How to Open a Westpac Account: A Step-by-Step Guide

Westpac is one of Australia’s “big four” banks, offering a wide range of financial products suitable for immigrants, students, and working holidaymakers. This comprehensive guide covers Westpac’s main account types, eligibility criteria, required documents, fees, minimum deposit requirements, and the account opening process, making it easy for you to open a Westpac bank account.

We also introduce Wise as an alternative for those who need multi-currency accounts and low-cost international transfers.

Main Westpac Account Types and Features

Westpac offers various accounts tailored to different needs, including:

• Transaction Account

  • AUD 5 monthly fee, waived if you deposit over AUD 2,000 monthly or meet other criteria

  • Free ATM withdrawals at Australian ATMs and Global Alliance partner ATMs

  • Suitable for daily spending, salary deposits, and bill payments

• Savings Account

  • No monthly fees, ideal for saving money

  • Different interest rate options for various age groups and needs

• Special Accounts for Students and Youth

  • Designed for students, youth, and retirees with discounted fees and better interest rates

Eligibility to Open a Westpac Account

• Must be 14 years or older (some accounts may have different age limits)

• Valid photo ID (Australian resident or non-resident)

• Proof of Australian residential address

• No minimum deposit required

Documents Required to Open a Westpac Account

• Valid photo identification (Australian passport, driver’s license, or other government-issued photo ID)

• Proof of Australian residential address (utility bill, lease agreement, etc.)

• For non-residents, valid visa or residency permit

• Contact details (phone number, email)

Westpac Fees Overview (in AUD)

Note that Westpac sets its own exchange rates for international transfers, which often include hidden markups. Recipient banks may also charge additional fees, reducing the amount received. For transparent, low-cost international transfers, Wise is a better option.

How to Open a Westpac Account

1. Visit Westpac’s official website or download their mobile app and select the account type you want

2. Complete the online application and upload your identification documents

3. If online verification fails, visit a branch in person for identity verification

4. Once approved, your account can be opened in as little as 3 minutes (depending on document completeness)

5. Apply for a debit card and start using your account for daily transactions

Wise Account: A Smart Choice for Cross-Border Banking

Wise supports holding over 40 currencies with no minimum deposit or monthly fees. Australian residents can get local AUD account details for easy local transfers. Wise uses the real mid-market exchange rate with transparent, low fees, making it ideal for frequent international transfers and multi-currency spending.

Conclusion

Westpac is a reliable choice for those needing local banking services in Australia, especially residents, students, and temporary visitors. The account opening process is straightforward, and fees are reasonable. However, if you require frequent international transfers or multi-currency accounts, Wise offers a more flexible and cost-effective solution.