Westpac vs Airwallex: compare on fees, features and benefits

An easy-to-use and cost-effective way to handle your business’ finances can make a huge difference to your day-to-day operations. At the heart of your financial activity, you’ll need a business account that’s flexible and can match your ambitions. The right choice may be a traditional bank, but they’re not the only option to consider.

Let's compare the main business account offering from NAB, one of Australia’s ‘big four’ banks, and Airwallex, a leading Australian fintech platform for businesses.

What is Westpac? 

As Australia’s oldest bank, Westpac provides consumer, business, and institutional banking and wealth management services. Being one of the ‘big four’ banks, Westpac Group also owns St. George, BankSA, Bank of Melbourne, and RAMS. 

Westpac’s main business offering is the Business One transaction account, which is their basic business bank account. 

What is Airwallex? 

Airwallex is an Aussie fintech, not a bank. Airwallex is an all-in-one financial platform designed to help businesses simplify financial operations and facilitate seamless international expansion. Airwallex offers competitive features to Westpac, while going beyond with global features, including advanced cross-border payments capabilities, multi-currency accounts, and competitive foreign exchange rates.

The core features of our Business Account include; 

• Multi-currency accounts to collect, hold and transact balances in 23+ major currencies and accept payments from 130+ currencies

• Payment solutions built for global eCommerce, empowering users to accept over 180+ local and international payment methods

• Integrations with popular business accounting, eCommerce and marketing platforms

• Yield, our high-rate business saver, which helps users grow both AUD and USD balances with competitive returns

Compare Westpac vs Airwallex 

This table compares the features of Westpac’s Business One transaction account and Airwallex’s Business Account (available on our starter bundle, ‘Explore’).

Westpac Business One Transaction Account fees explained

Account fees: The Westpac Business One Transaction Account offers a zero monthly-fee account.¹

Transaction fees: Online transfers are free. However, any physical withdrawals or staff-assisted transactions incur a $3 per transaction fee. For international transactions, Westpac’s transfer fees vary. When transferring from AUD to foreign currency via the Westpac app or online, a $20 fee is incurred. When an international transfer is made in the branch, a $32 transaction fee is incurred. ⁴

FX rate: The foreign exchange rate varies for different currencies and is charged on top of the international transaction fees. This typically ranges from 2.2% to 3% per transaction. ³

Card fees: The Westpac Business One Transaction account does not include employee cards. 

Airwallex ‘Explore’ Business Account fees explained 

Account fees: Airwallex’s ’Explore’ bundle is offered at $29 /month or $0 if you deposit $5k per month or hold a minimum balance of $10k. With this bundle, users access our dynamic Business Account, including our next-generation Global Accounts, advanced Payment Acceptance features, up to 10 corporate cards and helpful integrations.

Transaction fees: Airwallex doesn’t charge transaction fees to the 110+ countries where we have access to local payment networks so you can collect, hold, and send multiple currencies at no or low cost. 

FX rate: Airwallex only charges 0.5 – 1% above the interbank rate for currency exchange.

Card fees: Unlike Westpac, which does not provide company cards, Airwallex provides employee cards which allows admins to easily track, approve and reconcile expenses online. Airwallex Employee Cards are free for the first two cardholders, then come at a cost of $15 per month for each additional card holder.

Users can create Airwallex virtual cards to spend in multiple currencies at home and abroad with 0% transaction fees.

Compare additional features between Westpac and Airwallex

Global accounts: While local banks like Westpac can't establish overseas accounts, Airwallex can. Airwallex uniquely offers multi-currency accounts in 23 countries, and allows users to receive and send money seamlessly in 130+ different currencies with no hidden fees. The Westpac Business One Transaction Account is not a multicurrency account and does not hold foreign currencies. They charge up to $32 in international fees per transaction.

Cards: Westpac Business One Transaction Account does not offer employee cards. Airwallex allows business owners to empower their employees with physical or virtual cards to spend on company related expenses. Airwallex’s Business Account offers the first two cards for free, with additional cards charged at $15/month. These cards have built-in expense management tools so that users can easily consolidate and track budgets and spending. 

Payment gateway: Airwallex’s Business Account offers extensive payment acceptance capabilities, including custom payment links and no code checkout solutions. Westpac Business One Transaction Account does not offer payment acceptance services, yet a physical EFTPOS solution may be added for additional costs. 

High-rate Saver: Westpac’s Business One Transaction Account does not offer interest on idle funds. For businesses to receive interest, an additional account is required. On the other hand, Airwallex’s Business Account offers Yield - a high-rate saver that allows customers to earn competitive rates of return in AUD and USD without the hassle of opening another account.

Consider Airwallex for a complete financial operations solution

Westpac’s Business One Transaction Account and Airwallex’s Business Account offer ways to handle the transfer of funds from businesses to suppliers and customers. Airwallex may have the edge when it comes to providing an end-to-end financial solution that caters to businesses looking to simplify and expand their operations.

As a solution for growing businesses, Airwallex goes beyond traditional banking offerings. Distinctively, Airwallex provides multicurrency accounts and the ability to transfer or receive from 130+ currencies, employee cards with built-in expense management and integrations to Xero and Quickbooks. 

Airwallex’s ‘Explore’ bundle also offers a high-rate saver called Yield to allow businesses’ idle funds to grow for them. Airwallex’s payment acceptance tools offer low to high-touch customisations and plugins for online payments.

Airwallex can help your business accelerate growth by saving you time with one simplified, yet advanced financial solution.

Sources 

1. https://www.westpac.com.au/business-banking/transaction-accounts/business-one/

2. https://www.westpac.com.au/personal-banking/services/currency-converter/

3. https://www.westpac.com.au/business-banking/international-trade/international-payments/send-receive-money-overseas/

4. https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/bb/deposit-accts-bus-customers-tandc.pdf 

Disclaimer: The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]].

This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (ACN 609 653 312, AFSL No. 487221), it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, available here. If you are a customer of Airwallex Capital Pty Ltd (ACN 661 618 819, AFSL No. 549026), it is important for you to read the PDS for Airwallex Yield, available at www.airwallex.com/au/terms and issued by K2 Asset Management Ltd (ABN 95 085 445 094, AFSL No. 244 393), a wholly-owned subsidiary of K2 Asset Management Holdings Ltd. All investments carry risk.