a business account at BOM.

Do I need to go to a bank branch, can I do this online or from abroad?

The Freedom Business Account and the Business Access Saver account can be opened online, provided you’re a sole trader, a 1-director company, or already a BOM business customer.

If your business structure differs from those mentioned above, or if you’re looking to open a Business Cheque Account Plus, you will be required to appear in person at your local branch to open the account.

Can you have additional business cards with this account?

It is possible to apply for additional cards with BOM for other cardholders. Approval is at BOM’s discretion, and transactions made on the additional card will be debited to the main account.⁸

Business support details for BOM

BOM can be contacted via the below routes:

• Virtual Assistant via the BOM app

• Business banking telephone line:

• 13 82 66 - Mon-Fri 8am-8pm (EST)

• +61 2 9155 7818 (from overseas)

• Secure contact form

• Post: Bank of Melbourne, Locked Bag 20037, Melbourne VIC 3001

All contact routes are available here.

Wise for Business as a smart alternative

The Wise Business Account is a good alternative for local and international banking and more flexible with the businesses it supports. You can check here if your business is supported..

With this Business account, you can make international payments to 80 countries in over 50 currencies using the transparent mid-market rate plus a small transaction fee.

You’ll also get access to local Australian AUD account details, and account details for over 9 other major currencies.

The Wise business debit card can be used at ATMs, in-store, or online shopping via the Mastercard network. Additional cards can be made available for other team members as you choose, with one fixed card-creation fee per card and no monthly fees.

Find out how the Wise business account can save you money.

Register for a 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:

1. BOM - Business Transaction & Savings Bank Accounts
2. BOM - Business Account Terms & Conditions
3. BOM - Freedom Business Account
4. BOM - Business Cheque Account Plus
5. BOM - Business Access Saver - Savings Account
6. BOM - FX & International
7. BOM - Business Accounts and Payments Services PDF
8. BOM - Business Debit Cards Terms and Conditions

Sources checked on: 24/03/2023 and 27/03/2023