Business bank accounts
Business transaction accounts
Use this type of business bank account to receive, manage and monitor your business income; bank in branch; and make payments by debit card and through online, phone and mobile banking.
These business bank accounts are designed for sole traders, partnerships, companies, associations, SMSFs and trusts; plus not-for-profits that require an overdraft facility.
Other business bank accounts
ID and documents required
Most types of business - plus trusts, not-for-profits and associations - can open most Westpac business accounts online.
New customers with two or more signatories will need an ID and document check in branch before they can start making payments from their account.
FAQs about business bank accounts
Depending on your business structure (such as ‘sole trader’), you may not be required to have a business bank account – but it could be a good idea to consider getting one. Read our 4 reasons to separate business banking from personal article to find out why.
Please note there are certain business structures (such as ‘limited liability company’ and ‘corporation’) that are required to have a separate bank account for tax purposes.
Things you should know
This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement and consider whether the product or service is right for you.
Select the 'Find out more' buttons to check your eligibility for any of our transaction accounts.
Westpac Community Solutions Cheque Account is available for not-for-profit organisations including companies operating on a non profit or charitable basis. Westpac reserves the right, with at least 30 days written notice, to change the account to a Westpac Business One - Low Plan if it considers that the account is being used for profit-making purposes.
A Foreign Currency Account should not be used to speculate on foreign currencies or to conduct frequent trading of foreign currencies. A Foreign Currency Account is not an account to assist with travel needs. It cannot be linked to a Travel Money card and you cannot access your Foreign Currency Account through an ATM, either within Australia or overseas. You cannot withdraw or deposit foreign notes or coins into a Foreign Currency Account. Deposits held in Foreign Currency Accounts are not covered by the Australian Government’s Financial Claims Scheme.