Why is Bankwest Closing and How to Switch

February 20, 2024
minutes to read
Ben Winford
Table of Contents

In the ever-evolving landscape of business banking, change is inevitable. As a business owner, you may have recently heard that Bankwest is closing its doors. This development has left many entrepreneurs and small business owners searching for a reliable alternative to Bankwest's business banking services. In this comprehensive guide, we'll delve deep into the key questions surrounding Bankwest's closure, provide a detailed understanding of the reasons behind it, and offer a hassle-free solution for switching to a seamless banking experience with Thriday's $0 bank account*.

Why is Bankwest Closing?

Understanding the reasons behind Bankwest's decision to close its doors is crucial for current and prospective customers. The primary factors contributing to Bankwest's closure are:

1. Competition from Fintechs

The banking industry is a dynamic, ever-evolving space. Like other financial institutions, Bankwest is navigating a landscape of continuous market changes. These changes include shifting customer preferences, technological advancements, and increased competition from fintech startups like Thriday. For Bankwest, this means reassessing its operations and streamlining its offerings to meet customers' evolving needs.

2. Streamlining Operations

By narrowing its offerings to core retail banking services, Bankwest can allocate resources more efficiently, enhance customer experiences, and stay competitive in the evolving financial landscape. While this move may inconvenience business customers, it aligns with Bankwest's long-term vision to provide a more targeted and specialised range of services to a broader audience, ensuring sustainability and adaptability in the ever-changing world of banking.

Impact on Business Customers

As a business owner, you might be concerned about how Bankwest's closure will affect your operations. The good news is that Bankwest is committed to facilitating a smooth transition for its customers. They have proactively communicated through emails, messages, and official announcements to ensure customers are well-informed about the closure and the next steps. While the closure might seem daunting, early preparation is vital to minimising disruptions. 

Which Bank owns Bankwest?

Bankwest is a subsidiary of Commonwealth Bank, one of Australia's largest and most established banks. Commonwealth Bank's decision to close Bankwest's doors is part of its broader corporate strategy to streamline operations and focus on core banking services.

Is CommBank and Bankwest the same?

While CommBank and Bankwest share a corporate connection, they are not the same entity. Bankwest operates independently under the ownership of Commonwealth Bank. This means that while they may share certain services and resources, they maintain distinct brands and operations.

Understanding this relationship is vital because it will help you make an informed decision about your banking options during this transition period. Let's explore the practical aspects of closing your Bankwest business banking account and making a smooth switch.

How to Close a Bankwest Account?

Closing your Bankwest account is a process that requires careful attention to detail. To ensure a seamless account closure, follow these steps:

Step 1: Contact Bankwest

Contact Bankwest's customer service on 13 17 19 or visit a local branch to initiate the account closure process. They will guide you through the necessary steps and provide the required forms.

Step 2: Transfer Funds

Before closing your Bankwest account, ensure all funds are transferred to your new account. This step is crucial to avoid any financial disruptions.

Step 3: Update Payment Details

Notify your clients or customers of your account change to avoid payment disruptions. Ensure that any direct debits or automatic payments from your Bankwest account are cancelled or transferred to your new account.

Step 4: Finalise Account Closure

Follow up with Bankwest to ensure all account closure procedures are completed successfully. It's essential to settle any outstanding balances and ensure your account is in good standing before proceeding.

Now that you know how to close your Bankwest account, let's explore an exciting alternative that simplifies your banking, accounting, and tax processes - Thriday's $0 bank account*.

The Thriday app is popular with small business owners

Why Thriday?

You might wonder why Thriday has gained such popularity among businesses looking for an alternative to traditional banks like Bankwest. The answer lies in Thriday's commitment to simplifying the financial lives of business owners.

Thriday's $0 bank account* offers a comprehensive solution that goes beyond basic banking services. It's designed to streamline your financial processes, automate accounting and tax tasks, and provide you with valuable insights into your business's financial health.

1. Thriday manages your finances on autopilot

One standout feature that endeared Thriday to business owners is its automation capabilities. With Thriday, you can say goodbye to financial management's tedious and time-consuming aspects. The platform automates invoicing, expense tracking, and tax calculations, reducing the administrative burden on your business.

2. Thriday is designed for small business

Moreover, Thriday's user-friendly interface makes it easy for non-financial experts to manage their finances effectively. You don't need to be a financial guru to navigate your business's financial landscape.

3. Thriday simplifies the entire process

In addition to these practical benefits, Thriday's responsive customer support team is always ready to assist you. Whether you have a question about a transaction or need guidance on using a specific feature, Thriday's support is just a message or call away on 1800 THRIDAY.

Ultimately, Thriday has gained popularity because it empowers business owners to focus on what they do best – running and growing their businesses. By simplifying financial management and providing automation tools, Thriday helps you reclaim valuable time and resources that can be better invested in achieving your business goals. So, if you're looking for an alternative to Bankwest that meets your banking needs and enhances your financial efficiency, Thriday is the popular choice that delivers on its promises.

How to Switch from Bankwest to Thriday

Switching from Bankwest to Thriday is a strategic move that can help streamline your business finances and simplify your accounting and tax processes. Here's how you can make the switch:

Step 1: Sign Up with Thriday

Visit Thriday's website and sign up for their $0 bank account*. The registration process is quick and straightforward, allowing you to get started in no time.

Thriday's account offers features that automate your banking, accounting, and tax processes, saving you valuable time and effort. It's an excellent choice for business owners looking to simplify their financial management.

Step 2: Transfer Funds

Once your Thriday account is set up, transfer your funds from your Bankwest account to Thriday. Thriday provides secure and convenient fund transfer options, ensuring your money is safely moved.

Step 3: Update Payment Details

To maintain smooth business transactions, notify your clients and vendors of your new Thriday account details. This proactive step helps prevent any interruptions in payments and ensures your business continues to run seamlessly.

Step 4: Enjoy Automation Benefits

One of the standout features of Thriday's platform is its automation capabilities. Thriday's technology simplifies your accounting and tax processes, reducing the administrative burden on your business.

With Thriday, you can focus on growing your business while the platform takes care of your financial tasks. It's a valuable asset for business owners seeking efficiency and convenience.

Key Takeaways

The closure of Bankwest may seem like a challenging transition, but with the proper guidance and a reliable alternative like Thriday's $0 business account, you can navigate this change smoothly. By understanding the reasons behind Bankwest's closure and following the steps to switch to Thriday, you can ensure a seamless and efficient banking experience for your business.

Don't wait until the last minute; start your transition today by signing up for Thriday. Experience banking, accounting, and tax automation like never before. Make the change that simplifies your financial management and positions your business for success in the evolving banking world. Your business deserves a seamless and efficient banking experience, and Thriday is here to provide it.

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360  AFSL 241167 (Regional Australia Bank).  Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you.

Why waste time on financial admin when Thriday can do it for you?

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