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Business transaction accounts

Receive, manage and monitor your business income; bank in branch; and make payments by debit card and through online, phone and mobile banking.

For businesses that mainly transact electronically

Business One Low Plan

  • No monthly fees for a year*. Pay no monthly plan fees for the first 12 months, when you open a new account online before 3 December 2021
  • Unlimited electronic transactions1
  • 25 free staff-assisted and cheque transactions per month
  • Biz Invoice complimentary2 online invoicing tool
  • Reduce the time you spend on accounting tasks by connecting your Bank Feed.

For businesses with a high number of transactions

Business One High Plan

  • Unlimited electronic transactions1
  • 60 free staff-assisted and cheque transactions per month
  • $20 monthly plan fee
  • Biz Invoice complimentary2 online invoicing tool.

Pay as you go account

Business One Flexi

  • $0.50 per electronic transaction
  • Pay as you go fee structure, meaning you only pay for the transactions you make.

Apply online, then complete an in-branch ID check to access funds.

These business bank accounts are designed for sole traders, partnerships, companies, associations, SMSFs and trusts; plus not-for-profits that require an overdraft facility.

How can Biz Invoice help my business?

Biz Invoice lets you create, send and reconcile invoices on your mobile – and now eligible sole traders3 can accept credit card payments by setting up BPAY®

Other accounts

Foreign Currency Accounts for businesses that earn and/or pay overseas

Send, receive and hold currencies in one place – and convert funds when it suits you.

  • No monthly account maintenance fee
  • Make and receive payments in another currency without converting to AUD
  • Accounts available in a range of foreign currencies
  • Make and view transactions in Online Banking
  • Biz Invoice complimentary2 online invoicing tool.

Specialised accounts for non-profits, conveyancers, real estate agents and solicitors

  • Statutory Trust Accounts
    Special bank accounts that comply with statutory requirements for those holding funds on behalf of clients.

Savings accounts to help you set funds aside for future needs

Frequently asked questions

Amongst the key things you may wish to consider is the types of bank account your business needs. Your choice may depend on the size and nature of your business, the way it operates and how you manage cash flow. Some of the options available include: 


  • Business transaction accounts (also known as a current or cheque account) for everyday banking
  • Business savings accounts for surplus funds
  • Business term deposit accounts for surplus funds
  • Foreign currency accounts for making and receiving payments in foreign currency
  • Other specialist accounts for certain industry sectors such as agriculture and not-for-profits.


Then, when comparing business bank accounts, some of the elements you may want to consider are set up costs, fees, transaction limits, ease of use, online access and the ability to switch accounts.


It could be a good idea to talk to a business banker in your local branch to discuss your specific needs – and for a few tips, read our How to set up business banking article.

The business registrations and proof of identity documents you may need to provide to open a business bank account vary by business and account type. Read about the Information we require for Westpac business bank accounts, many of which have an option to be opened online.

This really depends on what your business needs are.

If you are a sole trader or run another type of small business, you’ll find there are a number of bank account options with different fees and features available and the best type of bank account for your business might not be for others. For this reason, it is important that you do your research and weigh up your options against your business needs and objectives.

For example, when choosing a business transaction account, features such as the number of free transactions could be particularly important to businesses with a high volume of transactions. Whereas, businesses with a low volume of transactions may be more focused on paying lower fees.

This is why Westpac offers a range of Business One transaction accounts designed to support a variety of small businesses.


You can open a number of bank accounts online without having to go into a branch, depending on how your business is structured and whether or not you’re already a Westpac customer. Usually, it takes just a few minutes. If you’re a sole trader, sole director or two-director company, you can use this tool to find your product and start opening it online. 

It’s worth doing some research to help you identify the right business bank account for your business needs. You could start by comparing Westpac business bank accounts on our compare business bank accounts page.

Switching banks may be simpler than you think, including moving your business finances from a personal account to a business bank account. Read our article.

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 Find out more 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.


* Open a new Business One Low Plan account online between 18 October and 3 December 2021 to have monthly plan fees waived for the first 12 months. At the end of the 12-month period, the standard monthly plan fee (currently $10) will apply. Other fees and charges, terms and conditions apply to the Business One Low Plan. This offer may be repeated from time to time, withdrawn, varied or extended at any time.


1. Fees may be incurred for certain electronic transactions such as foreign transactions and withdrawals from some overseas ATMs. Customers must be able to meet any applicable fees and charges. For a complete view of fees, please refer to our Terms and Conditions (PDF 693KB).


2.To be eligible for Biz Invoice you must be registered for Online Banking and hold a Westpac Business One Low Plan or Business One High Plan or Foreign Currency Account (excluding the Chinese Yuan RMB foreign currency account).  Terms and conditions, fees and charges apply in relation to the above accounts. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement for  Westpac's Online Banking facilityBusiness transaction accounts and  Foreign currency account (PDF 291KB), before deciding.

3.To be eligible to set up BPAY with Biz Invoice you must be registered for Online Banking and be a Sole Trader who is the sole owner of the Westpac Business One Low Plan or Business One High Plan account to which Biz Invoice is linked. Each BPAY transaction will incur a transaction fee. Read the disclosure documents for your selected product or service, including the  Biz Invoice BPAY Sub-Biller Agreement Terms and Conditions (PDF 248KB) and  Direct Debit Request including the Direct Debit Request Service Agreement (PDF 36KB), before deciding. Terms, conditions, fees, charges and eligibility apply. Full details are available on application and subject to approval.

BPAY® and Osko® are registered trademarks of BPAY Pty Ltd ABN 69 079 137 518.