A closer look at Westpac’s Business One account.
Australian small businesses, especially sole traders and digital-first operators, need simple, low-cost banking that works with their rhythm. The Westpac Business One Account, with no monthly fee, fits the bill. If you mostly bank online and don’t need many in‑branch services, this account gives you the essentials, plus extras like app-based tools and cost-effective everyday banking.
In this review, we’ll explore what the Westpac Business One Account has to offer, how it works, and what to expect when it comes to features, fees, and customer support.
We’ll also have a look at the features of OFX’s Global Business Account and why OFX could be a great alternative for you and your business.
On this page:
• What is the Westpac Business One Account?
• Westpac Business One Account key features
• Westpac Business One Account fees
• Global supplier management with Westpac Business One Account
• Support and user experience
• Westpac Business One Account pros and cons
• How to open a Westpac Business One account
• Westpac Business One Account vs. OFX Global Business Account: A comparison
• Summary: Westpac Business One Account
• Why businesses choose OFX
• FAQ
Looking for a better way to handle global business payments?
What is the Westpac Business One Account?
The Westpac Business One Account is a transaction account tailored to Australian sole traders, sole directors, or existing Westpac business customers who conduct the bulk of their banking online. The account carries no monthly fee, making it a cost-effective choice for businesses wanting straightforward banking, fee-free digital transactions, and bank feeds to accounting software like MYOB and Xero1.
Westpac Business One Account key features.
This account focuses on digital-friendly, low-cost banking. Here’s what you need to know:
| Feature | Details | Benefit |
| $0 monthly fee | No account‑keeping cost | Keeps banking costs minimal |
| Unlimited electronic transactions | Includes BPAY and transfers via digital channels2 | Ideal for businesses banking online |
| Business debit Mastercard included | Pay in store and online, access tap‑and‑pay3 | Convenient and secure access to funds |
| Integration with accounting software | Works with MYOB, Xero, QuickBooks4 | Easier reconciliation and reporting |
| Business online banking and App | View both personal and business accounts, use PayID, manage payments5 | Simplifies cashflow monitoring |
Westpac Business One Account fees.
While the account has no monthly fee, there are charges to be aware of:
- Staff assisted transactions in branch: $3 each (so limited face-to-face help may cost you)6
- Overseas ATM withdrawal: $5 fee7
- International card transactions: 3% fee on transaction value8
Speed and efficiency.
The Westpac Business One Account is crafted for smooth, efficient daily banking. With clear processing timelines and reliable settlement processes, it’s built to keep your cash flow moving without friction:
Instant, real-time payments via PayID and Osko®
Use PayID or Osko® from Westpac, payments are made in real time, 24/7, even on weekends and public holidays. Funds transfer quickly and seamlessly between eligible accounts9.
BPAY cut-off clarity
Payments made via BPAY before 6 pm (Sydney time) on a business day are received the same day. Those made after 6 pm or over a non‑banking day settle on the next business day10.
RTGS for same-day urgent transfers
For payees not eligible for Osko®, Westpac offers Real‑Time Gross Settlement (RTGS). Submit payments before 3 pm AEST on a business day to ensure same-day delivery. Each RTGS transaction incurs a $20 fee11.
Same-day merchant settlement for card transactions
If you use Westpac OnlinePay for VISA or Mastercard sales, eligible business transaction accounts receive same‑day settlement, with transactions processed up until 8 pm Sydney time, seven days a week12.
What this means for your business:
- Immediate access to funds, PayID and Osko® deliver instant availability, helping you manage expenses and supplier payments with confidence, any time of day.
- Predictable processing windows, with set cut-offs for BPAY and RTGS, you’ll know when payments are due to settle.
- Faster revenue realisation, card sales via OnlinePay can be settled on the same day, even late into the evening, helping you keep operations flowing.
Global supplier management.
Streamlining supplier and accounts payable processes with the Westpac Business One Account and Westpac Online Banking capabilities:
Batch and recurring payments
You can easily send payments to multiple recipients, whether it’s recurring payroll or supplier payouts, using batch payments via the Westpac App or Online Banking. Whether paying via Pay Anyone, BPAY®, Direct Entry, or a mix, payments can be set up in bulk from templates or file import (such as Excel, CSV, ABA format)13.
BPAY® billing made easy
The account supports BPAY for bill payments to over 45,000 businesses, accessible 24/7 via Internet Banking, the Westpac App, or Phone Banking. You can schedule recurring payments or store biller details for quick access14.
Payables automation via PaymentsPlus
For larger operations, Westpac offers PaymentsPlus, a consolidated payables solution. It enables you to manage single or bulk payments, including Osko®, BPAY, RTGS, and Direct Entry, via file upload or API integration, directly from your system, streamlining invoice processing and vendor payments15.
Administrative controls & approvals
If your business has set-up a business network in Online Banking, you can assign multi-approver workflows. Tasks like payments (BPAY, Osko®, Direct Entry, international transfers, etc.) and various admin functions require approval from the designated number of approvers before execution, adding security and oversight16.
Reconciliation with accounting integrations
The Business One Account comes with bank feeds for integration with popular accounting platforms like MYOB, Xero, and QuickBooks, making reconciling payments, invoices, and balances faster and more efficient17.
What this means for your business:18
| Benefit | Explanation |
| Efficient supplier payments | Batch uploads via file or template simplify recurring and high-volume supplier payments. |
| Automated approval flows | Multi-step approvals fortify payment governance and reduce risk. |
| Simplified reconciliation | Direct bank feeds to accounting software save time and minimise errors. |
| Faster invoice processing | PaymentsPlus enables rapid bulk payments across different methods (e.g. Osko®, BPAY®, RTGS). |
Security and compliance.
When you open a Westpac Business One Account, your funds and data benefit from robust regulatory protections and advanced security technologies, designed to help defend against fraud and scams.
Regulated and monitored
Westpac operates under stringent compliance frameworks upheld by regulators such as ASIC and APRA, it ensures your business banking meets Australia’s highest standards of security and integrity19.
Identity verification & onboarding
To open your Business One Account, Westpac requires identification such as ABN/ACN, proof of identity, and confirmation of your business structure. You also agree to anti-money-laundering and Counter-Terrorism Financing (AML/CTF) declarations, helping safeguard your account from misuse20.
Strong authentication & access control
Westpac secures transactions and sensitive actions using Two-Factor Authentication (2FA) via SecurID® tokens or Westpac Protect™ SMS Code, providing an additional layer of protection against unauthorised access21.
Through Westpac Online Banking for Business, administrators can manage user access and assign permissions, giving granular control over who can sign, approve payments, or see sensitive data, all within your business network22.
Advanced fraud protection & scams prevention
Westpac monitors global fraud and scam trends around the clock. Tools like Westpac Verify (which confirms recipients before payment), mobile push notifications, and the Digital Card with dynamic CVC that refreshes daily, all help prevent unauthorised transactions.
Should you fall victim to internet fraud, Westpac’s Online Banking Security Guarantee pledges to reimburse authorised losses, provided account security hasn’t been compromised23. To qualify for this guarantee you must not have participated in the transaction, not shared your sign in details or security codes and inform us immediately of any unauthorised activity24.
Security awareness & resources
The Westpac Security Hub offers downloadable guides, checklists, webinars, and scam alerts tailored to small businesses. You can also take a Security Wellbeing Check in-app to assess your cybersecurity health and get personalised advice25.
What this means for your business:26
| Security feature | Business benefit |
| Regulated banking framework | Compliance with top-tier Australian financial standards |
| Identity and AML/CTF verification | Reduced risk of fraud through robust onboarding practices |
| 2FA and granular user management | Secure access and controls tailored to individual roles |
| Fraud monitoring & guarantees | Real-time protection and assurance for digital banking |
| Security resources and tools | Proactive risk awareness and support to stay safe and informed |
Support and user experience.
Westpac delivers a strong, flexible support ecosystem tailored for small business owners who prefer digital-first banking with reliable human assistance when needed.
Comprehensive help and business guidance
Westpac offers a dedicated hub filled with educational articles, step-by-step guides, and tools covering business startup, cash management, security, and more, helping business owners make informed decisions and tackle everyday challenges.
In-app and online chat support
Via the Westpac App or Online Banking, you can quickly connect with support by tapping “Contact us” on the dashboard to chat with a bank representative. It’s a fast track to help when you’re on the go, no need to visit a branch.
Phone support hours
- Business customers can call Westpac from 8 am to 8 pm (Sydney time), Monday to Friday for a range of support, including account services, loans, and international banking.
- Self-service Business Telephone Banking runs 24/7, allowing tasks like checking balances or making bill payments via phone at any time.
Online business servicing requests
Rather than visiting a branch or calling support, users within your business network can raise service requests directly online, for tasks like cancelling a Business Debit Mastercard, cancelling a direct debit, locking/unlocking cards, closing accounts, or tracing a payment30.
Westpac Business One Account pros and cons.
Below, we highlight the main advantages and potential drawbacks of this account to help you make an informed decision.
| Pros | Cons |
| No monthly fee for digital first banking | $3 fee for in-branch staff-assisted transactions31 |
| Unlimited electronic transactions | 3% international transaction fee plus $5 ATM fee overseas32 |
| Free business debit Mastercard with tap-and-go | |
| Seamless integration with MYOB, Xero and Quickbooks | |
| Extensive ATM network both in Australia and internationally |
How to open a Westpac Business One account.
Online (for eligible applicants):
- Available for sole traders, sole directors, or existing Westpac business customers.
- Apply and open in less than 5 minutes online.
In-branch:
- Other business types, such as partnerships or not-for-profits, can apply by visiting a branch with required documentation.
Ideal use cases
The Westpac Business One Account is perfect for:
- Sole traders and sole director-run businesses that bank mostly online.
- Companies needing integration-friendly banking for smoother bookkeeping.
- Small businesses that predominately handle cashless or digital payments .
- This account may be less suited if your business often needs in-branch service or has frequent international transactions.
Westpac Business One Account vs. OFX Global Business Account: A comparison.
| Feature | Westpac Business One Account | OFX Global Business Account |
| Monthly fees | $0 fee for primarily online banking; option to upgrade to Business One Plus for $10/month33. | No monthly platform fee for Standard Plan (up to 2 users) or Full Suite (per user fee applies). |
| Transaction channels | Unlimited electronic transactions via app or online; $3 per staff-assisted branch transaction (Business One)34. | Includes international payments, corporate cards, FX, approvals, expense management, integrations. |
| International payments and currency support | Supports international transfers (over 20 currencies) with $0 Westpac transfer fee; Westpac absorbs correspondent bank fees35. Foreign Currency Accounts available with no monthly fee.36 | Supports 30+ currencies; receive, hold, send with local bank details in AUD, USD, EUR, GBP, CAD; 170+ destination countries. |
| International payment fees and FX | $0 Westpac transfer fee; exchange rates indicative; possible fees from overseas banks; terms vary by currency.37 | For all business users, $0 local transaction fee AU$10 per payment when sending via SWIFT on OFX Standard and Full Suite plans. |
| Corporate card and spend control | No card spend controls or multi-currency corporate card offering.38 | Corporate cards available (virtual & physical), instant issuance, spend limits, $0 FX fee when spending from held balances. |
| Multi-currency account capability | Foreign Currency Accounts exist, but likely limited to a few currencies and without spend-control features.39 | Hold, convert, and manage funds in 30+ currencies within one platform. |
| Automation and workflow tools | Basic banking; no batch payments or AP automation.40 | Offers batch payments, spend management, OCR invoice capture, approval workflows, and integration with Xero/QuickBooks. |
| Support and access | Standard Business Online Banking and app access; no 24/7 global support41 | 24/7 support via phone/email/chat; human support |
In a nutshell.
Westpac Business One is a cost-effective choice for digital-first Australian businesses, ideal for domestic banking with occasional international transfers and limited complexity.
OFX Global Business Account is engineered for high-growth and internationally active businesses, offering multi-currency holdings, integrated corporate cards, FX tools, AI automation, and stronger global support features.
Summary: Westpac Business One Account.
The Westpac Business One Account delivers a solid, low-cost solution for digital-first Australian businesses. It removes the burden of monthly fees, offers unlimited online transactions, and brings modern banking tools and software integration to your fingertips.
Just be mindful of branch and international fees.
If you’re focused on simplicity, cost control, and efficiency, this account is a strong contender in the current business banking landscape.
Why more businesses are choosing OFX.
Designed for international business at scale
With the OFX Global Business Account, you can send, receive, hold, and manage funds in over 30 currencies, all from one central platform. Accept payments like a local in major currencies including AUD, USD, EUR, GBP, and CAD with dedicated local account details.
Whether you’re paying global suppliers, managing overseas contractors, or collecting international revenue, OFX supports transactions to and from more than 180 countries. Their batch payment feature simplifies high-volume payouts by allowing you to process hundreds (or thousands) of payments in a single upload, streamlined with built-in approval workflows and instant status updates.
Stay in control of currency risk
Currency fluctuations can erode profits, OFX helps you take charge with tools like Forward Contracts, letting you lock in exchange rates for up to 12 months, and Limit Orders, which execute your transfers automatically when your preferred rate is reached.
Need help navigating volatile markets? OFX specialists are available to work with your business on strategic FX planning, no matter the size or frequency of your transactions.
Transfer big, move fast
There’s no upper limit on transfers, making OFX a fit for high-value or recurring international payments. Spot transfers can be executed 24/7, including weekends and holidays, giving you the flexibility to move money when your business needs it most.
Smarter spend management and financial visibility
From approval workflows and spend limits to physical and virtual corporate cards, OFX offers a full suite of controls to help you manage team and supplier spending with ease. Built-in OCR receipt capture, AI matching and multi-user permissions mean you can stay compliant while reducing manual work.
Seamless integrations with your accounting tools
Sync your OFX account directly with platforms like Xero, QuickBooks, and Saasu, or export CSVs for easy reconciliation and reporting.
Always-on human support
With OFX, you’re never left waiting on hold or talking to a chatbot. You’ll have 24/7 access to real support from local experts and dedicated account managers who can help you navigate everything from large transfers to fast-moving markets.
If your business is expanding internationally, managing cross-border costs, or juggling multiple currencies, OFX is built to give you the control, visibility, and flexibility you need to thrive, regardless of market conditions.
OFX Global Business Account
Receive, hold, convert and send funds across a wide range of currencies, reduce costs and gain greater control over your international payments.
FAQs
What is the Westpac Business One Account?
The Westpac Business One Account is a $0 monthly fee business transaction account designed for small businesses, particularly sole traders, sole directors, and businesses that conduct most of their banking online. It’s an excellent low-cost option offering seamless digital banking42.
Are there any monthly fees?
No. The account carries no monthly account-keeping fee43.
How can I open this account?
If you’re a sole trader, sole director, or existing Westpac business customer, you can apply online and open the account in under 5 minutes44.
What services and features come with the account?
- Unlimited electronic transactions (via online banking and the Westpac app).
- A Business Debit Mastercard for convenient card access to your funds.
- Bank feeds compatible with accounting tools like MYOB, Xero, and QuickBooks45.
Are there fees for branch assisted transactions?
Yes. While digital banking remains fee-free, staff-assisted transactions in-branch incur a $3 fee each46.
Can I apply for the Business One Plus account instead?
Yes. The Business One Plus offers 25 free staff-assisted transactions each month for a $10 fee. If your needs change, you can switch between the two plans online47.
Can I send money overseas using this account?
Yes. The Business One Account is eligible for international transfers. You can send money overseas via online banking or the Westpac App, with no Westpac transfer fee, and Westpac covers correspondent bank fees for over 20 major currencies (e.g., USD, EUR, NZD)48.
What about holding foreign currencies?
Westpac offers Foreign Currency Accounts that allow you to receive, hold, and choose when to convert funds in different currencies49.
Are there FX tools or rate-locking features available?
Yes. Westpac provides a Fixed FX feature that allows you to lock in an exchange rate for sending future-dated international payments—helping you budget with certainty50.
See how the OFX Global Business Account can help you
Sources
1 https://www.finder.com.au/business-banking/westpac-business-banking/westpac-business-one-account-low-plan
2, 6, 31, 33, 34, 42, 43, 44, 45, 46, https://www.westpac.com.au/business-banking/transaction-accounts
3, 4, 5, 8 https://www.finder.com.au/business-banking/westpac-business-banking/westpac-business-one-account-low-plan
7 https://www.westpac.com.au/business-banking/credit-cards/manage/travelling-overseas-insurance/travel-checklist
9, 10 https://www.westpac.com.au/faq/cut-off-times
11 https://www.westpac.com.au/business-banking/online-banking/support-faqs/sameday-rtgs-payment
12 https://merchants.westpac.com.au/docs/settlements
13 https://www.westpac.com.au/business-banking/online-banking/support-faqs/making-multiple-payments
14 https://www.westpac.com.au/business-banking/services/banking-services/bpay
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17 https://www.westpac.com.au/business-banking/online-banking/support-faqs/saving-time
18 https://paymentsplus.westpac.com.au/docs/user-guides/user-guide
19, 23 https://www.westpac.com.au/business-banking/online-banking/
20 https://www.westpac.com.au/business-banking/transaction-accounts/business-one/
21 https://www.westpac.com.au/business-banking/online-banking/support-faqs/manage-tokens
22 https://www.westpac.com.au/business-banking/online-banking/set-up-admins
24 https://www.westpac.com.au/security/how-we-protect-you/
25, 26 https://www.westpac.com.au/security
27 https://www.westpac.com.au/business-banking/help-for-your-business
28, 29, https://www.westpac.com.au/contact-us
30 https://www.westpac.com.au/business-banking/online-banking/support-faqs/business-servicing-requests
32, https://www.finder.com.au/business-banking/westpac-business-banking/westpac-business-one-account-low-plan
35, 37, 48 https://www.westpac.com.au/business-banking/international-trade/international-payments
36 https://www.westpac.com.au/international-travel
38 https://www.westpac.com.au/corporate-banking/transactional-banking/managing-your-payables/commercial-card-program/corporate-card
39 https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/cb/foreigncurrencyaccount.pdf
40, 41 https://www.westpac.com.au/corporate-banking/corporate-online
47 https://www.westpac.com.au/business-banking/transaction-accounts/business-one-plus/get-started
49 https://www.westpac.com.au/business-banking/international-trade
50 https://www.westpac.com.au/international-travel/international-transfers
