ANZ Vs Westpac: Business banking fees and features compared

Key takeaways

• ANZ and Westpac are two of New Zealand's biggest banks and both serve Kiwi businesses with accounts, debit cards, credit cards, overdrafts, loans, FX, and more.

• When comparing ANZ vs Westpac, consider the type of account you're looking for, the cost of transactions, the monthly admin costs of the account, and FX costs associated with the account.

• If your business handles cross-border payments, fintech platforms like Airwallex are worth looking at alongside your main bank – with multi-currency accounts, interbank FX rates, and global payouts that traditional banks do not match.

If you are running a business in New Zealand, you may be weighing up ANZ vs Westpac for business banking. Both are part of New Zealand's Big Four – the four largest banks by market share – alongside BNZ and ASB, and both offer a full range of business banking products. We'll compare their fees, features, and international payment capabilities side by side and look at when a fintech platform like Airwallex is worth adding to the mix.

How ANZ's business products work

ANZ is one of New Zealand's oldest banks and a subsidiary of the Australia and New Zealand Banking Group, one of the biggest financial institutions in the Asia-Pacific region. Whether you are a sole trader just starting out or running a large company, ANZ covers the full range. Its digital tools, including the mobile app and online banking platform are generally well reviewed.

ANZ also has one of the widest branch and ATM networks in New Zealand, which is useful if your team ever needs to bank in person.

Here's what ANZ's core business banking products cover:

• Business transaction accounts: Everyday accounts for managing income and expenses

• Business savings accounts: Interest-bearing accounts for holding surplus funds

• Business credit cards: Including Airpoints-earning cards for travel rewards

• Business lending: Overdrafts, term loans, and asset finance

• Merchant services: EFTPOS and payment acceptance tools for businesses that sell in person or online

How Westpac's business products work

Westpac is one of New Zealand's Big Four banks and is owned by Westpac Banking Corporation, an Australian-listed company. Like ANZ, Westpac has a nationwide branch and ATM network and covers personal, business, and institutional banking. If you are focused on transaction account value and reward card options, Westpac is worth a close look.

Here's what Westpac's core business banking products cover:

• Business transaction accounts: Everyday accounts with varying fee structures depending on your usage

• Business savings accounts: On-call and notice-based options for holding funds

• Business credit cards: Including Airpoints and Hotpoints reward cards

• Business lending: Overdrafts, equipment finance, and term loans

• Merchant services: Integrated payment acceptance solutions for in-store and online sales

How do ANZ and Westpac compare for business banking?

Both banks cover the essentials well, but there are meaningful differences worth knowing before you decide. ANZ tends to edge ahead on digital banking tools and app experience. Westpac has been recognised for everyday account value. 

If you need to move money internationally, both banks offer Foreign Currency Accounts – but it’s important to note that these only hold a single currency. If you are looking to hold more than one currency, you can look at a multi-currency account like Airwallex’s Global Account.

Here's how all three stack up across the key features:

How do ANZ and Westpac business banking fees compare?

Both banks charge fees in several different ways, and the total cost depends on how your business actually uses the account. It is worth looking beyond the headline monthly fee to understand what you will actually pay day to day.

What account and transaction fees apply?

A transaction fee is a charge applied each time you make or receive a payment. Both ANZ and Westpac offer a set number of free transactions per month on their everyday accounts, but additional transactions and staff-assisted transactions – those processed by a bank teller in a branch – typically attract a fee.

Fee-free options exist at both banks, but they usually come with conditions – such as maintaining a minimum monthly deposit. Check the current rates directly on each bank's website, as these figures can change.

What international transfer and FX fees apply?

Here's where costs can add up quickly, especially if your business pays overseas suppliers or receives payments in foreign currencies. ANZ charges no transfer fee for most international payments sent via ANZ Internet Banking or goMoney (a NZ$5 fee applies via ANZ Direct Online), while Westpac may waive the fee for some foreign-currency transfers sent via Westpac One but typically charges around NZ$5–NZ$30 depending on the channel and options selected. In both cases, staff-assisted transfers cost more, and correspondent banks can deduct additional fees.

The mid-market rate – sometimes called the interbank rate – is the midpoint between the buying and selling prices on the global currency market. Think of it like the 'true' exchange rate you would see on a currency converter. Banks typically mark this rate up when converting currencies for customers, which means you pay more than the real rate on every conversion.

Which is better for businesses with international payment needs?

If you pay overseas suppliers, receive payments from international customers, or hold funds in foreign currencies – this is where the real differences show up. Both ANZ and Westpac handle international payments via SWIFT. Transfers can take several business days, though both banks have removed transfer fees for payments made through their digital banking channels.

Both banks offer Foreign Currency Accounts that allow you to hold and transact in select major currencies. These accounts are more restricted than a platform built specifically for multi-currency operations – you are generally limited to a narrower range of currencies, and FX conversion costs still apply when you move between them.

Here's how the options compare if you are operating across borders:

• SWIFT transfers via ANZ and Westpac: Both let you send international transfers for free through digital banking, but they can take several business days, and fees kick in if you go through a branch or phone.

• FX costs at traditional banks: Both banks apply a margin above the mid-market rate, which increases the cost of every currency conversion.

• Airwallex Global Accounts: Open local banking details in 21 countries with Airwallex Global Accounts. You can also pay out to 200+ countries and receive payments from 70+ countries.

• Local payment rails: Airwallex routes the majority of international payments through local payment rails rather than SWIFT, which means transfers arrive faster and cost less.

Which business banking option fits your needs?

The best option comes down to what you actually need day to day – so here's how to think about it. ANZ and Westpac are both solid full-service banks for New Zealand businesses. Airwallex is a financial platform, not a bank, that works alongside or instead of a traditional bank account for businesses with international operations.

ANZ summary

ANZ may be a bank to consider if you want a full-service bank relationship and do most of your banking online. It is New Zealand's oldest bank, which means you are getting a wide range of products and an app that consistently gets good marks. Here's what that looks like in practice:

• Digital banking tools: Its app and online platform are consistently rated well for usability

• Branch and ATM access: Nationwide coverage for businesses that need in-person banking

• Product range: Covers accounts, lending, merchant services, and credit cards under one roof

• Accounting integrations: Connects with Xero and other accounting platforms, so your transactions sync automatically and you are not manually importing anything

Westpac summary

Westpac is worth a look if you want a solid range of business credit card options alongside a full-service banking relationship. Here's what it brings to the table:

• Reward card options: Airpoints and Hotpoints cards give you flexibility in how you earn rewards

• Branch and ATM network: Nationwide access for in-person banking needs

• Full-service lending: Overdrafts, equipment finance, and term loans for established businesses

• Foreign Currency Accounts: Ability to hold and transact in select major currencies

Why businesses choose Airwallex

If you are running a business that crosses borders, Airwallex is the platform to choose. Here is why New Zealand businesses are switching to Airwallex:

• Global accounts that let you open local banking details in 21 countries and pay out to 200+ countries

• A Yield account to grow your idle business funds in USD and AUD

• Receive customer payments in 130+ currencies across 180+ countries and settle like-for-like in 20+ currencies

• Manage team spend with physical and virtual corporate cards in multiple currencies

• Powerful expense management plugged into every area of your business

Transparent, competitive FX, with 94% of our transactions go through local rails (instead of SWIFT), and over 90% of transactions arriving the same day

Frequently asked questions

Is ANZ or Westpac better for a New Zealand business account?

It depends on what you need. ANZ rates higher for its digital tools and app experience, while Westpac has been recognised for everyday account value – so if you bank primarily online, ANZ may suit you better, but if you are focused on transaction account value, Westpac is worth comparing directly.

Do ANZ and Westpac both charge monthly fees on business accounts?

Fee-free or discounted options exist at both banks, but they usually come with conditions – such as being a new business on a start-up package, holding a minimum average balance, or using specific account types. Always check the latest terms on each bank’s site.

Can you open an ANZ or Westpac business account online?

ANZ lets many businesses (especially sole traders) start and complete applications for a Business Current Account online, though more complex structures may still need a branch visit. Westpac NZ currently asks Business Transact applicants to contact a business specialist or call their business team, so part of the process is likely to happen over the phone or in-branch.

Do ANZ and Westpac business accounts integrate with Xero?

Yes, both banks connect with Xero for transaction syncing and reconciliation – so your books stay up to date without you having to manually import statements.

What other fees should you watch for beyond the monthly account fee when comparing ANZ and Westpac?

Look closely at transaction fees, international transfer fees, FX margins, credit card annual fees, and overdraft interest – these are the costs most likely to add up depending on how your business actually uses the account.

Is Airwallex a bank?

Airwallex is a financial technology platform – not a bank – that is licensed to process payments and hold funds across 60+ markets. It is built for anyone who needs global payment infrastructure – and it can work alongside your existing bank account rather than replacing it entirely.

Sources 

• https://www.anz.co.nz/rates-fees-agreements/business/ 

• https://www.westpac.co.nz/business/accounts-and-cards/business-transact/ 

• https://www.anz.co.nz/business/accounts-and-cards/business-accounts/current-account/

The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (New Zealand) Limited is registered with the New Zealand Financial Service Provider Register (FSP No. 1001602) to provide a range of financial services in New Zealand.