Overseas payments with Westpac international money transfers
Send money to international bank accounts online or from a Westpac branch.
Westpac is one of Australia’s Big 4 banks and an internationally recognised company of financial services. If you’re a personal or a business customer, you can request international money transfers to bank accounts in a number of countries. International money transfers with Westpac are easy to complete online, you just need the recipient’s personal and bank details. Westpac charges a flat fee for sending money to an international account. It’s cheaper to send money online than initiating an international money transfer from a Westpac branch. You can even schedule a payment at a later date while locking in the exchange rate for your international money transfer.
Westpac’s foreign exchange rates
|Sending money overseas?|
|Currency||Currency code||International Payments|
|United States Dollar||USD||0.7373|
|New Zealand Dollar||NZD||1.0146|
|Hong Kong Dollar||HKD||5.8166|
|Papua New Guinean Kina||PGK||2.4068|
|Solomon Islands Dollar||SBD||5.6160|
|South African Rand||ZAR||8.7888|
|Sri Lankan Rupee||LKR||114.6600|
|United Arab Emirates Dirham||AED||2.6943|
Rates current as of 19 April 2018
Minimum transfer amount and available countries
Westpac allow you to make payments in the following currencies. Westpac don’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 be 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 offer 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 offer a range of business services for Asian foreign exchange transactions. Information about Asian FX Transaction services are available upon request.Back to top
The registration and transfer process
Register for Westpac internet banking to make an online payment. Payments to international accounts can take between 4 – 6 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 arrange international bank draft transfers. This international money transfer can take between 4 – 6 weeks to clear.Back to top
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.
What other products and services does Westpac offer?
Westpac provide a number of travel money services besides international money transfers.
- Westpac Global Currency Card – This travel money card from Westpac is a prepaid Visa product allows you to load Australian dollars and convert the funds to up to 11 different foreign currencies. You can hold up to 5 different currencies on the card at a time. Spend in a currency loaded on the card to avoid the fee for currency conversion.
- Global ATM Alliance – Westpac has partnerships with leading international banks. Use an ATM offered by a Westpac Global ATM Alliance partner so you can save on international ATM fees when you make cash withdrawals overseas.
- International travel insurance – Get protected next time you travel overseas by taking out an international travel insurance policy with Westpac. You may also eligible to get complimentary international travel insurance when you purchase your travel ticket with your eligible Westpac credit card.
- Travellers cheques – Westpac and American Express can provide you with travellers cheques to use on your next holiday. Travellers cheques are safer than carrying cash and can be exchanged for foreign currency when you arrive at your destination.
Frequently asked questions
Ask an Expert