Westpac Business One Account

Last updated: Feb 19, 2020

Get the Westpac Business One Transaction account if your business involves making a large number of transactions.

The Westpac Business One Transaction account is ideal for businesses that transact frequently, whether through cheques, bank assisted transactions or online. To maintain this account you have to pay a monthly fee and you get to take advantage of free transactions up to a monthly transaction value.

$20

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 - High Plan
Monthly account fee	$20
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

Best for businesses that do more transactions frequently
Interest is payable for this account
Access your funds thru online, mobile and phone banking

Cons

There is a monthly fee of $20 for the plan
Available for businesses only

Expert review

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

You can also add a business overdraft and have e-statements provided.

Key features

Monthly plan fee

You have to pay an ongoing monthly plan fee of $20 for as long as the account remains active.

Monthly free transaction value

This account comes with a monthly free transaction value of $50, and you have to start paying transaction fees when you exceed this value. This $50 value translates to 100 cheques or 50 branch transactions, and you can use a combination of both.

Link to a Business Debit Mastercard

The linked debit Mastercard gives you easy access to funds in your account, in Australia and overseas. Use this card at ATMs and EFTPOS terminals alike, as long as you see the Mastercard logo.

Fee-free transactions

You can make unlimited electronic transactions for free. You can turn to non-Westpac, St.George, Bank of Melbourne and BankSA branded ATMs in Australia for balance inquiries and withdrawals without paying fees to Westpac, although ATM operator fees might apply. Balance enquiries at overseas ATM are free.

Transactions not included in monthly limit value

You would have to pay overseas ATM fees every time you use an international ATM, and you would also have to pay foreign transaction fees.

Fees after you exceed the monthly transaction value

If you end up crossing this value in any given month, subsequent withdrawals at branches attract $1 per transaction, you'll have to pay $0.50 per cheque deposited or collected, and you'll have to pay $1 per narrated credit.

Interest

This account comes with a tiered interest rate system which gives you the ability to earn interest in accordance to the balance in your account. You start to earn interest when your balance is $2,000 or more, and you can expect better rates with higher balances.

Online and phone banking

Access to Westpac's online banking platform is free, and you can make unlimited Internet based transactions. About phone banking, you get to make 20 enquires for free each month.

Business overdraft

This is an optional extra you can consider getting, especially if you think you might require access to additional funds from time to time.

Export transactions

You can look forward to exporting transactional details from this account to the accounting software you use.

How to apply

You can apply online, you can get started over the phone, or you can visit any Westpac branch. To submit an online application, visit Westpac website. You can apply if you're over 18 years of age and meet the following eligibility criteria.

Eligibility

As a sole trader:
- You have an Australian residential address and currently reside in Australia
- You have an Australian business
- Your business has an ABN
- You wish access to your account using a debit card and online banking

As a company:
- You have an Australian residential address
- You have an Australian company
- Your company has an ACN
- You are the sole director of your company
- You want access to your account using online and phone banking

Documentation needed

To complete the application successfully, prepare to provide the following information.

Personal details like your complete name, date of birth, employment type, occupation, residential address, email address, and phone number
The name of your business along with its ABN or ACN
Industry type
Business address
Date of incorporation (if applicable)

What happens after I submit my application?

If you submit your application as a company you can expect to hear from a Westpac representative within one business day in order to create your account. If you apply as a sole trader you can verify your identity online, and then activate your account.

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Westpac Business One Account