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Westpac international money transfers review

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Westpac

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Summary

Send money to international bank accounts online or from a Westpac branch.

In this guide

  • Review
  • Details
    • Product details
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  • Ask a question

Details

Product details

Product Name Westpac
Pay By Bank transfer, Cash, BPAY
Receiving Options Bank account
Customer Service Phone, Live chat, In person
Maximum Transfer Amount $2,000,000

Westpac is one of Australia’s Big 4 banks and an internationally recognised financial institution. If you’re a personal or a business customer, you can make international money transfers to around 200 countries. Transferring money with Westpac is easy but you would save money using a money transfer specialist.

Westpac charges a flat fee of AUD $20 per transaction sent in Australian dollars and a fee of AUD $0 for transactions made in a foreign currency. It’s cheaper to send money through online banking as in-branch transfers cost AUD $32.

Alternatives to Westpac for money transfers

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.
1 - 25 of 25
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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Minimum transfer amount and available countries

Westpac allows you to make payments in the following currencies. Westpac doesn’t list a minimum transfer amount; however, transfer fees can run in excess of $20. It makes sense to transfer a considerable amount more than this to make the transfer a cost-effective transaction.

USDLKR
EURJPY
GBPNOK
NZDPGK
PHPAED
SARSBD
SEKSGD
CADTHB
DKKCHF
FJDVUV
HKDIDR
XPFINR
ZAR

Due to government regulations, you can’t buy currencies of the following countries:

  • Syria
  • Cuba
  • Iran
  • Iraq
  • Libya or
  • Sudan

What types of transfers can you carry out with Westpac?

Westpac offers international money transfers to the countries using the currencies listed in the above table. You may be able to buy other currencies which aren’t listed above, you’ll need to contact Westpac to find out whether they can complete your international money transfer request. Westpac offer:

  • Online international money transfers,
  • Telegraphic transfers, or
  • International bank drafts.

Westpac business customers can choose from:

  • Foreign Exchange Option transactions, or
  • Foreign Exchange Spot transactions.

Westpac also offers a range of business services for Asian foreign exchange transactions. Information about Asian FX Transaction services is available upon request.

What's the difference between telegraphic transfers, bank drafts and money transfers?

The registration and transfer process

Register for Westpac internet banking to make an online payment. Payments to international accounts can take between 1 - 2 business days to clear in the recipient’s account.

  • In the ‘make a payment’ menu, select the option that allows you to create a new payee.
  • Select international payment and choose the payee’s country.
  • Enter the payee’s bank details. Ensure you have the IBAN (International bank account number), bank name and branch address on handy. You may also need the 8 - 11 digit SWIFT code. You’ll need the IFSC for payments to an Indian bank account. You can search for this information from within the Westpac online banking facility.
  • Enter the payee’s bank details including the payee’s account name, account number and address (optional).
  • You can now select the currency, enter the amount you want to send and select the time to make the payment.
  • The next step is to confirm the transaction and wait for the Westpac SMS protect code to be sent to your mobile or landline telephone.
  • Enter the code to authorise the payment.
  • You’re provided with a receipt for the transaction.

To carry out an overseas telegraphic transfer bring your identification and details of the recipient's bank such as the address and bank name as well as the recipient's personal details to carry out a telegraphic transfer. Westpac also arranges international bank draft transfers. This international money transfer can take between 4 - 6 weeks to clear.

What are the pros and cons of using Westpac overseas transfers?

Pros

  • Existing bank. There’s no need to register for a new account with another international money transfer service. Simply login to Westpac online banking or visit a branch to make a transfer.
  • High limits. The international overseas telegraphic limit is $25,000. Online transfers are subject to your internet banking and transaction account daily limits.
  • Business solutions. Business customers can benefit from foreign exchange services such as specialist Asian services and foreign exchange forward options contracts.

Cons

  • Fees. International transfers from your bank account can be expensive. You may find cheaper transfer options from specialist international payment companies.
  • Limited personal transfer options. Options and forward options contracts are available to Westpac business customers only.

Frequently asked questions

  1. Westpac official website, accessed May 2023

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Shirley Finder

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Mino

July 19, 2017

I wish to transfer the equivalent to 490 Euro to Europe from Australia. How can I do this by knowing the AUD is buying 0.79 USD?


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Harold Jacob Finder

July 20, 2017

Hi Mino,


Thank you for your inquiry.


You’ll need to contact Westpac to find out whether they can complete your international money transfer request.

The options are:

– Online international money transfers

– Telegraphic transfers

– International bank drafts


I hope this information has helped.


Cheers,

Harold


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VALERIE

March 26, 2016

I have a Westpac account. US$9500 is to be transferred to me shortly from a lawyer in USA and I am wondering what fees Westpac will charge or if there is a better way to transfer the money to Australia.


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Shirley Liu Finder

March 29, 2016

Hi Valerie,


Thanks for your question.


Westpac charges a $12 fee for international money transfers directly deposited into the Westpac bank account.


Our research shows that you can save money on international money transfers using a specialist money transfer service. You may want to compare them to see what your options are.


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