Guide on Westpac business account (2026)

Westpac is one of the largest banks in New Zealand, offering a range of everyday and savings accounts tailored for businesses.

This guide will explore the main Westpac business accounts available in 2026, covering key features and fees, and the steps and documents required to open one. There’s also a comparison with the Wise Business multi-currency account, so you can see how an alternative banking solution stacks up.

What is a Westpac Business account?

Westpac’s business accounts are banking solutions designed for managing company finances, starting with the basics of incomings and outgoings, and then branching out to interest, savings, cards, online banking — basically everything required to handle business-specific income and expenses in one place.

Westpac offers several accounts covering these features and services, with its everyday transaction account typically acting as the ‘base’ account for business banking. These are used by sole traders, startups, and SMEs to separate personal funds and make business finances easier to manage.

Types of business accounts offered by Westpac New Zealand

Now, we’ll go through each Westpac business account and the features you’ll get when taking one out. These include a day-to-day transaction account, and foreign currency options for AUD, USD (and more).

Business Transact account

The Westpac NZ Business Transact account is the main everyday transaction account geared towards sole traders and SMEs who need to separate personal funds and manage things like income, expenses, payroll, and cash flow.

Key features include¹:

• Free 100 transactions per month
• 24/7 online banking access
• Overdraft facility
• Optional business debit Mastercard
• Set up multiple payments, single payments, direct credits, or debits

If you want to combine this account with a savings facility, there are two business account options available: Interest and Online Saver.

Business Interest account

You can sign up for a Business Interest account when you have an active Business Transact account. The main benefit of this account is that it allows you to accrue interest at a rate of 0.05% per annum on your everyday funds when the Business Transact account is in credit². You’ll still have full access to your money. As it’s essentially an ‘add-on’, the features are the same.

Business Online Saver account

If you’re the type to put some funds aside for bigger business expenses like GST, the Business Online Saver account is designed for this purpose. There are no minimum balance requirements or fixed terms, so you won’t be locked in. The main features of this account include³:

• Earn daily interest (0.05% p.a) on the full balance
• 24/7 access online via the Westpac One digital banking platform
• Withdraw funds instantly to a transaction account
• No account maintenance or transfer fees

Westpac notes that you can’t get cash from an ATM with this account and that you’ll need to transfer funds to a Business Transact account to make a withdrawal.

Business Foreign Currency account

Westpac’s Foreign Currency Account is an NZ bank account that lets you make and receive payments, and hold money in one of 9 major currencies, including AUD, USD, GBP, and EUR⁴. You also earn interest on your balance, with the rate varying by currency. For AUD, it’s 1.85% p.a.

Key features⁴:

• Manage and track your foreign currency with digital banking
• No minimum balance and no account maintenance fee

Business Overdraft account

Westpac also has a Business Overdraft facility, which is within its business loans and finance services. This allows you to access extra money in the form of an overdraft loan, which is available anytime for use.

Key features include⁵:

• Agreed limits on how much you can access
• Flexible repayments
• Apply for temporary repayment deadline extensions
• Access money online, from ATMs or at any Westpac NZ branch

Any overdraft cash accessed will be subject to interest calculated daily in this account and calculated monthly.

Comparing Westpac NZ business account fees with alternatives

Westpac’s account options are feature-rich and cover most bases for professional purposes. But you might want something different, especially if you’re an international enterprise and want to hold and convert funds back and forth in multiple currencies with one account.

As Westpac NZ’s Business Transact account is designed for everyday money management, it is worth looking at how its fees and costs compare with a multi-currency alternative such as Wise Business.

Westpac prices as at 30 January 2026

Types of Westpac business account fees in New Zealand

Here’s a full breakdown of the fees linked to Westpac business accounts⁶:

• Account maintenance fees - a monthly charge for keeping the business account open and using its core features.
• Credit and debit card service fees - charges related to issuing and using business cards, covering costs like annual card fees and foreign currency transactions.
• Deposit service fees - fees linked to physical cash deposits or withdrawals, especially when handling more than $75,000 NZD in cash per month at branches or deposit boxes.
• International service fees - costs for sending or receiving overseas payments, such as TT transfers.
• Online service fees - fees for using online banking tools, such as Business Online.
• Overdraft service fees - costs that apply when your account uses an arranged overdraft.

How to open a Westpac business account

To open a business account, you’ll need to contact one of Westpac’s “business experts,” either by calling them during standard working hours on a weekday, or by submitting an online form⁷ with some basic personal and business details and waiting for someone to get back to you⁸. The process is the same for both new and existing Westpac customers alike.

Westpac has a handy quick-start guide on how to get started with a business account and register for online banking⁹:

1. Decide who will log into the Business Online Service and clarify their specific role, either as an administrator, authoriser, or viewer-only.
2. Gather all relevant personal details (full name, date of birth, etc.).
3. Choose an admin rule, such as “Two to Authorise.”
4. Download and complete a 5-page online application form.
5. Submit this to your designated branch or relationship manager.
6. Wait for approval and full account/login details to start business banking with Westpac.

Documents required to open an account in New Zealand

In addition to providing all your details in written form via the Business Online Application form, you’ll also have to provide valid identification documents to back up your credentials (and any other associated individuals, like directors or shareholders)¹⁰. This can either be a:

• New Zealand passport
• New Zealand driver's licence (which can be verified electronically)
• New Zealand firearms licence
• New Zealand certificate of identity
• National identity card
• Signed overseas passport

You’ll also need business details at hand to open a business account:

• A relevant company identification document
• Proof of company address
• Proof of ID of all owners or shareholders
• Any other document that Westpac requests

If you are providing copies, they will need to be certified. You can find the list of possible documents you can provide here.

Wise Business: Alternative solution for global business transactions

Wise Business allows businesses to hold and manage over 40+ different currencies. Also provides access to local account details for 8+ countries to receive payments like a local.

By processing cross-border transactions with transparency and at the mid-market rate with no hidden markups, Wise Business serves as a cost efficient solution for businesses operating across borders.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 40 NZD

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

---

Business account Westpac FAQs

1. Can you manage a Westpac NZ business account online or on the app?
You can manage all Westpac NZ business account options online via the Business Online Service. However, there is a $9.95 NZD per month subscription fee⁶. The newer, Westpac One platform is free, but this isn’t available to all businesses¹¹.

2. Do I need to deposit money to open a Westpac NZ business account?
Westpac New Zealand does not disclose whether any minimum deposit amounts are required to open a business account. However, most accounts don’t have a minimum balance limit¹.

---

Sources:

1. Westpac - Business Transact Account
2. Westpac - Business Interest Account
3. Westpac - Business Online Saver Account
4. Westpac - Foreign Currency Account
5. Westpac - Business Overdraft
6. Westpac - Fees and charges PDF
7. Westpac - Contact a business specialist
8. Westpac - Business banking accounts and cards
9. Westpac - Setting up business online
10. Westpac - Identification and verification PDF
11. Westpac - Westpac One Business

---