Westpac Bank Business One Account Review for Australia (2025)
Are you considering opening a Westpac Bank Business One Account for your business? As with any decision that relates to your financial management, having a thorough understanding of the services on offer will help you make an informed choice.
In this article, we’ll give a background to Westpac, how their business account works, key features, eligibility requirements, regional services, associated costs and timeframes, and their customer support channels.
What is Westpac?
Westpac is Australia’s oldest bank, established in 1817, and is one of the ‘big four’ banks. This multinational banking corporation is popular in Australia and New Zealand, serving 12.7million customers across their brand portfolio.
They offer consumer, business and institutional banking and wealth management services. Its main offering for businesses is the Westpac Business One Account.
Find out for yourself how Westpac compares to Airwallex.
Westpac Bank Business One Account key features and products
Eligibility: Westpac’s Business One Account is available to sole traders, directors or those who are already a Westpac business customer.
Digital and Physical Account Management: Westpac has over 800 branches across Australia, providing all users the ability to access in-person support and staff-assisted transactions. Additionally, there are cash and cheque deposits and withdrawals available for businesses that prefer physical branches or ATMs.
The Westpac Business One Account offers unlimited free electronic transactions and an app for digital banking.
Cards: Westpac offers a Business Debit Mastercard for the business owner. There are no additional cards available for employees to manage additional expenses. 1
Westpac Ecosystem: While Westpac’s Business One Account does not allow users to earn interest, users can apply for additional cash management accounts like the Westpac Business Term Deposit.
Westpac Bank Business One Account Pricing & Fees
Now how much does Westpac Business One Account cost to use? See the table below for the main fees and charges you need to know about.
Transaction Type | Westpac Fees |
|---|---|
Account Maintenance | $0/month |
Transaction Fees | No fees for online local transfers. Up to $32 per transaction for international transactions depending on currency and amount.1 |
Additional Fees | $3 per staff-assisted transaction. $3 per cheque transaction. A variable unarranged lending rate of 15.01% p.a. is charged on overdrafts.2 |
FX Currency Conversion | 2.2%-3% depending on whether the merchant accepting is within or outside of Australia.2 A $20 fee is incurred when transferring from AUD to foreign currency via the Westpac app or online. 2 |
Card Fees | Free Business Mastercard debit card. No employee cards available. |
What do you need to open a Westpac Bank Business One Account?
In order to open and use a NAB Business Everyday Account, businesses will need to supply documents to verify the account owner and the business.
Applicants can open an account online or in-branch.
Exploring alternatives to Westpac? Consider Airwallex.
There are other compelling options beyond the big four when it comes to business accounts.
An Airwallex Business Account provides businesses with similar benefits of the Westpac account. However, Airwallex offers products and services that are built specifically for businesses. Our Business Account is not only built for everyday business transactions, it’s designed to make managing, growing and moving your business funds globally simple.
Move money locally and globally
Expand business potential and slash the costs of spending at home and abroad.
Open accounts in 60+ countries without needing a local entity
Transfer to 150+ countries with market-leading FX rates, and enjoy free local transfers
Accept payments from 130+ countries and maximise online selling with smart plugins and payment links
Manage money easily
Slash admin and reduce human error with our centralised tools that simplify financial operations.
Issue corporate Visa cards for FX-free global spending.
Enjoy smart integrations with popular accounting platforms like Xero and Netsuite
Grow money effortlessly
Make every dollar work harder with our unique business savings solution.
Grow funds with our high-rate business saver Yield, empowering businesses to earn returns in AUD and USD
Looking for even more? Beyond our Business Account businesses can explore our advanced Spend Management tools and Platform APIs.
Airwallex is designed for businesses with global reach in suppliers, vendors and customers. Its end-to-end financial solution empowers businesses to replace traditional solutions and clunky tech stacks for a single powerful platform.
Learn more about Airwallex vs Westpac.
How to open a business account with Airwallex
The best way to get started with us is to sign up for our Business Account. Just fill out a few simple details.
Once you’re signed up, you can start opening multiple domestic and foreign currency accounts in minutes. Our platform is intuitive and built for getting started quickly. Additional assistance is also available from our friendly local support team.
Open a business account in minutes
Sources
https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/bb/deposit-accts-bus-customers-tandc.pdf
https://www.westpac.com.au/business-banking/transaction-accounts/business-one/
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.
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Vanessa is a business finance writer for Airwallex. With experience working at leading B2B technology companies, Vanessa is passionate about helping Aussie businesses, large and small, grow through cutting-edge tech. In her day-to-day, she breaks down complex tech jargon to help businesses streamline their end-to-end financial operations.
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