Westpac business bank account review

Choosing the right bank account can make a real difference to your day-to-day operations, and with so many options available in Australia, it's worth understanding what each provider actually offers. In this Westpac business bank account review, we walk you through the key account types, features, fees, and eligibility requirements to help you make an informed decision.

What is Westpac?

Westpac is Australia's oldest bank, founded in 1817 as the Bank of New South Wales. It was rebranded as Westpac Banking Corporation in 1982 and is now one of the country's 'Big Four' banks, alongside Commonwealth Bank, NAB, and ANZ. The bank serves millions of customers across Australia and New Zealand, offering transaction accounts, savings accounts, credit cards, merchant services, and loans.

Westpac Business One Account: Overview

The flagship offering for small businesses is the Westpac Business One Account. It comes in two main variants: Business One (no monthly fee) and Business One Plus ($10/month). Both accounts include a linked Business Debit Mastercard and access to the Westpac app.

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Key features of the Westpac Business One Account

The Westpac Business One Account comes with a range of features designed to support everyday business banking. Here's what you can expect:

• A Business Debit Mastercard: Make purchases online and in-store anywhere Mastercard is accepted.
  
• Westpac app access: Manage your account, view transactions, make payments, and switch between personal and business profiles with ease.
  
• Accounting software integration: Connect the account to MYOB and Xero via bank feeds for more straightforward reconciliation and bookkeeping.
  
• International transfers: Send foreign currency transfers free from Westpac through online banking. A 3% foreign transaction fee applies to overseas card purchases.
  
• A large ATM network: Access over 10,000 fee-free ATMs across Australia and the international network through the Global ATM Alliance.
  
• Online banking: Manage accounts, share access with an accountant or bookkeeper, verify payee details, and pay bills from any device.
  
• Card lock: Temporarily lock your Business Debit Mastercard for up to 15 days through the Westpac app or online banking.
  

Westpac Business One Account fees

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Pros and cons

Any Westpac business bank account review would be incomplete without going over the pros and cons. Consider these advantages:

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Who can open a Westpac business account? (eligibility)

Westpac's business accounts are open to sole traders, partnerships, companies, associations, self-managed super funds, trusts, and not-for-profit organisations operating in Australia. You must be at least 18 with an Australian business address.

Sole traders and single-director companies can apply online in under 5 minutes, though new customers with 2 or more signatories will need to complete an ID and document check in a branch. You'll need a valid ABN if you're a sole trader or an ACN if you're a registered company. Companies incorporated in Australia are registered with ASIC, which issues the ACN used in all business transactions.

Documents required to open a Westpac business account

All signatories must provide an Australian driver's licence, passport, or birth or citizenship certificate, combined with a Medicare card or recent utility bill. For business verification, you'll need your ABN or ACN, an ASIC certificate of registration for companies, and the full names, addresses, and dates of birth of any beneficial owners holding 25% or greater ownership or control. All documents must be valid originals or certified copies.

How to open a Westpac business account (step-by-step)

Sole traders and sole directors can apply online in around 5 minutes, while businesses with multiple directors may need to complete part of the process in a branch. All authorised signatories must complete an ID check, and companies will need to submit their ASIC certificate of registration along with their ABN or ACN. Once verified, link your Business Debit Mastercard, set up online banking, and connect MYOB or Xero.

Westpac business banking support

You can manage most banking needs through the Westpac app or the online banking platform. Westpac has over 800 branches across Australia and a telephone banking service for direct support.

Westpac's Online Banking Security Guarantee covers accounts compromised by internet fraud, and business customers get access to the Business Centre, with partner discounts on MYOB subscriptions, legal tools, and more.

Alternatives to Westpac business accounts

If you're looking beyond traditional bank accounts from Westpac, Aspire is worth considering, particularly if your business has international operations or needs a more flexible multi-currency setup. Aspire is a business finance platform built for founders and growing companies, offering multi-currency accounts, competitive FX rates, corporate cards, and accounting integrations in one place.

At Aspire, we believe founders deserve financial tools that move as fast as their ambitions. Our platform supports businesses operating across borders, offering a range of flexible solutions. If this Westpac business bank account review has prompted you to explore what else is out there, we'd be glad to show you what Aspire can do for your business.