You can also link your Westpac Business One Account to your accounting software including MYOB and XERO to manage your business finances all in the one place. This account can be opened online by sole traders and existing Westpac business customers.
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Westpac Business One Account
- Account keeping fee
- $0
- ATM withdrawal fee
- $0
- Overseas ATM withdrawal fee
- $5
- Overseas transaction fee of transaction value
- 3%
Our verdict
An everyday transaction account for your business with no monthly account fee and unlimited electronic transactions.
This everyday business transaction account allows you to make unlimited electronic transactions with no monthly account fee, so could suit you well if you do most of your banking online. If you do a lot of your business banking in branch, keep in mind there is a $3 fee per staff-assisted transaction.
Westpac has one of the largest ATM networks globally, as it’s part of the Global ATM Alliance. This means you can make free withdrawals at more that 50,000 international ATMs, which could save you lots of money in ATM fees if you travel regularly for work and often use cash. Although, there is an international transaction fee of 3% of the transaction value applied to overseas card transactions. While we are starting to see more bank accounts drop this fee, it is still fairly standard across the board.
This account can also help you manage your business finances by linking it to your accounting software including MYOB and XERO. Plus, you can see your personal Westpac accounts side-by-side with your business account in the Westpac app which is handy if you like to see all your finances in the one place.
Pros
-
No monthly account fee
-
Access your money via online, mobile and phone banking
-
Unlimited free electronic transactions
-
Free Westpac Business Debit Mastercard
Cons
-
Staff-assisted transaction fees apply (e.g. transactions in branch)
-
International transaction fees apply
Details
Key details
| Product Name | Westpac Business One Account |
| Monthly account fee | $0 |
| Card access | Mastercard |
| Own network ATM fee | $0 |
| International ATM Fee | $5 + 3% |
| International transaction fee | 3% |
| Monthly deposit required to waive account fee | N/A |
| Contactless Payments | N/A |
Eligibility
| Minimum Age | 18 |
| Joint account availability | Yes |
| Minimum opening deposit | N/A |
Key features
No monthly account fee
This account doesn't charge any monthly account keeping fees or monthly plan fees.
Fee free electronic transactions
Westpac Business One account holders can make unlimited electronic transactions. This includes BPAY transactions and electronic transfers to other Westpac or non Westpac accounts.
Free linked Business Debit Mastercard
You can link this account with a Business Debit Mastercard to withdraw cash from ATMs and to make purchases online and in store wherever Mastercard is accepted around the world. The Debit Mastercard comes with PayPass so you can make secure tap & go purchases without entering your PIN for transactions less than $100.
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Alison Finder
Editor
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