How to Open a Bank Account in Australia for Non-Resident Companies (Local Payments Guide)

So your business is picking up traction in Australia — customers are paying, orders are coming in, and everything looks great. Except for one thing: getting paid locally is a mess. International wire transfers are slow, fees eat into your margins, and your Australian clients are asking for a BSB number you simply don't have.

The good news? You don't need to move to Sydney to fix this. Here's exactly how non-resident companies can access Australian local payment infrastructure.

First, Understand How Australian Payments Actually Work

Before picking a provider, it helps to understand what "local payments" means in the Australian context — because it's quite different from Europe or the US.

Australia does not use IBANs. Instead, the local system runs on BSB numbers (Bank State Branch — a six-digit code identifying a specific bank branch) paired with a standard account number. These two pieces of information are what your Australian clients need to pay you the same way they'd pay any local supplier.

The underlying payment rails are:

• NPP (New Payments Platform) — Australia's fast payments infrastructure, processing around AUD $6 billion per day. Payments arrive in seconds, 24/7. This is the system behind Osko and PayID (which lets clients pay using just an email or ABN instead of a BSB).

• BECS (Bulk Electronic Clearing System) — older rail used for batch payments and direct debits. Typically settles next business day. Common for payroll and supplier payments.

• SWIFT — used for international transfers into and out of Australia.

If you only have an overseas bank account, your Australian clients can't reach you via NPP or BECS. They'd have to send an international wire, which costs more, takes days, and most SMEs simply won't bother. Having a local BSB and account number makes you operationally invisible — in the best way.

The Traditional Bank Route: Possible, But Painful

Yes, non-resident companies can technically open a business bank account with one of Australia's Big Four banks — Commonwealth Bank, ANZ, NAB, or Westpac. But the requirements are steep.

Your company must be registered in Australia with ASIC, meaning you'll need either an Australian subsidiary or a registered foreign company branch with an ACN (Australian Company Number) and an ABN (Australian Business Number) linked to a physical Australian address. That address must be a real registered office — not a P.O. box.

On top of that, most major banks require directors and beneficial owners holding more than 25% to pass Australia's 100-point ID verification — in person, at a branch. That's a passport (70 points) plus a utility bill or driver's licence to make up the rest. For a company with directors based in Europe or Asia, this typically means booking a flight or appointing a local representative, both of which add cost and delay.

The process can take anywhere from several days to several weeks, and rejection rates for non-resident applicants are high, even when all documents are in order. Major banks simply weren't designed for this use case.

Bottom line on traditional banks: if you're building a long-term, large-scale presence in Australia with a fully incorporated subsidiary and a local director, the Big Four are worth pursuing. For most international businesses just wanting to accept local AUD payments efficiently, they're overkill.

The Smarter Route: AUD Virtual Accounts via Australian Fintechs

This is where the practical solution lives. A growing number of ASIC-regulated Australian fintechs and payment institutions offer virtual AUD accounts that come with real BSB numbers and account numbers — without requiring you to incorporate locally or visit a branch.

From your Australian client's perspective, you look completely local. They enter your BSB and account number, hit send, and the payment arrives via NPP within seconds. Some providers also support PayID, so clients can pay you with just an email address — even simpler.

From your perspective, the funds land in your virtual AUD account, which you can convert to your home currency and withdraw via SWIFT, or hold in AUD for future Australian expenses.

If you would like to get a list of traditonal and neo-banks list that onboard and tolerate non-resident companies as clients, fill out our contact form and we will send it to you by email.

What Documents Do You Actually Need?

Compared to the Big Four bank process, fintech onboarding is significantly lighter. Most providers will ask for:

• Certificate of incorporation from your home jurisdiction (notarised or apostilled if not in English)

• Proof of business address (utility bill, lease agreement, or official correspondence)

• ABN/ACN — required if your business is registered in Australia; optional with some fintechs if you're operating as a foreign entity

• Passport and proof of address for each director and beneficial owner (25%+ shareholding)

• Description of business activities and expected transaction volumes

• Source of funds documentation — particularly for higher-volume accounts

Most applications are completed fully online. Verification typically takes 24–72 hours for straightforward cases, though complex corporate structures or high-risk sectors may take longer.

How Things Work In Practice

You don't need an ABN to start. Few fintechs allow foreign-registered companies to open AUD accounts without an Australian ABN or ACN, as long as you can verify the business and its beneficial owners. An ABN becomes more important if you're actively invoicing Australian businesses (GST obligations) or hiring local staff.

NPP vs BECS matters for timing. If your clients pay via online banking using your BSB and account number, they'll typically hit NPP (instant) automatically if their bank supports it. BECS is used for scheduled or bulk payments and arrives the next business day. Both are fine operationally; just set expectations with clients accordingly.

PayID adds a professional touch. If your provider supports PayID registration, you can give clients a single email address or ABN to pay you rather than a BSB and account number. It reduces payment errors and looks polished.

Currency conversion costs matter at scale. Most fintechs charge between 0.5% and 1.5% to convert AUD to your home currency. At low volumes this is negligible, but at AUD $500,000+/year it's worth comparing providers or negotiating rates with who offer custom pricing at higher volumes.

When Does It Make Sense to Incorporate in Australia?

Fintechs solve the payments problem cleanly, but there are scenarios where going further and incorporating locally makes sense. Consider it if you're hiring Australian employees, tendering for government contracts (many require an ABN and local entity), holding physical inventory in Australia, or if your volume of Australian revenue has grown to the point where a local entity delivers meaningful tax advantages under the Australia-[your country] double tax treaty.

For most businesses at the early-to-mid growth stage, however, a fintech virtual account handles 90% of the practical need at a fraction of the cost and complexity.

Quick-Start Checklist

Before applying, have these ready:

• Certificate of incorporation (apostilled if required)

• Company directors' passports + proof of address

• Beneficial ownership structure document

• Description of your business and what you're selling to Australian clients

• Expected monthly AUD volume (rough estimate is fine)

• Business website or LinkedIn (most fintechs review this as part of verification)

Conclusion

Opening an Australian local payment account is no longer the bureaucratic hurdle it once was for international businesses. The fintech layer has genuinely solved this problem — and in most cases, you can be receiving AUD payments via NPP within a few business days of submitting your documents online.

Need help choosing the right provider for your specific business structure? Get in touch with the Epico Finance team below.