Melbourne is Australia’s banking capital. ANZ and NAB are both headquartered in Melbourne, making it the natural home of Australian corporate banking. For business owners and entrepreneurs, the city offers an exceptional range of banking options: the Big Four banks, Melbourne-born institutions like Bank of Melbourne, challenger banks, and credit unions. This guide breaks down the best banking choices for Melbourne businesses.

The Big Four Banks in Melbourne

ANZ (Australia and New Zealand Banking Group)

ANZ is headquartered at 833 Collins Street, Docklands, making Melbourne ANZ’s operational heart. For Melbourne businesses, ANZ offers a full suite of products including business transaction accounts with no monthly fee for the first year, business overdrafts, commercial property loans, trade finance, and foreign exchange services. ANZ’s Business Hub at their Docklands headquarters is a resource centre for SME customers. Their lending appetite for established profitable businesses is strong; early-stage startups may find non-bank lenders more accessible.

NAB (National Australia Bank)

NAB is headquartered at 395 Bourke Street in the Melbourne CBD and is well-regarded as the most business-focused of the Big Four. NAB’s QuickBiz loan offers unsecured business lending up to AUD $250,000 with fast approval for eligible businesses. NAB also offers a dedicated small business banking team, plus specialist agriculture, property, and health sector banking teams.

Commonwealth Bank of Australia

CBA has a strong Melbourne business banking presence despite being headquartered in Sydney. Their BizExpress lending product, merchant facilities, and CommBiz online banking platform are popular with Melbourne retailers, hospitality businesses, and professional services firms. CBA’s innovation in business payments through PayTo and digital transaction tools makes them a forward-thinking choice.

Westpac

Westpac operates across Melbourne with business banking centres in the CBD and suburban areas. Their Businessline product and merchant services are well-established. Westpac also owns Bank of Melbourne, which provides a locally branded alternative for Victorian businesses.

Bank of Melbourne: The Local Choice

Bank of Melbourne is a Westpac subsidiary but operates with a distinct Victorian identity and branding. It is popular with Melbourne small business owners who prefer dealing with a locally-branded bank and accessing local business banking managers. Products mirror Westpac’s core offering but the service culture is oriented around Victorian community banking. Branches are concentrated in Melbourne and regional Victoria.

ME Bank: The Industry-Backed Alternative

ME Bank (Members Equity) was established by industry super funds and acquired by Bank of Queensland. While primarily a retail and home loan bank, ME Bank offers competitive deposit products and transaction accounts. It is popular with Melbourne professionals and union-affiliated workers as a values-aligned banking option.

Credit Unions and Mutual Banks

Australian Unity Bank

Australian Unity provides financial services including personal and business banking from their Melbourne base. As a mutual organisation, profits are returned to members. Their business accounts are competitive and customer service is highly rated. Well-suited to health, aged care, and social enterprise businesses given Australian Unity’s roots in the health and wellbeing sector.

Police Credit Union (Victoria Police Credit Union)

The Victoria Police Credit Union serves police, emergency services, and their families. While membership is restricted, it demonstrates Melbourne’s deep tradition of occupation-specific mutual finance. Similar models exist for teachers, healthcare workers, and other professional groups in Victoria.

Challenger Banks and Fintech Options

Judo Bank, founded in Melbourne, is a specialist SME lender offering relationship-based lending to businesses that find the Big Four inflexible. Zeller provides all-in-one business banking including EFTPOS terminals, business accounts, and payment analytics. Airwallex, headquartered in Melbourne, provides international payments and multi-currency accounts that are popular with export-oriented businesses.

Choosing the Right Melbourne Business Bank

For a new Melbourne business, the practical question is whether you need a full-service relationship bank (best with ANZ or NAB given their Melbourne HQ presence) or a lean digital solution (Zeller or Airwallex for payments; Judo for lending). ANZ and NAB are strongest for businesses that need face-to-face banker access, trade finance, or commercial property loans.

For funding options beyond banking, explore our guide to small business funding in Melbourne. For tax planning linked to your banking strategy, see our post on tax and financial services in Melbourne.

The Australian Prudential Regulation Authority (APRA) regulates all Australian banks and credit unions. Further information on authorised deposit-taking institutions is available at business.gov.au.

Open a Melbourne Business Account Today

The right business bank account is one of your most important operational decisions. In Melbourne, you have access to the country’s two largest business-focused banks, plus a growing ecosystem of digital alternatives. Match your banking choice to your transaction volume, credit needs, and long-term growth goals.

Ready to build your Melbourne business on solid financial ground? Join Hustler’s Library free for expert guides and entrepreneur resources.