Australian bank account benefits compared to fintech solutions

1. Top priority safety 

Australia’s banking industry is sophisticated, technologically advanced and highly secure, and Australian banks are heavily regulated. The banking system and its capital markets adhere to strict regulations enforced by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).

APRA and ASIC ensure that banking services operate soundly, protect customers’ funds, manage systemic risks and maintain financial stability. 

Our customers have peace of mind because they know their money is safe.

Australian banks also participate in the Financial Claims Scheme (FCS), which protects deposit-holders by guaranteeing deposits up to $250,000 in the unlikely event that one of these financial institutions fails. 

More recently, all Australian banks have agreed to a Scam-Safe Accord to improve scam detection industry-wide. Westpac has already started introducing protections for these initiatives. 

Plus, Westpac has over 200 years of experience in keeping customers’ funds safe and offers a range of security measures to account holders, from facial recognition to sign into the mobile app to 24/7 fraud monitoring. Westpac Verify delivers an additional layer of protection by checking the details of any new payee you transfer money to. 
 

2. Access a full range of banking services

Whether it’s a mortgage for your home, a credit card, or a personal loan, Australian banks offer a wide variety of services that could help you plan and manage your finances and investments in multiple ways.

Let’s start with bank accounts. Westpac has an everyday banking account (also known as a transaction account or checking account) which offers a benefit for people who have recently landed in Australia. For example, if you've arrived here within the last 12 months, you'll pay no monthly account-keeping fee (usually $5) for your first year. 

You can open a Westpac Choice account online or in a local branch in just a few minutes. If you open online, you may still be required to visit a branch to verify your ID.

For a list of documents that we accept, refer to our Identification Checklist (PDF 657KB).
 

Beyond bank accounts, there’s a wide range of Westpac products designed to meet a diverse range of needs, including a variety of savings accounts, Low Fee, Low Rate and rewards credit cards, personal loans and home loan options to suit first-time buyers as well as seasoned investors. 

Westpac also offers integrated banking solutions for small businesses, so you can view all your banking in one place and manage your personal and business accounts with a single sign in. 

3. Get local support and branch access

While fintech Australia can often rely heavily on online support, a key benefit of banking with Westpac is the availability of face-to-face customer service through local branches, if you need it. 

There are Westpac branches all over the country where you can receive personalised advice and speak directly with a banking professional. 

Phone banking is also available, where you can choose to make your call through the National Relay Service if you need it, or you can ask for an interpreter to speak in your preferred language. 

For those who don't want face-to-face or phone support, online chat is available 24/7 via Online Banking or the Westpac App. 
 

4. Convenient cash deposits and withdrawals

With Westpac, local branches and an extensive ATM network helps ensure you can handle cash transactions seamlessly. You’ll be able to make cash withdrawals without fees at about 7,000 ATMs around the country, including at Westpac, St.George, Bank of Melbourne and BankSA ATMs – the largest combined fleet of fee-free ATMs of any of the four big banks in Australia. 
 

5. Integration with the local economy and financial technology

Unlike the fintech sector, choosing a local bank provides direct integration with the Australian financial system, which may reduce delays and minimise transaction fees. With a Westpac account, you can access innovative technology to pay salaries, bills, and other local expenses.

The New Payments Platform (NPP) is ramping up real-time payments in Australia. 

There’s PayID, a secure and convenient way to pay someone or receive money from them using your mobile number linked to your personal transaction account.

And there’s PayTo, a secure payments option that gives you more visibility and control over payments from your account. You can review and authorise recurring payments for bills, memberships and subscriptions before the money leaves your account. You can also pause and cancel your PayTo agreements at any time. 
 

6. More account features than fintech companies

Banking locally with Westpac gives you access to various accounts and tools that the non-local fintech sector doesn't typically offer.

Savings accounts can help you grow your savings over time, thanks to higher interest rates than transaction accounts (provided you meet certain criteria such as making minimum deposits each month). 

The Westpac Life savings account also comes with a Savings Goals feature. This feature allows you to set up to six savings goals and create regular transfers to help reach your goals. 

Westpac Choice account holders also get access to a suite of discounts, rewards and promotional offers. There’s the ability to earn bonus cashback when you use your linked debit card at ShopBack – an online shopping and rewards platform with over 4,000 brands including The Iconic, Amazon and eBay. The Rewards and Offers hub in the Westpac App lists everyday deals and flash sales for account holders.
 

To sum up

While the fintech ecosystem can offer international banking solutions, opening a local bank account in Australia could provide numerous benefits that are important for managing your finances while you’re here.

By choosing Westpac, Australian consumers and new arrivals to Australia can help ensure your financial needs are taken care of with the security, reliability and the support of a trusted local bank.