The bank, which will mark its 200th anniversary next year, will stump up $500 as it seeks to give back to the community that supports it.

"It isn't often that banks give away money," Westpac Dubbo bank manager Dave Egan said.

"But that is exactly what Westpac Dubbo wants to do for a deserving local charity."

The bank is asking charities to let it know who they are, what they do and how they would use the $500.

"They don't have to be existing customers, but they do have to be quick as we are taking applications for one week only," Mr Egan said.

The 20-year veteran of the banking industry said any local charity or not-for-profit group was eligible to apply for the giveaway.

He and his team will choose the successful applicant and are keen for applicants to make a convincing case about how they'd use the money for a local cause.

The $500 giveaway is the first event of many planned to mark the lead up to Westpac's 200th anniversary next year.

Westpac was established in Sydney in 1817 as the Bank of New South Wales, the first bank in Australia.

In 1982 "the Wales" merged with the Commercial Bank of Australia to form Westpac Banking Corporation.

Applications from charitable groups for the $500 giveaway should be emailed to Mr Egan at degan@westpac.com.au by close of business Thursday May 19.