Westpac started in 1817 as the Bank of New South Wales. It rebranded itself as Westpac Banking Corporation in 1982, after a merger with the Commercial Bank of Australia.
Westpac is the oldest company in Australia.
Westpac is one of the Big Four banks in Australia, along with Commonwealth Bank, NAB and ANZ.
Westpac is well known for its Westpac Lifesaver Rescue Helicopter Service, a non-profit organisation run by Surf Life Saving Australia.
Westpac Group also includes Australian banks St.George, BankSA, Bank of Melbourne and RAMS.
Westpac has the largest overseas ATM network with 50,000 international ATMs.
Westpac offers a number of business banking products, as well as a large range of accounts for personal use too.
What business banking products does Westpac offer?
Business transaction accounts: Westpac offers the Business One transaction account with two fee structures depending on your business transaction requirements. This account can be accessed any time either online, or through the mobile app and comes with debit card access.
Business savings accounts : The Cash reserve online savings account offers interest on your business funds that you don't need for day-to-day use. You can move money between this account and the bank account instantly when you need to.
Merchant services: Westpac offers EFTPOS solutions that are designed to help your customers pay for your products or services in store or online.
Credit cards: A Westpac credit card can help you with a competitive interest rate that could both favor you and your organisation costs. You can select the credit card that suits your needs and even earn rewards.
Business loans: A Westpac business loan can help you boost your funds, expand your business or upgrade your equipment if needed.
Benefits of Westpac business banking products
Insurance: Westpac offers a range of insurance packages that may be suitable for your business, such as business insurance, farm insurance, key person income and business overheads insurance.
Foreign exchange: Westpac can help support your business with international trading.
Online banking support: Have 24/7 access to your accounts through your desktop, laptop, tablet or mobile phone. You'll be able to check balances, transfer money locally or internationally and manage your accounts.
In-branch support: While some banks operate entirely online these days, Westpac still has a large branch network which can be helpful if you'd like in-person support.
How do I apply?
Before you begin your application for these products, please keep in mind the following:
Eligibility: You need to be an Australian citizen and usually over 18 to open a business banking product with Westpac.
What information do I need? You may be required to provide evidence of your income and a few supporting documents for your business, as well as your business details like the ABN and business address.
What happens after I apply? Once your identity and business has been verified your account will be opened, or a A Westpac business manager will call you back to discuss the best finance option that suits your business.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
This is an everyday business transaction account that offers 25 free staff-assisted transactions per month and access to exclusive deals and discounts from partner brands.
Fixed interest rates with Westpac Business Term Deposits Banking offer a safer return on long term investment. Monitor online and calculate your interest in advance.
An everyday transaction account for your business with no monthly account fee, unlimited electronic transactions and a linked Business Debit Mastercard.
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