When choosing a business account, it’s important to know exactly what your business needs and if the bank you’re browsing offers those services and features. If you are searching in New Zealand, then Westpac New Zealand offers several types of business accounts to their customers.
This article will go through the account types, the fees and what requirements there are to open an account.
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If you are looking to open an everyday business, savings account or overdraft account, then Westpac New Zealand offers customers accounts covering these purposes. Below we’ll go through each account and the features included when opening each account.
The Westpac NZ Business Transact account is the main everyday transaction business account on offer. The features of this account include¹:
- Free 100 transactions per month
- 24/7 online banking access
- Overdraft facility
- Optional business debit Mastercard
- Set up multiple payments, single payments, direct credits or debits
If you want to combine this account with a savings account, there are two business saving account options available.
The Business Interest account can be opted in when you have an active Business Transact account. The main benefit of this account is that it allows you to accrue interest whenever the Business Transact account is in credit.²
If you’re the type to put some funds aside for certain outgoing business expenses, the Business Online Saver account is designed for this purpose. The main features of this account include³:
- Businesses can earn daily interest on outgoings such as GST, income taxes or other purposes before they are paid
- 24/7 access online
- Easy transfers
Transfers from this account must always go to the Business Transact account for withdrawal.
The Business Overdraft account allows you to access extra money in the form of an overdraft loan. This money is available anytime for use. Some features of this account include⁴:
- Agreed limits on how much you can access
- Flexible repayments
- Ability for repayment deadline extensions
- Access money online, from ATMS or at any Westpac NZ branch
Any overdraft cash accessed will be subject to interest calculated daily in this account and calculated monthly.
As the Westpac NZ Business Transact account is the most popular account to open with this bank, we’ll compare some of the fees and costs of having the account below. These costs will be compared further with an alternative account, the Wise Business account.
|Fees||Westpac NZ Business Account⁵||Wise Business account|
|Account monthly fees||$7 NZD a month +||One-time fee of 40 NZD to get NZD and international details.|
|Automated payments (including Direct Debits and Standing Orders)||Free to set up automated payments online |
$5 NZD to set up each direct debit
|Access to multiple business cards||Yes||Yes|
|International transfer fee (for a sample amount of $1,000 NZD to GBP)||$10 NZD transfer fee when sending international transfer from online business portal + 1% conversion fee + any intermediary bank fees||Small payout fee + 0.45% variable conversion fee (e.g. for a transfer of $1,000 NZD to GBP, the total fee charged is $5.19 NZD) You can make a fee calculation here.|
|ATM withdrawals||Free withdrawals from any Westpac ATM |
$0.60 NZD per overseas balance enquiry
$3 NZD per overseas withdrawal + 1.95% foreign currency fee
|You can take out money for free twice a month — as long as the total amount is under $350 NZD. After that, there is a $1.50 NZD per transaction fixed fee. If you take out over $350 NZD in one month, there is a 1.75% on the amount exceeding that. See card fees here.|
|Card maintenance fees||$10 NZD per Westpac debit Mastercard |
$10 NZD annual fee
As you can see, to maintain a Westpac NZ Business Transact account comes with a few fees.
If you are looking for a more flexible alternative in many respects, you could consider Wise for Business. With this account you can save over big on international transfers compared to other well-known banks and take advantage of the features that come with the Wise multi-currency account.
Now that you’ve seen what sort of features and the costs associated with opening a business account with Westpac NZ, let’s go through how to apply for the Business Transact and the two savings accounts available at this bank.
To open a Business Transact account you’ll need to meet some basic eligibility requirements. You will need to either have a business, be registered already with Westpac One or be an existing business customer with Westpac NZ.¹
There are two ways to open an account if you meet one of these requirements. These are¹:
- If you meet either of the latter two eligibility requirements, you can easily request to open a Business Transact account online through the Westpac One portal.
- If you are a new customer to Westpac New Zealand, you will need to request a call from a Westpac business bank manager to open an account
It is also possible to call Westpac NZ yourself if you would rather get the ball rolling a bit faster.
Similarly, to open either online business savings account with Westpac NZ, you’ll either need to be an existing Westpac business customer or request a callback from a Westpac Business representative.²
Whether you are an existing customer or not, you will need to have some documents ready to go to make the process a tad more streamline. Let’s go through them below.
To open any account at Westpac NZ, the first important document you’ll need to provide is some form of valid identification document. This could either a⁶:
- New Zealand driver licence
- New Zealand firearms licence
- New Zealand certificate of identity
- National identity card
To open a business account specifically, you’ll need to have ready(SS):
- A relevant company identification document
- Proof of company address
- Proof of ID of all owners or shareholders
- Any other document that Westpac requests
If you are providing copies, they will need to be certified. You can find the list of possible documents you can provide here.
You can manage all Westpac NZ business account options online, however there is a $9.95 NZD per month subscription fee.⁵
Westpac New Zealand does not disclose if any minimum deposit amounts to open a business account.
You can only open a Westpac NZ business account online if you are already an existing customer. Otherwise, you’ll need to organise a phone call with a Westpac representative.
If you need to contact the Westpac business team, you can call them on 0800288101.
From overseas, you can call +64 9 912 8000 (international toll charges apply)
For any other reason you can find all relevant contact details here.
If you have managed this far but are still undecided on if a Westpac business account is right for your business, you should check out the Wise business account and the features it offers.
The Wise Business account is a great alternative for local and international banking, with the ability to pay international invoices, vendors and employees with the real exchange rate.
Find out more about how much Wise could save your business, check out the Wise Business account. You can sign up online with a few clicks — in minutes.
- Westpac NZ Business Transact account
- Westpac NZ Business Interest account
- Westpac NZ Business Online Saver
- Westpac NZ Business Overdraft account
- Westpac NZ fees and charges PDF, p.2, p.3, p.4, p.5, p.6
- Westpac NZ Terms & Conditions, p.4
- Westpac NZ company document requirements
Sources checked on: 23 July 2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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