Westpac Business One – Low Plan Account

Last updated: Feb 28, 2020

An everyday transaction account for your business that offers unlimited electronic transactions and a linked Business Debit Mastercard.

This account charges a flat monthly fee and offers unlimited free electronic transactions, plus 25 free staff-assisted and cheque transactions every month. You can also link your account to your accounting software including MYOB, XERO and Quickbooks to manage your business finances all in the one place.

$10

Account keeping fee

ATM withdrawal fee

Overseas ATM withdrawal fee

Overseas transaction fee

of transaction value

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Details

Product Name	Westpac Business One Account - Low Plan
Monthly account fee	$10
Card access	Mastercard
ATM Withdrawal Fee	$0
Internatonal ATM Fee	$5
International transaction fee	3%
Monthly deposit required to waive account fee	N/A

Minimum Age	18
Joint account availability	Yes
Minimum opening deposit	N/A

Pros

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

Cons

A $10 fee applies every month for the plan
international transaction fees apply
$5 overseas ATM withdrawal fee

Expert review

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This everyday business transaction account allows you to make unlimited electronic transactions and 25 free staff-assisted transactions (for example deposits in branch) each month. In exchange, you’ll be charged a monthly account fee of $10. The 25 included staff-assisted transactions should be more than enough for most businesses, however if you do a lot more banking in branch the Westpac Business One High Plan Account offers 60 free staff-assisted transactions per month for a $20 monthly account fee.

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 a 3% international transaction fee 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 help you manage your business finances by linking it to your accounting software including MYOB, XERO and Quickbooks, and the Biz Invoice platform which helps you create and manage your business invoices.

Key features

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.

How to apply

Eligibility

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.

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. Once the account is open, you should receive the Business Debit Mastercard in mail within the next seven to 10 business days.

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Westpac Business One – Low Plan Account