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Send money overseas with Bankwest International Payments

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Bankwest

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Summary

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.

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Details

Product details

Product Name Bankwest
Pay By Bank transfer, Cash, Apple Pay, Google Pay, Phone banking
Receiving Options Bank account
Customer Service Phone, Live chat, In person
Maximum Transfer Amount $20,000
Number of Currencies 133

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.

How does Bankwest compare to other providers

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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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.

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.

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$15
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.

Minimum transfer amount and available countries

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

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

  • Afghanistan
  • Belarus
  • Burma
  • Côte d’Ivoire
  • Cuba
  • Iran
  • Iraq
  • North Korea
  • Liberia
  • Libya
  • Russia
  • Somalia
  • Sudan
  • Syria

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?

Pros

  • 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.

Cons

  • 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 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


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

Frequently asked questions

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