Business banking with Westpac New Zealand.

Roberto Efflandrin

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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Types of business accounts offered by Westpac New Zealand

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.

Business Transact 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.

Business Interest account

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

Business Online Saver account

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.

Business Overdraft account

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.

Westpac NZ business account fees and costs

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.

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How to apply for this business 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.

How to open a Business Transact everyday account with Westpac NZ?

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:

  1. 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.
  2. 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.

How to open a business savings account with Westpac NZ?

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

What do I need to open an account? Requirements, documents and what to know.

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.

Which documents do I need to open a Westpac NZ business account?

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:

  • Passport
  • 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.

Can you manage a Westpac NZ business account online or on the app?

You can manage all Westpac NZ business account options online, however there is a $9.95 NZD per month subscription fee.⁵

Do I need to deposit money to open a Westpac NZ business account?

Westpac New Zealand does not disclose if any minimum deposit amounts to open a business account.

Do I need to go to a bank branch, can I do this online or from abroad?

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.

Business support details for Westpac NZ.

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.

Wise Business — A smart alternative

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.

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  1. Westpac NZ Business Transact account
  2. Westpac NZ Business Interest account
  3. Westpac NZ Business Online Saver
  4. Westpac NZ Business Overdraft account
  5. Westpac NZ fees and charges PDF, p.2, p.3, p.4, p.5, p.6
  6. Westpac NZ Terms & Conditions, p.4
  7. Westpac NZ company document requirements

Sources checked on: 23 July 2022

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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