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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

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.

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

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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.

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. If you use an ATM outside of these networks, Westpac won't charge you a fee but the ATM operator may charge its own fee.

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.

Access your account via the Westpac app

You can see both your personal Westpac accounts and your Business One account side-by-side in the Westpac app.

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.

Link your bank account to your accounting software

You can link your Business One Account to accounting software including MYOB, XERO and Quickbooks to easily import your business account balances and transaction history.

Instant payments with PayID

You can receive money transfers instantly and securely using PayID, which allows you to use your mobile number or ABN instead of your account number to receive money.

How to apply

Eligibility

To apply, you have to meet some basic eligibility criteria:

Business type. You can only apply online if you're a sole trader or an existing Westpac business customer. All other business entities can apply in branch.
Minimum age. You must be at least 18 years old.
Residency requirement. You must be operating in Australia with an Australian address.

Documentation needed

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.

What happens after I submit my application?

The bank opens the account as soon as you complete all the required formalities, which includes going through the ID check.

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Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

Westpac Business One Account

Pros

Cons

Key features

No monthly account fee

Fee free electronic transactions

Free linked Business Debit Mastercard

Access more than 10,000 ATMs in Australia for free and more than 50,000 ATMs globally

Access your account via the Westpac app

Business Online Banking and Business telephone banking

Link your bank account to your accounting software

Instant payments with PayID

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Your reviews

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