Take a closer look at Westpac’s business accounts to see if they fit your international banking needs
- Westpac offers two main business transaction accounts: Business One and Business One Plus
- Westpac Business One suits businesses banking primarily online, with zero monthly account fee and unlimited electronic transactions
- Business One Plus adds five monthly staff-assisted transactions for an AU$10 monthly fee
- Both transaction accounts operate in AUD and apply a 3% foreign transaction fee on card spending in other currencies
- Businesses that regularly receive or hold foreign currency can open a Westpac Foreign Currency Account, though each account holds one currency at a time
- The World Account by WorldFirst is a multi-currency account that lets businesses hold 20+ currencies, receive from 130+ marketplaces and send payments to 200+ countries and regions.
Westpac is one of Australia’s largest banking groups and offers business transaction, savings and foreign currency accounts for sole traders, companies and other business entities.1
This Westpac business bank account review covers its business accounts before looking at the World Account by WorldFirst for international payments.
What is Westpac?
Westpac Banking Corporation has been operating since 1817, making it Australia’s oldest bank.1 Originally established as the Bank of New South Wales, it adopted the Westpac name in 1982 following its merger with the Commercial Bank of Australia.1
Westpac offers both digital and branch banking.2 Depending on the account selected, businesses can manage their accounts through Westpac Online Banking, the Westpac App and in-branch services.2
Types of Westpac business transaction accounts
Business One
Business One is Westpac’s business bank account for businesses that want to manage their banking online.3 It supports everyday business payments and receipts through Westpac Online Banking and the Westpac App, with unlimited electronic transactions and a linked business debit card.3
Businesses can connect the account to accounting platforms such as MYOB, Xero and QuickBooks using bank feeds, while additional features include digital wallets, temporary card locking, direct debit cancellation requests and fraud monitoring.3
Business One includes staff-assisted banking, although these transactions are charged separately.3 The account is available to eligible sole traders, Australian companies with one or more directors and existing Westpac business customers.3
| Fee type |
Business One account fees3 |
| Monthly account fee |
Zero |
| Electronic transactions |
Zero |
| Staff-assisted transaction |
AU$3 each |
| Foreign transaction fee |
3% |
*Fees checked in August 2026
Business One Plus
Business One Plus is designed for businesses with higher transaction volumes or those that continue to use branch banking alongside digital banking.4 The account includes unlimited electronic transactions together with five staff-assisted transactions each month before additional branch transaction fees apply.4
Businesses receive a linked business debit card, access through Westpac Online Banking and the Westpac App, bank feeds for accounting software including MYOB and Xero, Instant Digital Card functionality, and mobile wallet support.4The account can also support an optional overdraft facility, subject to approval.4
The account is available to sole traders, partnerships, companies, trusts, associations, self-managed super funds, not-for-profit organisations and existing eligible Westpac business customers.4
| Fee |
Business One Plus account fees4 |
| Monthly account fee |
AU$10 |
| Electronic transactions |
Zero |
| Staff-assisted transactions |
First 5 included, then AU$3 each |
| Foreign transaction |
3% |
*Fees checked in August 2026
→ Read more about best business bank accounts in Australia here
Other Westpac business account options
Westpac Business Savings Account
Westpac offers business savings products for businesses that want to separate surplus cash from their routine operating funds.5 Depending on the product selected, businesses can earn either variable or fixed interest while keeping funds available for future expenses.5 Business savings accounts needs to be linked to an eligible Westpac transaction/current account.5
Pricing: Not specified
Westpac Foreign Currency Account
The Westpac Foreign Currency Account allows businesses to hold, receive and make payments in supported foreign currencies without immediately converting funds into AUD.6 Businesses choose when to convert balances into AUD and can access the account through Westpac Online Banking.6 The account supports 12 currencies online, including USD, GBP, EUR, SGD, and more, while additional currencies (like SEK, CHF and THB) are available through Westpac branches.6 Each account can hold one supported foreign currency.6
| Fee |
Westpac foreign currency account6 |
| Monthly account fee |
Zero |
| Sending payments |
AU$32 |
| Receiving payments |
AU$12 |
| Foreign transaction |
Not specified |
*Fees checked in August 2026
Pros and cons of Westpac business accounts
| Pros |
Cons |
- Business One has Zero monthly account fee3
- Business accounts support accounting software integration with Xero, QuickBooks and more3,4
- Business debit card included with both Business One and Business One Plus accounts3,4
|
- Business One Plus has an AU$10 monthly account fee4
- Staff-assisted transactions incur fees of AU$3 each after included allowances3,4
- Foreign transaction fees of 3% apply3,4
- Online transfers via the foreign currency account require an eligible AUD account and fees may apply6
|
Who can open a Westpac business account?
Australian businesses can apply for a Westpac business account.2 Sole traders, sole-director companies and two-director companies may be eligible to apply online, while other business structures may need to apply in branch.2
How to open a Westpac business account
Opening a Westpac business account depends on the business structure and the account selected.
- Choose the appropriate business account and check eligibility.
- Apply online or at a branch and provide the required documents.
- Activate the account and set up online banking and other services, if needed.
The World Account: Built for global businesses
The World Account is a multi-currency account offered by WorldFirst, an international payments provider. It is built for businesses whose day-to-day operations cross borders, whether that means paying overseas suppliers, invoicing international clients, or selling into global marketplaces.
You can set up local currency accounts in 20+ currencies with the World Account and collect payments directly into these accounts. The collected funds can be used to make further payments or you can repatriate the funds back to your bank account at competitive exchange rates.
Here are the key features of the World Account
- Hold 20+ currencies in a single account, including USD, GBP, EUR, CNH, AUD, NZD, JPY, HKD and SGD
- Send payments in 100+ currencies across 200+ countries and regions
- Receive funds from 130+ global marketplaces and payment gateways including Amazon, Shopify, Etsy and Stripe
- Make instant transfers between World Account holders at no cost
- Integrate with Xero and NetSuite for reconciliation and accounting workflows
- Access forward contracts and other FX risk management tools
- Pay 1688.com suppliers through World Pay, the authorised international payment provider for 1688.com
The World Account is also linked to the World Card, a Mastercard-powered business payment card that supports payments in 150+ currencies. Businesses can issue up to 20 cards at zero issuance cost and pay without additional fees when spending available balances held in the 15 supported currencies. Cashback is also available on eligible spending (terms and conditions apply).
→ Explore business debit cards in Australia
| Fee type |
World Account Fees |
| Monthly fee |
Zero |
| Opening a multi-currency account |
Zero (20 currencies) |
| Receiving funds |
Zero |
| Sending payments to WorldFirst users |
Zero cost and instant payments |
| Sending payments to other accounts |
- Local payments in AUD or NZD: Zero
- Cross-border payments and local payments in currencies other than AUD or NZD: From 0.4%, capped at AU$15
|
| Holding funds in multiple currencies |
Zero |
| Currency conversion |
- For major currencies: Up to 0.6%
- For minor currencies: From 0.67%
- For payments to 1688 suppliers: Up to 0.8%
- Forward contracts: Up to 0.2% per month
|
| Multi-currency card |
Up to 20 virtual cards available at no additional cost |
*Fees checked in August 2026
FAQs
1. Which Westpac business account is right for my business?
Business One is designed for businesses that bank mainly online. Business One Plus includes five monthly staff-assisted transactions and an optional overdraft facility. The suitable account depends on transaction volumes and branch banking needs.
2. Can Westpac business accounts hold foreign currencies?
The standard Westpac business transaction accounts operate in AUD. Businesses that need to receive or hold supported foreign currencies can open a Westpac Foreign Currency Account, which allows balances to remain in the original currency until conversion is required.
3. Does the Westpac business account include a debit card?
Yes. Both Business One and Business One Plus include a linked business debit card that supports digital wallets, online payments and access through Westpac Online Banking and the Westpac App.
Sources
- https://www.westpac.com.au/about-westpac/westpac-group/company-overview/
- https://www.westpac.com.au/business-banking/bank-accounts/
- https://www.westpac.com.au/business-banking/transaction-accounts/business-one/
- https://www.westpac.com.au/business-banking/transaction-accounts/business-one-plus/
- https://www.westpac.com.au/business-banking/savings-accounts/
- https://www.westpac.com.au/business-banking/bank-accounts/foreign-currency-account/
The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
