Business vs Personal bank account

[retrogeekaustralia]

Hey guys, I've just got a couple of question regarding what methods sellers use for their bank payments.

Am I legally required to be using a business account to receive payments? or is it fine to just use my personal bank account (which is what I am currently doing).

If it is fine to use a personal account then I think will just open a separate personal account to make and receive all my business related payments as I know it's not a good idea to use the same account as my day to day account due to the difficulty of keeping track of everything.

Reason I haven't really considered this sooner is because I have just made a xero account and would like to set up an automatic bank feed and obviously I don't want to link it to my day to day account.

[love-your-smile]

There is no requirement to have a business bank account. But as you said, it's just easier to track expenses etc.

[retrogeekaustralia]

Thanks for your response, so if that's the case what is the benefit of having a business bank account? Isn't there a limit and fees with every received transaction?

[lyndal1838]

There is no requirement to have a Business bank account....as far as I know our bank requires an ABN to open a Business account.

What you really want would be just an ordinary bank account that is ONLY for business use. It makes things easier for record keeping.

Just use a basic account with no or low fees.