Which is the best bank for startups and small businesses in Australia?
Which is the best Australian bank for startups to work with? Citibank is good for handling foreign currency and has a good interest rate, BUT, far out, they are horrendous to deal with. Simple things like getting a new CC or changing address are almost impossible. Any advice? Or are the big banks largely the same?
If good old fashioned fast and personalised banking service is important then you can't go past Bendigo Bank. In all my dealings you less fell like a number and stuff is just sorted very promptly. Very approachable and efficient operation compared to the majors.
If you are a startup Commbank is pretty good and has a lot of good features. However I would highly recommend setting up an Hong Kong company and getting a HSBC multi currency account setup with them. It makes life a lot easier when it comes to international payments.
While most people think having a Hong Kong company is just a tax dodge, reality is for anyone doing business in multiple countries it simply makes sense. It only costs about ~$2,000 to have setup (both company and account) and can make life easier.
Word of warning though, if you just setup a Hong Kong company and live & work from Australia only you will be questioned by the tax office.
I'm located in Perth and have used BankWest. They have a no fee account for businesses. I also was able to get a cheque book for no charge. My business deals with Australian currency only and I'm still a sole trader