Choosing a Business Bank — Wise vs Up vs Big-Four

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Most AU dropshippers default to their personal bank for business operations. By month nine they realise it's wrong. The Big Four banks charge A 5-30/month for business accounts plus A$30-60 international wire fees plus 3-4% FX spreads. Wise Business and Up Business charge A$0/month with sub-1% FX. The decision is structural; the savings compound over years.

The AU business banking landscape

For AU dropshippers, four practical options exist:

Big Four banks (CBA, Westpac, NAB, ANZ). Pros: branch presence, established merchant services, business loans, integrated lending products. Cons: A 5-30/month account fees, A$30-60 international wire fees, 3-4% FX spread above mid-market. Best for: Brands at A M+ revenue needing lending products or merchant services beyond basic.

Up Business (neobank, owned by Bendigo Bank). Pros: A$0 monthly fees, modern app, fast onboarding, direct AU bank rails. Cons: limited international wire infrastructure, no business loans. Best for: AU-focused operations under A M revenue.

Wise Business (multi-currency specialist). Pros: mid-market FX (~0.5% spread), multi-currency wallets (USD, GBP, EUR, AUD), low international wire fees, fast cross-border. Cons: not a full bank (no overdraft, limited interest products), some international restrictions. Best for: any operator selling internationally or buying from international suppliers.

Airwallex. Pros: similar to Wise but with stronger AU-specific features (AU BSB+account number issued, cleaner Stripe integration). Cons: smaller multi-currency network than Wise. Best for: AU-focused operations with significant international payment flow.

The two-account setup

For most AU dropshippers running A 0k+/month revenue, a two-account setup is optimal:

Operating account: Up Business or Big Four (your choice based on lending needs).

Receives Stripe payouts (T+2)
Pays AU suppliers in AUD
Pays AU services (Shopify, Klaviyo)
Pays VAs in AUD or PHP via direct transfer

International account: Wise Business or Airwallex.

Receives any non-AUD international Stripe payouts
Holds USD for AU-to-US ad spend (Meta bills in USD)
Pays international suppliers (AliExpress, US-based services)
Provides multi-currency invoicing for international buyers

The two-account model separates AU operations from international operations. Each tool handles what it's best at.

The cost comparison at scale

For a A$50k/month AU dropshipper with 30% international revenue (A 5k):

CBA Business Transaction + AU operations only:

Monthly account fee: A