Westpac Business Card: Benefits and Requirements in 2024
Westpac is a popular and trusted bank in Australia, with a broad range of account and card services, including business and corporate cards. You can apply for a Westpac business debit card if you have an eligible business bank account, or you could apply for a Westpac corporate credit card.
This guide walks through how Westpac’s range of business cards works, and also touches on a couple of non-bank alternative options which are worth considering – Wise and Revolut. Both Wise and Revolut offer business account and card services which support holding multiple currencies, and which have low fees and great exchange rates.
What is the Westpac corporate card?
Westpac offers both debit and credit cards for business customers. There are several different corporate credit cards, including the popular Altitude and BusinessChoice ranges, or you can add a Westpac business Mastercard debit card to your eligible business account if you’d prefer.
Different Westpac corporate cards have their own features, benefits and fees. This guide walks through some key points about both the debit and credit options, and also introduces Wise and Revolut as alternatives which may suit you, particularly if you trade or travel internationally.
Key features: Westpac business card
- 4 different corporate credit cards offered, including reward cards which have Qantas benefits as you spend
- Business debit cards can be added to the Business One, Business One Plus and Community Solutions One account
- Credit cards may have annual fees to pay, while debit cards do not have any ongoing fees to pay
- Credit cards are subject to checks on credit score, and both debit and credit cards have eligibility requirements
- Westpac business cards have foreign transaction fees when spending abroad – if you need multi-currency account services with no foreign transaction fee, a provider like Wise or Revolut may suit you better
| Westpac pros | Westpac cons |
|---|---|
| ✅ Large range of both debit and credit cards available
✅ Debit cards do not have annual fees ot pay ✅ Credit cards offer reward earning options ✅ Large and reputable provider which offers a broad range of business services |
❌ Foreign transaction fees apply
❌ Credit checks and eligibility rules are likely to apply |
Is Westpac card debit or credit?
Westpac offers both debit and credit cards. You can add a Westpac Business Mastercard debit card to an eligible business bank account – or apply for one of the following popular Westpac business credit cards:
- Westpac Altitude Business Platinum
- Westpac Altitude Business Gold
- Westpac BusinessChoice Rewards Platinum Mastercard
- Westpac BusinessChoice Everyday Mastercard
Who is the Westpac corporate card for?
Wespac is a large and trusted bank which is legit and safe to use. Westpac is properly licensed for the services it offers in Australia and internationally, and holds an Australian Financial Services License.
Westpac business card alternatives in Australia
Westpac has several different business card options. However, Westpac business accounts are intended to hold AUD only, which means there’s a foreign transaction fee to pay whenever you spend in a foreign currency. We’ll look at this in more detail later – but it’s worth considering a few alternatives to Westpac business cards for comparison.
If you need to spend for your business in foreign currencies, or if you receive payments in foreign currencies from customers, a multi-currency account from a provider like Wise or Revolut may be a good fit. Here’s a quick overview:
| Provider | Currency account | Monthly fee | ATM withdrawals | International transfer fee | Exchange rate |
|---|---|---|---|---|---|
| Wise |
|
None | Some free withdrawals monthly before a fee applies | From 0.33% | Mid-market rate |
| Revolut |
|
21 AUD – 79 AUD | 2% fee | 10 AUD – some no fee transfers monthly |
|
*Details correct at time of research – 11th October 2024
Wise
Wise Business offers an account which can hold and exchange 40+ currencies, with a linked debit card for spending and withdrawals. You can use your card in 150+ countries globally, and order expense cards for your team if you need to. There’s no fee to spend a currency you hold in your account, and if you don’t have the currency you need, the card can automatically convert for you with the mid-market rate and low fees from 0.33%.
Accounts also offer ways to get paid by customers, marketplaces and PSPs with local and SWIFT account details in a selection of currencies.
Key features:
- No ongoing card or account fees, no foreign transaction fees
- Hold and exchange 40+ currencies, receive payments with local and SWIFT account details
- Currency exchange uses the mid-market rate
| Wise pros | Wise cons |
|---|---|
| ✅ Multi-currency account with no ongoing fees
✅ Debit card, with optional expense cards for team members ✅ No foreign transaction fee for overseas spending ✅ Some free ATM use monthly before fees begin |
❌ Card order fees apply
❌ Some service and transaction fees may apply depending on how you use your account |
Revolut
Revolut Business has 3 different account options for Australian customers, which all offer a linked debit card you can use for international and local spending. Expense cards are available for team members, and accounts can hold 25 currencies. All account tiers offer some no fee weekday currency conversion before fair usage fees apply – exactly what no-fee transactions you get depend on the account tier you select.
Key features:
- 3 different account options, with fees from 21 AUD a month
- Hold and exchange 25 currencies, get paid in foreign currencies with SWIFT details
- Some no fee weekday currency conversion before fair usage fees apply
| Revolut pros | Revolut cons |
|---|---|
| ✅ Choose different account types depending on your needs
✅ All accounts hold and exchange 25 currencies ✅ Some no fee currency exchange with the Revolut exchange rate offered with all accounts ✅ Add team members to your account and order expense cards for them |
❌ Monthly fees of 21 AUD or more
❌ Fair usage and out of hours fees may apply on currency conversion |
How does a Westpac business card work?
Westpac credit and debit cards for business are all issued on the Mastercard network, and are all contactless and compatible with popular wallets like Apple Pay.
If you have a Westpac business debit card it will be linked to your eligible business account. When you spend or make a withdrawal, the funds are instantly deducted from your account. If you’re spending in foreign currencies, the amount you spend is converted back to AUD, with a 3% foreign transaction fee, before being deducted.
Westpac credit cards are subject to credit checking and eligibility rules. When you get a card you’ll be set a credit limit and you can spend or withdraw to that limit monthly, before paying your card bill. Pay off your bill on time and in full to avoid interest or additional fees. When you spend in a foreign currency, the amount you pay back will include a 3% foreign transaction fee.
Westpac corporate card fees
Because Westpac has several different corporate cards available, you’ll need to check the full fee schedule for the card you prefer to make sure there are no surprises when you spend and withdraw. Here we’ve rounded up some of the important costs to consider – read your own card’s fee schedule carefully before transacting.
| Westpac business card fee | |
| Annual fee |
|
| Foreign transaction fee | 3% |
| ATM fee | Fees vary, and can include a cash advance fee for credit card use |
| Other fees |
|
*Details correct at time of research – 11th October 2024
Westpac business exchange rates
When you spend in foreign currencies with your Westpac card, the amount is converted to AUD with the Mastercard exchange rate, with an additional fee of 3% added. The network rate is usually pretty fair, but this additional foreign transaction fee does push up the costs of spending overseas. If you’d rather not pay a foreign transaction fee, consider getting a multi-currency business account from a provider like Wise or Revolut instead.
Westpac business card limits
Westpac business credit cards have their own limits which are based on your credit score, business type and needs. You’ll be able to find details of your credit limit in the documents you were provided when you ordered your card.
Westpac business debit cards have set limits:
| Transaction type | Westpac business debit card limit |
| POS payments | 8,000 AUD/day |
| ATM withdrawals | 1,000 AUD/day |
| Over the counter withdrawals | Limited to account balance |
What are the requirements for getting a Westpac business card?
Different Westpac cards may have their own requirements – usually, though, you must be at least 18, an Australian resident, and have a registered business. You’ll be asked to enter your business number when you apply, and you’ll need to agree to a credit check to make sure you’re eligible for the account and card.
It’s worth speaking to the bank directly if you’re not sure which card you would be eligible for, as different cards can suit different business types and needs.
How to activate your Westpac corporate card
Generally, you’ll need to activate your Westpac corporate card before you can use it. This can be done by phone or in the Westpac mobile banking system, following prompts to enter your personal and card information for verification purposes.
How to use a Westpac business card?
Use your Westpac business card to spend and make withdrawals at home and abroad. You can use your card with a mobile wallet like Apple Pay, or make contactless payments if you’d prefer. You can also shop online with your card.
How to top-up your Westpac card
If you have a Westpac business debit card it will be linked to your Westpac business bank account. You can add money to your business account yourself or through taking customer payments, and then spend with your card as and when you need to.
How to withdraw money from Westpac card
You’ll be able to make cash withdrawals with a Westpac debit or credit card, but fees may apply. When using a credit card for cash withdrawals, this can include a cash advance fee and immediate interest. Check your card terms and conditions before you make an ATM withdrawal.
How to use Westpac business overseas?
You can spend and make withdrawals with your Westpac business card anywhere the Mastercard network is supported. This means you can use it in most countries around the world- just look out for the Mastercard logo when you pay.
There’s a 3% foreign transaction fee to pay when you use your Westpac card in a foreign currency. This pushes up the cost of your overseas spending. If you’re spending for business in a foreign currency you may find you can bring down the overall costs by getting a multi-currency account from a non-bank alternative like Wise and Revolut.
Supported currencies
Westpac business cards can be used for spending around the world. When you spend in a foreign currency your spending is converted back to AUD to be debited from your account, or to be added to your monthly bill.
Conclusion: is the Westpac corporate card worth it?
Having a business debit or credit card can be very handy, but the right card for you may simply depend on how you need to transact. Westpac corporate credit cards have annual fees but do come with perks and reward earning opportunities. The Westpac business debit card has no ongoing fees but you’ll need to have money in your account before you spend. All Westpac business cards charge a foreign transaction fee when you spend in foreign currencies. This adds 3% onto the cost of your spending when abroad.
If you’re transacting in foreign currencies for your business, consider Westpac alternatives like Wise and Revolut, which both offer low cost international accounts which can hold multiple currencies with no foreign transaction fee to pay.
FAQ
Is Westpac business card free?
Westpac corporate credit cards have annual fees, while the Westpac business debit card has no ongoing fees. Other service and transaction fees are likely, including a 3% foreign transaction fee.
Is Westpac a Visa or Mastercard?
Westpac credit and debit cards for business are all issued on the Mastercard network.
Can foreigners in Australia use Westpac?
You may be able to apply for a Westpac business card as a foreigner in Australia, but the exact options available to you will depend on your own residential address and also where your business is located. Get in touch with Westpac to discuss your specific needs and before you apply.
