Send money overseas with Bankwest International Payments

Related Products

Rates last updated August 15th, 2018

	TorFX International Money Transfers
	WorldFirst International Money Transfers
	HiFX International Money Transfers

Are you thinking about using the services of Bankwest to send money overseas? Here’s the information you need to get started.

Bankwest began operations as the Agricultural Bank of Western Australia in 1895. In 1945, it started trading as the Rural and Industries Bank of Western Australia. It became a savings bank in 1956, only 11 weeks after ANZ and Bank of NSW (now Westpac). Through the 60s and 70s, it held its own against the Big Four.

Send money abroad with a Bankwest transaction account

Monthly Deposit

$

Calculate

Sort by:

Name	Product	Debit Card Access	ATM Withdrawal Fee	Fee Free Deposit p.m.	Monthly Account Fee	Product Description
Bankwest Easy Transaction Account		Mastercard	$0	$0		No ATM fees when using a major bank ATM Australia-wide $0 monthly account fee. Enjoy no minimum ongoing balance or transaction requirements. Upgrade to a Platinum Debit Mastercard when you deposit $4000 per month to enjoy exclusive benefits.	More	Compare	loading Fetching your data...
Bankwest Qantas Transaction Account		Mastercard	$0	$2,000		Earn Qantas Points on eligible purchases and on your account balance. Conditions apply.	More	Compare	loading Fetching your data...
Bankwest Hero Transaction Account		Mastercard	$0	$2,000		Earn a competitive interest rate. You can also enjoy unlimited withdrawals and no monthly fees.	More	Compare	loading Fetching your data...
Bankwest Retirement Advantage Account		Mastercard	$0	$0		An account that has great benefits for anyone aged 55 or above.	More	Compare	loading Fetching your data...

Compare up to 4 providers

Clear selection

Compare

By opening its first branch in Sydney in 1985, it switched gears to enter the big league. In 1994, it changed its name to the Bank of Western Australia and began trading as Bankwest. It became a part of the Commonwealth Bank Group in 2008.

This financial institution lets its customers send money overseas in different ways. What helps is that you have to pay a flat fee, no matter how much money you wish to send. While you can visit any Bankwest branch to initiate an international money transfer, you can do so using the online banking platform as well.

Bankwest exchange rates

Bankwest offers amongst the most competitive exchange rates if you’re looking at Australian banks. However, you can get better rates through some specialist money transfer companies. This bank gives you an easy way to find out current exchange rates at any time through its website.

While the bank updates these rates on a regular basis, you should confirm the latest rates before going forward with any transaction. The rates it lists on the website are for transfers up to $100,000. To find out exchange rates for transfers over this amount you should speak to a bank representative over the phone or in person.

The table below should give you an indication of exchange rates offered by this bank.

^{*Rates are current as of September 30, 2016.}

How much does it cost to transfer money with Bankwest?

While exchange rates play an important role in international money transfers, the fees you have to pay also require your attention. When you send money internationally through Bankwest, it charges a flat fee per transfer, no matter which country you’re sending the money to or how much amount you wish to send.

The table below shows how much it’ll cost to send money overseas using the services of Bankwest.

Since Bankwest can use an intermediary bank to process your payment, other fees and charges may apply. This basically means the recipient might end up receiving lesser money than originally intended.

Minimum transfer amount and available countries

Bankwest lets you send money to over 200 countries. These include nations such as Azerbaijan, Botswana, Congo, Djibouti, Guatemala, Honduras, Kazakhstan, Liechtenstein, Palestine, Rwanda, Uzbekistan and Zambia.

However, it does not let you send money to these countries.

There is no minimum limit to how much money you can send, provided you account for all applicable fees and charges.

What types of transfers can you carry out with Bankwest?

Bankwest lets you make one-time international fund transfers. While you cannot use its services to make recurring payments yet, the bank’s website mentions that it’s working on enabling this feature.

As a registered user you can change your daily International Transfer limit at any time, to a maximum of $20,000.

If you’re not in a hurry to transfer money, you can consider buying a foreign draft that you can send via mail.

The registration and transfer process

Bankwest lets you send money overseas using its online platform or by visiting a branch. If you live in a remote location or are currently overseas, you can download an International Money Transfer Form from the Bankwest website, and send the completed form over via fax. To send money online you have to register for the SMS Code option.

The cut-off time for international transfers is 5pm (AWST). The time an international transfer takes to go through can vary from three to five days. It may take longer depending on the destination country and bank.

What are the pros and cons of using Bankwest for my international money transfers?

What other products and services does Bankwest offer?

Bankwest offers an array of financial services and products through it personal and business banking platforms. These include services related to travel and foreign currency exchange as well.

• Cash, travellers’ cheques and foreign drafts. If you’re travelling overseas you can turn to Bankwest to meet your requirements for foreign currency. You have the option of placing your order online and picking it up from any Bankwest branch. If you’re not comfortable carrying large sums of cash, opt for travellers’ cheques or foreign drafts instead.
• Travel insurance. Travel insurance can be of assistance of more ways than one. If you’re an existing Bankwest Platinum Mastercard credit card holder, you may qualify for free travel insurance.
• Cards for using overseas. Bankwest does not charge any foreign transaction fee from its Platinum Mastercard credit cardholders. It does not charge any overseas ATM access fees when you use your Bankwest Qantas transaction or rewards transaction account linked debit Mastercard.

Questions from real users

• What information do I have to provide to send money overseas through Bankwest?

  You’ll have to provide the recipient’s name, account number and a reason for the transfer. You’ll also have to provide the recipient’s bank account number, the bank’s name and address and its SWIFT or BIC code.

• Which countries require IBAN numbers?

  Countries that make use of IBAN numbers include:

  • Austria
  • Belgium
  • Bosnia and Herzegovina
  • Bulgaria
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Ireland
  • Italy

  • Luxembourg
  • Macedonia
  • Malta
  • Mauritius
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Saudi Arabia
  • Serbia and Montenegro
  • Slovak Republic
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • United Arab Emirates

• What currencies can I send money in through Bankwest?

  Bankwest lets you send money in 15 currencies, which include:

  Country	Currency code
  Canada	CAD
  Denmark	DKK
  European Union	EUR
  Great Britain	GBP
  Hong Kong	HKD
  India	INR
  Japan	JPY
  New Zealand	NZD
  Norway	NOK
  Papua New Guinea	PGK
  Singapore	SGD
  South Africa	ZAR
  Sweden	SEK
  Switzerland	CHF
  United States	USD

• Does Bankwest let me pay for an international money transfer using BPAY?

  You can send money from most Bankwest transaction and savings accounts. However, it does not let you make payments through its credit cards or BPAY.

While using Bankwest to send money overseas can work in your favour, make sure you compare your options before making a decision.