As being an Australian citizen and registering a company in Australia, I could not understand if my main company account can be with Wise (formerly Transferwise). They have a Business Account advertised here: https://wise.com/au/business/ Wise holds "Authority to carry on banking business in Australia" that says the following: ===== To: TransferWise Australia Pty Ltd ABN 38 [TFN removed by moderator] (the body corporate) SINCE the body corporate has applied for an authority to carry on banking business in Australia, I, Therese McCarthy Hockey, a delegate of APRA: (a) under subsection 9(3) of the Banking Act 1959 (the Act), GRANT the body corporate an authority to carry on banking business in Australia; and (b) under paragraph 9AA(1)(a) of the Act, IMPOSE conditions on the authority, as specified in the schedule. This authority commences on 30 November 2020. Dated: 20 November 2020 Therese McCarthy Hockey Executive Director Banking Division ===== Therefore, it is not clear if Wise can act as my primary business account for an Australian company, or do I still need a business account with an Australian Bank? Please advise.
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