This bank has had a history, being the first and the oldest bank in Australia since its inauguration in 1817. Later in 1982, the bank changed its name to Westpac Banking Corporation due to the acquisition of the Australian Commercial Bank. Westpac offers many business services like business bank accounts, loans, credit cards, saving accounts, financing equipments, international trade and merchant services.
Awards that Westpac have earned
- 2011 - Awards of Financial Insights and Innovation due its payments portal
- 2013 - Australian Business Award due to innovating its products in the industry.
Business Account Offer
SPECIAL OFFER: Pay $0 Monthly Plan Fee for 12 months when you open a new Westpac Business One Low Plan account online before 6 August 2021 (T&Cs apply).
Unlimited free electronic transactions, 25 free staff-assisted and cheque transactions every month and a linked Business Debit Mastercard.
- Monthly account fee: $10
- Linked debit card: Mastercard
- Assisted transaction fee: $1
Search and compare Westpac business bank products
What are the types of business bank products offered by Westpac?
- Business transaction accounts - Westpac offers the Business One transaction account; here you can select either low or high plan depending on the transaction numbers and the balance per month. This service can be acquired any time either online, or through the mobile or tablet.
- Business savings accounts - This includes the Cash reserve online savings account; a balance of $10,000 or more will earn you a better interest rate, and this will give you an opportunity to access online funds any time you need.
- Merchant services - The group offers banking products like EFTPOS solutions that are designed to help your customers pay for your products or services.
- Credit cards - These 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 - These loans can help you boost your funds, expand your business or upgrade your equipments. You can select the type of business loan from our options that will favor you depending on its terms and conditions.
- International trade - Westpac can help you make transactions across the world securely and easily. This is great if your business regularly imports and exports.
- Superannuation - All businesses, regardless of their sizes may be able to benefit from the Westpac employer plan. Designed to be easy-to-use, the DIY Super can help those who want to manage their super by themselves.
- Vehicle and equipment finance - Westpac equipment finance will allow you to buy, lease or hire specialised equipment to take the opportunity of the tax benefit, regardless of whether the equipment is new or old.
What are the features and benefits of the Westpac business range?
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- Insurance - Westpac offers a range of insurance packages that may be suitable for your business. There is business insurance, farm insurance, key person income and business overheads insurance.
- Foreign exchange - A current challenge for both importers and exporters is the unpredictable nature of currency rates. Westpac can guide you along the way to minimise the risk.
- Reinvest in your business - Business loans will help you enhance your funds, grow your business, or even upgrade your equipments.
- Convenient line of credit - Credit cards can give you a flexible credit to help out with those small, unexpected purchases for your business.
- 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.
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.
- What information do I need? You may be required to provide evidence of your income and a few supporting documents.
- What happens after I apply? A Westpac business manager will call you back to discuss the best finance option that suits your business.
The application process can take up to 10 minutes, depending on which product you're applying for. You'll need to provide information about the following;
- The type of account you're applying for, and whether this account is on behalf of a trust.
- Information about your business.
- Information about how your business is set up.