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
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.
|Country||Currency Code||(Bank Buys) IMT||(Bank Buys) Notes||(Bank Buys) Foreign Cheques||(Bank Sells) IMT||(Bank Sells) Travel Chq||(Bank Sells) Notes|
|Papua New Guinea||PGK||N/A||N/A||N/A||2.2338||2.2338||2.2338|
|United Arab Emirates||AED||N/A||N/A||N/A||N/A||2.5052||2.5052|
*Rates are current as of September 30, 2016.Back to top
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.
|Sending money via online banking||$20|
|Sending money through a Bankwest branch||$35|
|Initial query to investigate delayed transfer||$25|
|Every subsequent query or follow up message||$15|
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.Back to top
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.
- Côte d’Ivoire
- North Korea
There is no minimum limit to how much money you can send, provided you account for all applicable fees and charges.Back to top
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.Back to top
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.Back to top
What are the pros and cons of using Bankwest for my international money transfers?
- It has branches in Australia. When you deal with Bankwest you can expect high levels of customer service. You can get in touch with a bank representative in person, over the phone and via chat or email.
- It has a standard fee structure. The flat fee structure that Bankwest follows ensures that you don’t end up paying exorbitant fees when transferring large sums of money.
- It charges a range of fees. Since a number of money transfer companies provide fee-free services, the fee you have to pay when sending money through Bankwest can work as a drawback.
- There is a daily transfer limit. The daily transfer limit can work as an impediment if you wish to send more than $20,000 in one day. One way to work around this is to spread the payment over a few days. However, each transfer would incur a fee.
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 Gold or 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:
- Bosnia and Herzegovina
- Czech Republic
- Saudi Arabia
- Serbia and Montenegro
- Slovak Republic
- United Arab Emirates
What currencies can I send money in through Bankwest?
Bankwest lets you send money in 15 currencies, which include:
|Papua New Guinea||PGK|
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.