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. Having a foreign currency account with Westpac costs $5 a month to maintain. 1 free cheque withdrawals a month and 1 free deposits 1. This is why Westpac offers a range of Business One transaction accounts designed to support a variety of small businesses. We will only handle foreign cheques where the deposit is over NZ$500 for certain currencies and this will be on a collection basis only after this date. Low monthly account service fee. Apply online. 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. Simply speak to a Banking Representative by calling 132 032. Fiji Customer Service Fees Booklet (PDF 129KB). Select Bank account.. Bank feeds for Westpac credit card accounts require an application form - see To apply with an application form below. Extra fees with Westpac. Card access to your account using a Westpac Visa Debit Card 2 or Westpac Handycard. Daily transactional limits apply. Photo: RNZ / DOM THOMAS General manager of retail banking Craig Sims said the banking industry was phasing out cheques as more customers opt for digital payment options. Intermediary bank fees —payments Deposits held in Foreign Currency Accounts are not covered by the Australian Government’s Financial Claims Scheme. Can I use my personal bank account for business? 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. It’s … Conditions, fees and charges apply. It’s worth doing some research to help you identify the right business bank account for 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. Visit your branch or call 132032 for more information. A cheque account for your business. Normally Westpac shows every other deposits as pending at first and then eventually clears fund within 2/3 business days. Pay as you go fee structure, meaning you only pay for the transactions you make. Essentials. Full details are available on request. 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. Send, receive and hold currencies in one place. “While cheques have a reputation for being old-fashioned, we still receive more than 30,000 cheques from customers every day,” said George Frazis, chief executive, Westpac Consumer Bank. To apply via Westpac Live. Westpac says it will no longer accept cheques as a means of payment from June 25 next year. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. Features and benefits. A Foreign Currency Account should not be used to speculate on foreign currencies or to conduct frequent trading of foreign currencies. Read our article. Westpac accepts foreign cheques on a case-by-case basis. Bank on the go with Westpac One® online banking. As a bonus, you can avoid paying the $5 monthly account fee if you deposit a minimum of $2,000 per month. Can I open a business bank account online? The account offers free access to over 3,000 Westpac ATMs Australia wide and has no domestic electronic, phone, cheque or over the counter fees (withdrawal and deposit). To ensure these 7 points above are verified, we need at least two primary ID documents or one primary plus two secondary ID documents. Make and receive payments in another currency without converting to AUD, Accounts available in a range of foreign currencies, Can be electronically accessed via Westpac Live for making and viewing transactions, 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. When I signed up for my Westpac account, the customer service specialist stated you select Cheque with your DebitCard because Savings means you're withdrawing from an account that earns interest. some overseas cheques can take 6 weeks or longer to clear. Child support, Kiwisaver and tax pooling payments There are some different ways to pay child support and Kiwisaver. A flexible account offering cheque, online and card access. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding. BPAY® and Osko® are registered trademarks of BPAY Pty Ltd ABN 69 079 137 518. To be eligible to apply for Business One - Low Plan, Business One - High Plan or Business Flexi, your business must be registered in Australia. Details of all Westpac fees are available here. Account number body. Read about the Information we require for Westpac business bank accounts, many of which have an option to be opened online. Fees and charges may be payable. We can draw bank cheques for you at our branches, even if you don’t have an account with us. With tools to track your spending and alerts to help you know what's happening, you're in control. Whereas, businesses with a low volume of transactions may be more focused on paying lower fees. 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