Business Daily Payment Limits explained

What’s a Business Daily Payment Limit?

• A Business Daily Payment Limit is the cumulative total value of payments that can be made within a business profile in a single day, using Online Banking and the Westpac App
  
• The daily limit is set at $10 million but can be increased to up to $100 million, if required. All your Users must have the appropriate security device to obtain this type of limit
• Administrators are authorised to manage and change limits for the business and individual Users.

What’s a User Daily Payment Limit?

• A User Daily Payment Limit is the cumulative total value of payments any individual User can make in a day, except for some BPAY® payments
• Administrators can assign Users different payment limits in Online Banking
• A User can also request to update their daily payment limit which needs to be approved by an Administrator
• No User Daily Payment Limit should exceed the Business Daily Payment Limit.

What is the maximum User Daily Payment Limit?

The maximum User Daily Payment Limits are:

• Up to $5,000 without a security device
• Up to $200,000 with a Westpac Protect™ SMS Code, approved by an Administrator
• Up to $100 million with a SecurID® token, approved by an Administrator

What types of payment are included?

Payments covered by daily limits include:

• BPAY®
• Pay Anyone
• Osko® payments
• Same day (RTGS)
• International payments
• Bank cheque requests.

What if my payment is rejected?

Your cleared funds must be available at least one day before a scheduled payment is due. A payment may be rejected if:

• There are insufficient funds in the account 
• The payment takes the total daily payments above the Business Daily Payment Limit or the Daily Payment Limit for a User
• An invalid account has been selected.

What about security?

Safeguarding your financial and personal information is our top priority. To manage the daily payment limit for your business or update to payment limits for your staff, you will need a security device. 

A security device generates a unique one time use code which provides an additional safeguard against fraud. 

There are two security devices available to use in Online Banking:

• Westpac Protect™ SMS Code is a temporary code that is sent to your registered mobile phone via text message.
• SecurID® token is a small, portable device that generates a digital security code

You and your staff can only have one active security device at any one time – either a SecurID® token or Westpac Protect™ SMS Code. You cannot have both.

Learn more about assigning a security device.

How do I change my daily payment limits online?

Follow our handy guide on how to change your business daily payment limits online.