Westpac Business Account Fees: A Summary

Looking to open a Westpac business bank account and want to know how much you’ll be paying? We went away and did some research and found the following information on Westpac fees you’ll be paying in one place.

What fees do Westpac currently charge on its business accounts? The following is a summary:

westpac business bank account fees

Want to learn about Westpac’s features in more detail? Read our section below.

Looking for something potentially cheaper and easier to use? At Parpera, we offer a business account combined with a bank account by Volt Bank, invoicing tools and soon-to-come Mastercard Debit Card (with zero-fee international card payments) and international transfers – for a flat fee of $15 per month (or $135 per year - save 25%). Test us out for 30 days and you can easily cancel if you’re not happy.

Download the Parpera app

A Westpac business alternative: Parpera

If you’re looking for a business transaction account that has fewer fees, can be opened in under 10 minutes and is designed specifically for small businesses, sole traders and freelancers, consider Parpera.

Here’s a table with our fees:

parpera business bank account fees

We’ve also got a few other handy features:

Completely digital and online

We know businesses are busy and prefer spending as little time as possible on admin, so we’ve made it easy and simple to create an account. With Parpera, you just need to download our app and you’ll be able to create an account in less than 10 minutes. It’s completely digital and you won’t have to head to a branch.

parpera sign up screen

Try us out for 30 days for free

Not sure if Parpera is for you? No worries – we offer a free 30 day trial so you can check us out without committing to anything. While most banks like Westpac will require you to cancel over the phone or in-branch, we’ve made it very easy to cancel your account via your in-app settings.

Send invoices and use auto-reconciliation

Through the Parpera community, we’ve spoken with hundreds of business owners and freelancers who want to spend less time on admin. Through those conversations, we’ve set up an invoicing feature that allows you to send professional and tax-compliant invoices directly from your business account. The invoice is designed to look professional and encourage fast payment, and will soon include a “Pay Now” button.

parpera client invoice

Expense categorisation

Wish you could actually make sense of the transactions on your bank statement? With Parpera, you can sort through your transactions and put them into different categories, making it easy to see how your finances are doing with just a glance.

parpera categories

Cheaper international transactions

We can’t say too much yet, but we’re partnering with a cross border payment provider for international transfers. That means you’ll be able to send and receive payments abroad from several currencies without paying huge fees.

Below, we’ll go into more details on the fees you’ll be paying for each Westpac account:

Business One Low Plan

westpac business one low plan
Source: https://www.westpac.com.au/business-banking/bank-accounts/one-account/

The Business One Low plan is a Westpac account specifically for businesses that operate online, and need an account to deposit, receive and access funds. It’s ideal for businesses that have a low number of staff-assisted transactions and cheques.

Requirements are:

  • Be 18+ years
  • Not use the account for personal purposes
  • Operate in Australia with an Australian address
  • Eligible entities include sole traders, partnerships, companies, associations, self-managed super funds, trusts and not-for-profit organisations

You can open this account online.

Business One High Plan

business one high plan
Source: https://www.westpac.com.au/business-banking/bank-accounts/business-one-high-plan

This account type is similar to Business One Low plan, but this one is designed for businesses that deal with a much higher number of transactions. This works well if your business is mainly electronic, but also requires a higher number of staff-assisted transactions and cheques.

Requirements are:

  • Be 18+ years
  • Not use the account for personal purposes
  • Operate in Australia with an Australian address
  • Eligible entities include sole traders, partnerships, companies, associations, self-managed super funds, trusts and not-for-profit organisations

You can open this account online.

Business One Flexi

business one flexi westpac
Source: https://www.westpac.com.au/business-banking/bank-accounts/flexi-account/

The Business One flexi is designed for those who prefer paying as they go. This is ideal if you want to avoid paying a monthly plan fee and are prepared to pay per transaction instead.

Requirements are:

  • Be 18+ years
  • Not use the account for personal purposes
  • Operate in Australia with an Australian address
  • Eligible entities include sole traders, partnerships, companies, associations, self-managed super funds, trusts and not-for-profit organisations

You can apply online, but will need to complete a branch ID check to access your funds.

Foreign Currency Business Account

foreign currency westpac account
Source: https://www.westpac.com.au/business-banking/bank-accounts/foreign-currency-account/

This type of Westpac account is especially useful for businesses that want to hold several currencies. This account allows you to make and receive payments in another currency without having to convert it to AUD. You’ll also be able to view your foreign currency account next to your other Westpac accounts when you log in.

You can open this account in less than 10 minutes, and will be able to do so in 12 foreign currencies, including:

  1. USD 
  2. GBP
  3. JPY
  4. ZAR
  5. EUR
  6. NOK
  7. CAD
  8. DKK
  9. SGD
  10. NZD
  11. CNY
  12. HKD

Although you will be holding several currencies without having to convert them to AUD, do take note that these foreign currency accounts will be based in Australia and will be using an Australian BSB. This means you’ll be using a payment processing network called SWIFT, which takes longer to complete transfers and might result in higher transfer fees for both the sender and receiver.

Also, note that the FX rate between currencies might not be the true interbank rate, so the recipient might not receive the exact amount you send.

You can apply online for this account.

Business cash reserve

business cash reserve westpac
Source: https://www.westpac.com.au/business-banking/savings-accounts/cash-reserve/

The business cash reserve account is specifically designed to allow you to keep any surplus funds in a separate account and earn interest. This account doesn’t charge any fees and you can transfer it between your Westpac accounts for free. You have access to your savings at any time, and can also link it to accounting platforms like Xero or MYOB.

Having said that, be aware that interest rates are very low and won’t make a large difference to your bottom line.

You can open this account online.

Business term deposit

business term deposit westpac
Source: https://www.westpac.com.au/business-banking/savings-accounts/term-deposits/

If you’re looking for a higher interest rate on your savings and can park away funds for a while, you might be interested in opening a Westpac business term deposit account. You’ll get a guaranteed return on your investment and simply need to commit a certain term length which you feel matches your business cycle.

You can manage and renew your deposit online, and this savings can be used as a security for a loan or bank guarantee. You must provide a minimum 31 days' notice to access funds prior to maturity (except in cases of hardship). Early withdrawal may reduce returns.

You can apply for this account online.

We hope with this article you now have a better idea of what fees you’ll be paying with a Westpac account! Depending on whether you’ll be completing a lot of transactions or not, make sure to pick the account that suits your needs the best. Want to pay lower fees and use an all in one business account? You can try Parpera instead.

Download Parpera

Please note the information contained in this article is general information only, is currently as at [19 January 2022]  and does not take into account your personal circumstances. Before you open any account please ensure that you obtain and read the account terms and conditions  and Target Market Determination to see if the account is suitable for you.


*Parpera Australia Pty Ltd (Parpera) ABN 47 641 580 743 is an Authorised Representative (No. 1292372) of Railspay Pty Ltd (Railspay) ABN 17 646 031 558, which holds an Australian Financial Services Licence (AFSL) (No. 530983).

Volt Bank Limited (Volt) ABN 67 622 375 722, which holds an AFSL (No. 504782) is the issuer of the bank accounts in Parpera's App and deposits of up to $250,000 per account holder are protected by the Financial Claims Scheme.


Published on the
February 3, 2022
Business

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