Zeller Transaction Account in Australia. What are the fees and how does it work
As a business continues to grow, sorting out its financial and banking aspects becomes important. Setting up a business account is a crucial step that can...
Business banking with Westpac: The lowdown
Westpac has many different business and commercial banking options available, from simple accounts which would suit low turnover companies, or sole traders, to more complex products which may work for limited liability companies and established businesses.
If you’re a business owner and need a bank account to keep your personal and company finances separate, check out the different options available from Westpac.
| 💸 Looking for a stress-free international business account, with multiple cards, bank and accounting integration as well as mass payments? |
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Business account
What are the different business bank accounts offered by Westpac?
Westpac offers a broad range of business accounts including transaction accounts, savings and interest bearing accounts, and products which are aimed at people working in a specific niche such as primary producers and charity organisations.
Westpac transaction business accounts
Compare the options available from Westpac before you decide which is right for you.¹
Business One - Low Plan
This is the most popular business bank account available through Westpac. It is perfect for new businesses who want to take control of their account transactions online with:
- Unlimited electronic transactions and
- Up to 25 other simple in branch transactions fee free
For just a low monthly fee of just $10. There’s no interest paid on this account, but you will get access to Biz Invoice, to create and send professional invoices.
You can also apply for a business debit card for simple spending.
Business One - High Plan
This business bank account comes with a fee of $20 per month, but gives you 60 in-branch transactions per month included in the charge.
This account is recommended for businesses which are more established and need to carry out more in branch transactions per month.
Business One - Flexi
A final option within the Business One account family - with the Flexi account you do not pay a monthly fee, but instead pay $0.50 per electronic transaction. This makes it a good option for businesses with an extremely low volume of transactions.
Westpac Business savings account
Here are the savings/interest bearing accounts provided by Westpac bank.²
Business Cash Reserve
Westpac’s Business Cash Reserve account is an interest bearing product which allows business owners to save their surplus cash while having access to your funds online 24/7.
You’ll earn tiered interest on your balance and can move your money out to another linked Westpac account in the same name using mobile banking or telephone banking, when you need to.
It helps to know that you’ll need a Westpac business transaction account in your company name, to be able to open either of the Business Cash Reserve accounts.
Business Cash Reserve Bonus
This account is similar to the Business Cash Reserve account but - as the name suggests - offers additional interest on some deposits. If you have over $10,000 in the account you could earn bonus interest based on the length of time you leave the money in the account.
Business Term Deposit
With a term deposit you agree to leave your money with the bank and can not make any withdrawals until the end of the agreed term. You’ll earn interest on the balance, which is usually paid upon maturity of the deposit. Westpac says you’ll the certainty of a fixed interest rate plus a choice of term lengths.
Specialist accounts from Westpac
Westpac also offer a range of specialist accounts including products aimed at primary producers and farmers, not for profit organisations and community associations.
What are the fees for a Westpac business (bank) account?
Getting an account with low fees can make a big difference to the profits your business makes. Make sure you read the small print in the account terms and conditions to check the transactions you make frequently don’t come with high charges.
Here are a few of the most important fees to know about, if you’re considering one of the Westpac business transaction accounts.³
| Service | Fee in AUD |
|---|---|
| Open an account | Free |
| Monthly account fees | Business One - Low Plan: $10 per month Business One - High Plan: $20 per month Business One - Flexi: $0 - Pay as you go |
| Transaction fees | Business One - Low Plan: When you exceed the number of free transactions per month you’ll pay $1 for staff assisted deposits or withdrawals Business One - High Plan: When you exceed the number of free transactions per month you’ll pay $1 for staff assisted deposits or withdrawals Business One - Flexi: $2.50 for staff assisted deposits or withdrawals |
| International transaction fees | 3% fee for foreign currency transactions where the merchant or financial institution processing the payment is outside of Australia 2.2% fee for foreign currency transactions where the merchant or financial institution processing the payment is based in Australia |
| International ATM fees | $5 for withdrawals at ATMs which are not part of the Global One Alliance |
One area where traditional banks don’t necessarily serve their customers as well as they could is in international payments. This can cause a problem if your business needs to send or receive money across borders — paying suppliers, or accepting payments from customers based overseas for example.
| Read more: Westpac international transfers. All you need to know |
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If you want a better way to manage your money across different currencies, and send and receive international payments, check out the Multi-currency account from Wise for business.
The Multi-currency account lets you hold your money in multiple different currencies in one account, as well as receiving fee free payments in Australian, US and New Zealand dollars, British pounds and euros. You can also get one or more linked debit card for simple spending, and can switch your money between currencies whenever you need to using the Google exchange rate, and for a low transparent fee.
What are the requirements to open a business bank account with Westpac?
There’s a range of accounts available - which means there’s something to suit most business owners. In general terms you’ll only need to fulfil the following basic conditions:
- You must be 18 or over
- You must have a business which is registered in Australia, and you have to provide the ABN registration number
- You’ll need to provide official ID documents for an online identity check
- If you want a deposit account, you’ll also need a business transaction account with Westpac
Depending on the account you want to open, and the entity type you run, you might need to provide further documentation or information to support your application. Full details are available online over on the Westpac website for account type.
How can you open a Westpac business (bank) account?
You can get started with your application online by completing the correct form for the account you wish to open, and submitting copies of your ID for an online identity check. The paperwork should only take 10 minutes to complete.
Visit the business account page and select open now on the account you wish to open. Follow the steps online to get your account up and running.
| Read more: Best business bank accounts in Australia |
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Westpac business banking support
You can talk to a member of the Westpac business support team by:
- Calling 132 142 — 8am - 8pm, Mon - Fri (Sydney Time)
- Online and Mobile Banking 1300 655 505
- Calling from overseas (+61 2) 9155 7700
- Heading down to your local branch to talk to the team there.
Other contact options can be found on their website here.
The Wise Business account
When you’re researching the best business account for you, it helps to bear in mind that the most cost effective and convenient option might not be from a traditional bank at all.
Take a look at the Multi-currency account from Wise for business, to see how a modern style of account might serve your company and help you keep more of your profits.
You’ll be able to hold your money in multiple currencies, and receive fee-free payments on major currency routes, making it a good solution for businesses working with customers and suppliers abroad. There are no monthly fees to keep your Wise business account.
You’ll also find you can get simple and efficient customer support from Wise. Find out more about how much Wise could save your business and all of the features you'll get, check out the Wise Business account. You can sign up online with a few clicks — in minutes.
Register your Wise business account
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Sources:
- Westpac business accounts
- Westpac savings business accounts
- Westpac Fees and terms PDF pg.11 - 14
Sources checked as of 30 July 2022
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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