The Westpac Business One - Low Plan Account is a business transaction account that can be linked to a Debit Mastercard.
SPECIAL OFFER: Pay $0 Monthly Plan Fee for 12 months when you open a new Business One Low Plan account online before 30 November 2019. The Monthly Plan Fee is normally $10, so you could save up to $120 with this offer. New account holders only. T&Cs apply and are available on Westpac's site.
This account offers unlimited free electronic transactions, plus 25 free staff-assisted and cheque transactions every month.
What are the features of the Westpac Business One - Low Plan Account?
Unlimited electronic transactions.
Westpac Business One - Low Plan account holders can make unlimited electronic transactions for free. This includes BPAY transactions and electronic transfers to other Westpac or non Westpac accounts.
Up to 25 free staff-assisted transactions per month
You're entitled to 25 staff-assisted transactions and cheque transactions each month free of charge. This includes staff-assisted deposits and withdrawals and cheques written, collected or deposited. After the 25 transactions have been used, a transaction fee for each staff-assisted transaction will apply.
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 purchase without entering your PIN for transactions less than $100.
The bank does not charge any fees if you use your card at a non Westpac Group branded ATM in Australia. However, an ATM operator fee charged by the ATM owner may apply.
Access more than 10,000 ATMs in Australia for free and more than 50,000 ATMs globally.
You can access more than 10,000 ATMs in Australia for free, including Westpac Group ATMs and also ATMs owned by ANZ, NAB and CommBank. You'll pay no withdrawal fee at more than 50,000 ATMs overseas via the Global ATM Alliance. If you use a global ATM outside of this alliance, a $5 fee applies.
Business Online Banking and Business telephone banking
You'll receive access to Westpac's Business Online Banking portal with this account, and you can make unlimited enquiries using the online banking portal. You can also use the Westpac's Business Telephone Banking system to make 20 free account enquiries per month.
Link your bank account to your accounting software
You can link your Business One - Low Plan Account to accounting software including MYOB, XERO and Quickbooks to easily import your business account balances and transaction history.
Create invoices with Biz Invoice
You can link your account to Biz Invoice, which is a platform that helps you create and manage your business invoices.
$10 Monthly Plan Fee applies
This account charges a $10 Monthly Plan Fee. With this monthly fee, you get 25 free staff-assisted transaction a month, access to Westpac Business Online Banking and Business Telephone Banking and the ability to link your bank account to your accounting software.
- Access your money via online, mobile and phone banking
- Unlimited free electronic transactions
- 25 free staff-assisted transactions per month
- Complimentary access to invoicing tool, Biz Invoice
- A $10 fee applies every month for the plan
- 3% international transaction fees apply
- $5 overseas ATM withdrawal fee
How do I apply for the Westpac Business One - Low Plan Account?
You can apply for the Business One - Low Plan Account online. To apply, you have to meet some basic eligibility criteria:
- Minimum age. You should be at least 18 years old.
- Residency requirement. You should have an Australian residence address. Your business should be registered in Australia.
- Depository requirement. This account does not have a minimum opening or ongoing balance requirement.
Completing the application successfully requires that you provide different kinds of information:
- Identification. All authorised signatories on the account have to complete a legally mandated identity verification process. You can do this using an acceptable form of ID such as your Australian driver’s license or passport.
- Business details. Provide your business name and type of business. To verify the existence of your business you can provide an Australian Business Number (ABN), Australian Company Number (ACN), Australian Registered Business Number (ARBN) or Australian Registered Scheme Number (ARSN).
- Other information required. You’ll have to provide personal and contact details of all authorised signatories as well as contact details of your business.
The bank opens the account as soon as you complete all the required formalities, which includes going through the ID check. Once the account is open, you should receive the Business Debit Mastercard in mail within the next seven to 10 business days.