As a freelancer in Australia, you’ve probably faced a few issues when trying to open a bank account:
Considering these issues, what are your best options to open a bank account as a freelancer?
In this article, we'll cover:
Note: Looking to open a freelancer bank account right away? With Parpera you can create a Volt bank account specifically designed for freelancers and sole traders in less than 10 minutes. Download the app today!
When it comes to opening a freelancer bank account, you have two main options: open a digital account, or open a traditional account with the big four Australian banks. In this section we’ll be comparing both options.
Parpera is a digital solution that helps Australian sole traders and freelancers manage their money. Based on over 500 interviews with freelancers, we’ve been able to design and deliver fair and transparent banking, invoicing, and financial administration solutions, all in an easy-to-use app.
We differ from traditional banking by focusing specifically on making it easier for you to manage your business finances and tax obligations. One of the key differences, for example, is that it only takes 10 minutes to open an account online through us — versus potentially several days with a traditional bank account.
It only takes 10 minutes to open a Volt bank account through Parpera directly from your phone. Here’s what to have ready before opening your account:
Don’t have an ABN? No worries. Get an ABN with Parpera while you open your Parpera account.
After you download the app, opening a freelancer business bank account through us is a simple 4-step process:
We offer a 30-day free membership trial to try out our Parpera App. Don’t like it? You can close your membership at any time, no questions asked, from the settings tab. If you’d like a more in-depth view of how to download the app and become a member, check out our article on the steps to becoming a Parpera member as a sole trader.
We understand that Parpera may not meet every freelancer's needs. So, to give you a full overview, here’s how to open an account with the big four Australian banks.
Unless you already have a personal bank account with one of the big four banks, most likely you’ll have to visit a branch in person. Let’s look at their banking services in more detail.
Before opening a NAB business account, you’ll need:
Here’s how to open a business account with NAB:
*If NAB can verify your identity: you can open your account online and receive an SMS with your NAB ID and an email with your account details.
*If NAB can’t verify your identity: you’ll need to visit one of their physical branches (remember to bring your 2 forms of ID with you).
With CommBank, you can only open up an account, personal or business, in person, choosing a branch that has a small-business specialist on site.
What you’ll need to bring with you for a CommBank branch visit:
You can apply for a business bank account online with Westpac, but you may not be able to open one immediately online unless you’re already a Westpac customer.
Here’s what you’ll need to have ready beforehand:
To open up a Westpac account:
For ANZ, you can only fill out a short application online, which will take about 2 minutes. Then an ANZ agent will contact you within one business day to discuss business bank account options.
Alternatively, you can book a branch appointment.
Whichever option you choose, here’s what you’ll need to provide to open an account with ANZ:
As a freelancer, you don’t have a fixed monthly income and your transactions will vary from month to month and year to year as you grow your freelancing business. So, before opening a freelancer bank account, look for an affordable solution that offers not just a separate business account to satisfy your tax obligations, but one that can maximise your financial administration today and for the future.
Here’s what to look for in a freelancer bank account:
What would really make a business bank account stand out is if you could find all the above at an affordable monthly rate with no hidden fees. Sounds like a dream. But it’s not. Here’s how we’re providing this with Parpera.
We designed Parpera to be the best money-management tool for freelancers and the self-employed who want to save time and money while complying with their tax obligations. Here are the benefits of becoming a Parpera member:
We make opening a business account as simple as possible. In a few clicks, you can open your account with us in under 10 minutes, and can create an ABN if you don’t have one.
When you become a Parpera member, you’re creating a Volt bank account with our trusted banking partner, Volt Bank*, where your money (up to $250,000 per account holder) is protected by the Financial Claims Scheme. This means that your money’s protected in the same way as it is with the big banks.
Here’s what to expect from your Parpera membership:
But that’s not all, because with Parpera, you receive much more than a freelance business account.
We designed Parpera to make payments not just easier but faster, too. Here’s how:
We know how time-consuming and frustrating bookkeeping and accounting is when you’re running a solo business. Here’s how we’ve taken the hassle out of managing your tax obligations:
At Parpera, freelancers can expect 24/7 member service with human contact. This means you can receive the help you need, when you need it, whether it’s via chat, email, or phone.
When you become a Parpera member, you’ll receive updates, online events, and discounted services with Parpera partners. And we’ll ask you to share feedback to improve our services as well as test out new features before we roll them out.
We hope you find our information on how to become a member and open a freelancer bank account in Australia helpful. The most important thing is to pick an account that fits your specific needs, and will help you run and grow your freelance business effortlessly.
As a freelancer, the best bank account for you will depend on your specific needs.
If you’re looking to open a bank account online and in less than 10 minutes and a debit card in less than a week, then Parpera is your best bet. You’ll also get a complete money management tool, allowing you to create invoices, manage expenses and reconcile payments.
If you prefer banking with a big four bank account, you can follow these instructions to open an account with them: How to open a sole trader account with a Big Four bank account.
However, keep in mind that most big four bank accounts will require you to visit them in person, complete an application and sometimes already have a personal account with them.
Yes, a freelancer can open a separate business bank account as a sole trader. This type of bank account is different from a personal bank account and a business one — it’s specifically for sole traders.
In order to open one, you will first need to get an Australian Business Number (ABN), and then head to Parpera or a Big Four bank to open your account.