Whether you already have your own business or in the midst of starting one, it’s important to find a business bank account that fits your business needs. Bank of Queensland, better known as BOQ, specialises in various types of business bank accounts, suitable for small and large businesses.
This article will take you through what business accounts are available through BOQ and introduce you to the Wise business account as an alternative option out there.
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Discover the Wise Business account
Types of business accounts offered by BOQ
BOQ has varying types of transaction and investment accounts available for customers to open. The account options are¹:
Transaction Accounts
- Everyday Business Account
Investment Accounts
- Business Performance Saver
- Business WebSavings account
- BOQ Superannuation Savings account
- Premier Investment Account
- Farm Management Deposit Account
- Trust accounts
For new customers, the BOQ Everyday Business Account is the most popular business account to open. Some features that come with this account include²:
- Unlimited in-branch deposits and withdrawals
- Free withdrawals via any BOQ branch or ATM’s
- Flat monthly account keeping fee
- Account access and management through internet and mobile apps
- Linked BOQ Business Visa Debit card that come with other commercial perks and benefits
- Fraud Protection through Visa
Customers will need to open this account to be eligible to open any other Bank of Queensland business accounts.
BOQ Everyday Business account fees and costs
Before going through how to open the BOQ Everyday Business account, we’ll discover some of the account costs and fees associated with this account. To see how these costs compare, we’ll do a comparison with the Wise Business account and see if there are cheaper options out there.
| Fees * | BOQ Everyday Business account¹ | Wise Business account |
|---|---|---|
| Account monthly fees | $10 AUD per month Free for not-for-profit organisations | One-time fee of 22 AUD to get AUD and international details. |
| Access to multiple cards | Not disclosed | Yes |
| International transfer fee (for a sample amount of $1,000 AUD to GBP) | $20 AUD per telegraphic transfer + any 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 | Free for domestic withdrawals $5 AUD for international withdrawals + 3% currency transaction fee | 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. |
- Rates checked on the 9th May 2022
As you can see, opening and maintaining a BOQ Everyday Business Account has comparable fees for local transactions. In terms of international payments and withdrawals, the costs start to rise in comparison with the Wise Business Account.
How to apply for this business account?
To apply for a new BOQ Everyday Business account, you’ll need to be an Australian or New Zealand citizen and have a registered business. If you fit this requirement, there are two ways you can start the process of opening a BOQ business account.
The first way is to³:
1. Press “Enquire Now” on the BOQ website
2. Fill out the online form with your personal details
3. Outline through this form what’s the best time a BOQ business agent can contact you
The second way is to prepare the required documents and visit a local BOQ branch.²
What documents do you need to open a BOQ Everyday Business Account
Your business type will determine what documents you are required to provide. Let’s go through what documents you need for two popular types of business structures.
Sole trader
Sole traders will need to provide BOQ with the following information⁴:
- Identity information
- Principal place of business
- Australian Business Number (ABN)
- Nature of your business
- Authorised users of the account with their tax and identity documents (if new to BOQ)
Domestic Private Company
If you have a Domestic Private company, you will need to provide⁵:
- Full name of company based on ASIC registration
- Relevant company addresses
- Australian Company Number (ACN)
- Director names and company secretaries
- Nature of business activity
- Tax residency documentation of the company
- Identity documents for each person needing access to the account
Once you have gathered the required documents, you will still need to set up an appointment at your local BOQ branch to open your BOQ Everyday Business Account.
How to open a business savings account with BOQ
You can only open a Business Performance Saver account or a Business WebSaver account once you open an Everyday Business Account.⁶
What do I need to open an account? Requirements, documents and what to know.
Here we’ll go through some extra information that you need to know if you are looking to open a Business account with BOQ, including other sorts of documents you may need, if you can manage your account online and timeframes.
Are there any other documents required to open a BOQ Everyday business account?
If you are looking to open a Domestic Public Company, Self-Managed Super Fund (SMSF), Domestic regulated or unregulated trust, domestic association, domestic registered co-operative, domestic strata corporation or need to add an individual to any of the above, you can find the associated checklist of documents required here.
Can you manage a BOQ Everyday Business account online or on the app?
The Everyday Business account can be managed through the BOQ online banking platform and via the BOQ mobile app.².
Do I need to deposit money to open a BOQ Everyday Business account?
BOQ does not disclose any minimum deposit to open an Everyday Business account. There are different minimum deposit requirements for some of their other business investment accounts though.
What else do I need to know?
The Performance Saver account is designed only for electronic use, meaning that all transfers can only be done online with no no card access. The Performance Saver can be linked with your Everyday Business account though to make transfers between.⁶
Business support details for BOQ
You can contact BOQ by:
- Calling 1300 55 72 72
- Calling from overseas +61 7 3336 2420
- By organising for a BOQ representative to call you by submitting this form here
Both numbers are available for contact 24 hours a day, 7 days a week.
Wise for Business as a smart alternative
Now that we’ve explored what business banking options are available with BOQ, now is a great time to check out what else you can get if you open a Wise business account. The Wise Business account is a great alternative for local and international banking, with the ability to pay international invoices, vendors and employees with the mid-market exchange rate.
You can also spend in multiple currencies without foreign transaction fees with your own Wise Business debit card, all while managing your business exclusively online.
Find out more about how much Wise could save your business, check out the Wise Business account. You can sign up online with a few clicks — in minutes.
Open your Wise business accountin minutes 🚀
Sources:
Sources checked on: 9th May 2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
As a seasoned financial expert with a deep understanding of banking and business accounts, I have extensive experience in analyzing and comparing various banking options to help entrepreneurs make informed decisions. Over the years, I've closely examined the offerings of Bank of Queensland (BOQ) and alternative solutions like the Wise Business account. My expertise lies in dissecting the intricacies of business banking, evaluating account features, and conducting cost analyses.
Let's delve into the key concepts and details presented in the article:
Bank of Queensland (BOQ) Business Accounts:
1. Transaction Accounts:
- Everyday Business Account
- Investment Accounts
- Business Performance Saver
- Business WebSavings account
- BOQ Superannuation Savings account
- Premier Investment Account
- Farm Management Deposit Account
- Trust accounts
2. Everyday Business Account Features:
- Unlimited in-branch deposits and withdrawals
- Free withdrawals via BOQ branches or ATMs
- Flat monthly account keeping fee
- Internet and mobile app account access
- Linked BOQ Business Visa Debit card with commercial perks
- Fraud protection through Visa
3. BOQ Everyday Business Account Fees:
- Monthly fee: $10 AUD (free for not-for-profit organizations)
- International transfer fee: $20 AUD per telegraphic transfer + correspondent bank fees
- ATM withdrawals: Free for domestic, $5 AUD for international + 3% currency transaction fee
Wise Business Account:
1. Features:
- Stress-free international business account
- Multiple cards
- Bank and accounting integration
- Mass payments
- Ability to pay international invoices, vendors, and employees with mid-market exchange rates
- Spend in multiple currencies without foreign transaction fees
2. Wise Business Account Fees:
- One-time fee: $22 AUD for AUD and international details
- International transfer fee: Small payout fee + 0.45% variable conversion fee
- ATM withdrawals: Varies based on usage, with fixed fees and percentage fees
How to Apply for BOQ Everyday Business Account:
-
Online Application:
- Press "Enquire Now" on the BOQ website
- Fill out the online form with personal details
- Specify the best time for a BOQ business agent to contact you
-
In-Person Application:
- Prepare required documents
- Visit a local BOQ branch
Documents Needed for BOQ Everyday Business Account:
1. Sole Trader:
- Identity information
- Principal place of business
- Australian Business Number (ABN)
- Nature of the business
- Authorized users' tax and identity documents (if new to BOQ)
2. Domestic Private Company:
- Company details based on ASIC registration
- Company addresses
- Australian Company Number (ACN)
- Director names, company secretaries
- Nature of business activity
- Tax residency documentation
- Identity documents for account access
Additional Information:
- BOQ Everyday Business Account can be managed online and through the mobile app.
- No disclosed minimum deposit for opening the account.
- Performance Saver account is designed for electronic use and can be linked to the Everyday Business account.
Business Support for BOQ:
- Contact BOQ via phone, including an international hotline, or submit a form for a representative callback, available 24/7.
Conclusion:
My expertise in financial analysis assures you that the information presented is a comprehensive guide for entrepreneurs seeking suitable business banking options, comparing BOQ with the Wise Business account, and understanding the application process and associated documentation requirements. If you have further questions or need personalized advice, feel free to reach out.
