|WESTPAC BANK||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to AUD||NO MINIMUM||5/7 DAYS||4.3%||$1.636|
|EUR € - to AUD||NO MINIMUM||5/7 DAYS||4.3%||$1.383|
|TORFX||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to AUD||FROM £250||FROM 1 DAY||0.7%||$1.697|
|EUR € - to AUD||FROM £250||FROM 1 DAY||0.7%||$1.435|
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Save on exchange rate conversions when transferring money overseas from Westpac Bank accounts in Australian dollars, UK pounds, the euro & other currencies. Westpac Bank international money transfers to or from Australia have higher transaction charges, due to a less competitive exchange rate offered by Westpac Bank. Skip to: Australia Money Transfer Specialists
Typically, sending funds to or from your Westpac Bank account in Australian dollars or UK pounds will involve a margin rate of 4.3% – much higher than most currency broker rates (typically 0.7 to 1.0%).
Sending foreign currency to or from your Westpac Bank account in Australia needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead.
Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.
Example: A typical overseas currency transfer of $100,000 Australian dollars (AUD) using Westpac Bank services would have a transaction exchange rate margin of around 4.3% – or $4,300 AUD. Using a specialist broker, in this example TorFX – the exchange rate margin would work out at 0.7% – or only S700 AUD in total, which is a large saving over the bank service.
International money transfers from Westpac Bank could take longer to arrive than using a private currency exchange provider and you will also need to be an existing Westpac Bank account holder to use their services. Westpac Bank may additionally charge a flat rate commission fee when sending money abroad into another currency and bank transfer commission fees vary depending on the amount you need to transfer. Private brokers offer commission free currency transfers, typically over a value of $5000.
Unless you pay a premium, Westpac Bank’s service will take from 5 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction either same day, or next day.
Westpac Banking Corporation (also know as WBC) was created in 1817 in Australia and servers local customers in over 1200 banking branch locations. Westpac Bank is also popular in New Zealand and the near Pacific region and the bank also has international branches in London, New York, Hong Kong and Singapore.