Business Account

Westpac business bank account review

Content Team

June 19, 2026

Summary

Australia's oldest bank with Westpac founded in 1817, giving it the scale and stability of one of the Big Four banks with over 800 branches nationwide.
Two main account options with Business One at $0/month for online-first businesses and Business One Plus at $10/month for those who regularly need branch assistance.
No interest on transaction accounts meaning businesses that want returns on idle funds need to use the separate Business Cash Reserve or Term Deposit accounts.
Strong accounting integrations with MYOB and Xero connected via bank feeds, making reconciliation and bookkeeping more straightforward.
Not built for international spending as a 3% foreign transaction fee on overseas card purchases makes it a costly option for businesses with regular cross-border expenses.
Limited card options with only one Business Debit Mastercard per account and no additional employee cards available, which limits expense delegation for growing teams.
Branch visits may be required for multi-director companies during application and for account closure, which adds friction compared to fully digital alternatives.
Specialist accounts available for primary producers, not-for-profits, community associations, and Queensland construction businesses with trust requirements.

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.

Account Type	Monthly Fee	Key Features	Best For
Business One	$0	Unlimited free electronic transactions; staff-assisted branch transactions cost AUD $3 each	Businesses that primarily bank online
Business One Plus	$10	5 free staff-assisted transactions per month; additional branch transactions at AUD $3 each; switch between plans online	Businesses that regularly use branch services
Business Cash Reserve	$0	Interest-bearing savings account; funds remain accessible online	Businesses setting aside surplus funds while needing flexible access
Business Term Deposit	N/A	Fixed interest rate for a set term; interest paid at maturity	Businesses holding funds they do not need immediate access to
Specialist Accounts	N/A	Tailored accounts for primary producers, not-for-profits, community associations, and Queensland construction businesses with statutory trust requirements	Businesses operating in regulated or niche sectors

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

Fee Type	Business One	Business One Plus
Monthly Fee	$0	$10
Electronic Transactions	Unlimited, free	Unlimited, free
Staff-assisted Branch Transactions	AUD $3 each	5 free per month, then AUD $3 each
Overseas Card Purchases	3% foreign transaction fee	3% foreign transaction fee
Foreign Currency Transactions at Australian Merchants	2.2%	2.2%
Overseas ATM Withdrawals	3%	3%
Unarranged Overdraft Rate	15.01% p.a.	15.01% p.a.
Interest on Balances	None	None

Pros and cons

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

Pros	Cons
No monthly account fee on the standard Business One plan	No interest earned on transaction account balances
Unlimited free electronic transactions, including BPAY and transfers	3% foreign transaction fee makes it less competitive for businesses with regular international spending
Integrates with MYOB, Xero, and other accounting software via bank feeds	Only one Business Debit Mastercard per account, with no additional employee cards available
Access to a large branch and ATM network across Australia	Multi-director companies may need to visit a branch to complete the application
Backed by a major, regulated Australian bank with robust fraud protections	Accounts cannot be closed online and require a branch visit
Easy to switch between Business One and Business One Plus online

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.

Sources

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

This blog is for general information only and does not constitute financial, legal, tax, or professional advice. Aspire’s services are subject to the terms outlined in our 'Terms of Service' and 'Pricing' pages. We make no guarantees as to the accuracy, completeness, or timeliness of the content, and past results do not indicate future performance. Always consult a qualified professional before acting on any information provided.

Content Team

Aspire editorial

Content team at Aspire is a society of seasoned writers & experts specialising in finance, technology and SaaS space. With 50+ years of collective experience, they help make business finance more profitable for readers. They write about finance tools, finance insights, industry trends, tactical guides to grow your business & also all things Aspire.