Westpac international money transfers review
|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
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.
Due to government regulations, you can’t buy currencies of the following countries:
- Libya or
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.
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?
- 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.
- 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
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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?
Harold Jacob Finder
July 20, 2017
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.
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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.
Shirley Liu Finder
March 29, 2016
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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