Business banking with Westpac: The lowdown

Westpac has many different business and commercial banking options available, from simple accounts which would suit low turnover companies, or sole traders, to more complex products which may work for limited liability companies and established businesses.

If you’re a business owner and need a bank account to keep your personal and company finances separate, check out the different options available from Westpac.

Discover the Wise
Business account

What are the different business bank accounts offered by Westpac?

Westpac offers a broad range of business accounts including transaction accounts, savings and interest bearing accounts, and products which are aimed at people working in a specific niche such as primary producers and charity organisations.

Westpac transaction business accounts

Compare the options available from Westpac before you decide which is right for you.¹

Business One - Low Plan

This is the most popular business bank account available through Westpac. It is perfect for new businesses who want to take control of their account transactions online with:

• Unlimited electronic transactions and
• Up to 25 other simple in branch transactions fee free

For just a low monthly fee of just $10. There’s no interest paid on this account, but you will get access to Biz Invoice, to create and send professional invoices.

You can also apply for a business debit card for simple spending.

Business One - High Plan

This business bank account comes with a fee of $20 per month, but gives you 60 in-branch transactions per month included in the charge.

This account is recommended for businesses which are more established and need to carry out more in branch transactions per month.

Business One - Flexi

A final option within the Business One account family - with the Flexi account you do not pay a monthly fee, but instead pay $0.50 per electronic transaction. This makes it a good option for businesses with an extremely low volume of transactions.

Westpac Business savings account

Here are the savings/interest bearing accounts provided by Westpac bank.²

Business Cash Reserve

Westpac’s Business Cash Reserve account is an interest bearing product which allows business owners to save their surplus cash while having access to your funds online 24/7.

You’ll earn tiered interest on your balance and can move your money out to another linked Westpac account in the same name using mobile banking or telephone banking, when you need to.

It helps to know that you’ll need a Westpac business transaction account in your company name, to be able to open either of the Business Cash Reserve accounts.

Business Cash Reserve Bonus

This account is similar to the Business Cash Reserve account but - as the name suggests - offers additional interest on some deposits. If you have over $10,000 in the account you could earn bonus interest based on the length of time you leave the money in the account.

Business Term Deposit

With a term deposit you agree to leave your money with the bank and can not make any withdrawals until the end of the agreed term. You’ll earn interest on the balance, which is usually paid upon maturity of the deposit. Westpac says you’ll the certainty of a fixed interest rate plus a choice of term lengths.

Specialist accounts from Westpac

Westpac also offer a range of specialist accounts including products aimed at primary producers and farmers, not for profit organisations and community associations.

What are the fees for a Westpac business (bank) account?

Getting an account with low fees can make a big difference to the profits your business makes. Make sure you read the small print in the account terms and conditions to check the transactions you make frequently don’t come with high charges.

Here are a few of the most important fees to know about, if you’re considering one of the Westpac business transaction accounts.³

One area where traditional banks don’t necessarily serve their customers as well as they could is in international payments. This can cause a problem if your business needs to send or receive money across borders — paying suppliers, or accepting payments from customers based overseas for example.

If you want a better way to manage your money across different currencies, and send and receive international payments, check out the Multi-currency account from Wise for business.

The Multi-currency account lets you hold your money in multiple different currencies in one account, as well as receiving fee free payments in Australian, US and New Zealand dollars, British pounds and euros. You can also get one or more linked debit card for simple spending, and can switch your money between currencies whenever you need to using the Google exchange rate, and for a low transparent fee.

What are the requirements to open a business bank account with Westpac?

There’s a range of accounts available - which means there’s something to suit most business owners. In general terms you’ll only need to fulfil the following basic conditions:

• You must be 18 or over
• You must have a business which is registered in Australia, and you have to provide the ABN registration number
• You’ll need to provide official ID documents for an online identity check
• If you want a deposit account, you’ll also need a business transaction account with Westpac

Depending on the account you want to open, and the entity type you run, you might need to provide further documentation or information to support your application. Full details are available online over on the Westpac website for account type.

How can you open a Westpac business (bank) account?

You can get started with your application online by completing the correct form for the account you wish to open, and submitting copies of your ID for an online identity check. The paperwork should only take 10 minutes to complete.

Visit the business account page and select open now on the account you wish to open. Follow the steps online to get your account up and running.

Westpac business banking support

You can talk to a member of the Westpac business support team by:

• Calling 132 142 — 8am - 8pm, Mon - Fri (Sydney Time)
• Online and Mobile Banking 1300 655 505
• Calling from overseas (+61 2) 9155 7700
• Heading down to your local branch to talk to the team there.

Other contact options can be found on their website here.

The Wise Business account

When you’re researching the best business account for you, it helps to bear in mind that the most cost effective and convenient option might not be from a traditional bank at all.

Take a look at the Multi-currency account from Wise for business, to see how a modern style of account might serve your company and help you keep more of your profits.

You’ll be able to hold your money in multiple currencies, and receive fee-free payments on major currency routes, making it a good solution for businesses working with customers and suppliers abroad. There are no monthly fees to keep your Wise business account.

You’ll also find you can get simple and efficient customer support from Wise. Find out more about how much Wise could save your business and all of the features you'll get, check out the Wise Business account. You can sign up online with a few clicks — in minutes.

Register your Wise business account
in minutes 🚀

Sources checked as of 30 July 2022