How to Receive Money from Overseas Using Westpac

By the end of this article you should have a much better idea of how to receive an international money transfer with Westpac.

Working out the best way to make and receive international money transfers can be a real pain. You can easily send money overseas using Westpac, but did you know you can also receive international payments?

Here’s our simple guide on exactly how to receive international money transfers through Westpac. We'll give you an overview of the process, how much it costs, how long it takes and how it all works.

How to Receive Money from Overseas Using Westpac

How to receive money from overseas using Westpac Bank

1. Review your bank account and get the necessary details.
2. Provide the person who is sending you money with the following information:

  • The full bank name. Which is Westpac Banking Corporation.
  • Your Westpac branch name and address.
  • Your account number and BSB number.
  • The Westpac SWIFT or BIC code. This is WPACAU2S.
  • The SORT code. This is the first six digits of your Westpac account number.
  • You may also need the NCC (National Clearing Code). This is the first six digits of your Westpac account number.
  • Later in the article there is more detail about how to structure the BSB, Account Number and SWIFT or BIC codes.

3. Once you have provided them all of these details, they can then use their bank or a dedicated currency provider to send you the money.

It is important to note you need a Westpac bank account to get started.

You need to be a customer of Westpac to receive money through their services. You can apply for a Westpac account online or visit a local branch.

Typical fees for receiving money from abroad with Westpac

  • Receiving money into a Westpac account costs $12.
  • If you're receiving money into an account at another local bank in Australian dollars the costs is $24.
  • Receiving money into an account at another local bank in foreign currency the cost is $50.
  • Receiving money by bank cheque or cash the costs is $22.
  • Having a foreign currency account with Westpac costs $5 a month to maintain.
  • Details of all Westpac fees are available here.

Extra fees with Westpac

  • Intermediary bank fees —payments may be routed through one or more intermediary banks before the payment reaches your Westpac account. This could happen if the remitting bank has an arrangement with another bank in Australia or overseas. In this scenario, the intermediary banks may also charge processing fees. This will be deducted from the amount you receive.
  • Sending provider or bank fees — International money transfers sent from an overseas bank or currency exchange provider may be subject to commissions, fees, and other charges. These are typically deducted before sending the money to you.

Typical turnaround times for receiving currency with Westpac

There are a few factors that impact the time it takes to receive an international money transfer. These are:

  • The country you’re receiving the money from.
  • The currency exchange provider the sender is using.
  • The currency you’re exchanging from.

Depending on these factors, funds will normally be deposited into your bank account within 2 to 5 working days.

Cheaper alternatives to receiving money internationally with Westpac Bank

If you already bank with Westpac, then using them to receive money from overseas is the easiest option – but it may not be the cheapest.

To work out if you can save any money by using a money transfer company instead of Westpac, compare the exchange rates and fees at Westpac to your other options below.

Compare other ways to receive money from overseas

The benefits of receiving money internationally with Westpac

  • Very convenient if you already have an Westpac bank account.
  • It’s a relatively simple and straightforward process.
  • You can receive money from most countries around the world.

What if you don't want to convert the money into Australian dollars?

You may want to keep the money in a foreign currency instead of converting into Australian Dollars straight away. In this case, you can either use a foreign currency account with Westpac or a Wise Borderless Account (formerly known as TransferWise). Both have their pros, cons, costs and benefits so we recommend you read up on your options before making a decision.

Related link: Wise Borderless Account review

Related link: Foreign currency accounts: explained and compared

Additional information for receiving money with Westpac

There are a lot of numbers and information you hear about when it comes to international money transfers. Below are some extra details you might need to receive money and the things you don't.

Westpac IBAN number

IBAN is an account format used by European banks. Australian banks do not use this format and an IBAN is not required to send money to a Westpac bank account in Australia. Other parties with an IBAN field on their overseas payment form can simply leave this field blank.

Westpac routing number

If the other party requests a National Clearing Code, Routing Number, BSB Number or Sort Code, you should use the first six digits (bank and branch codes) of your account number for which you wish to receive the payment into. For example, if the account number is 01-0123-0123456-00 use 010123.

Westpac international SWIFT code

When making a transfer to Westpac from overseas you will most likely need Westpac's SWIFT Code. A SWIFT code is can also be known as a Westpac's BIC Code (Bank Identifying Code) or Bank Code. The SWIFT code for Westpac is WPACAU2S. Banks requiring an 11-character SWIFT code, use WPACAU2SXXX.

Westpac address for international transfers

When it comes to filling in the address of your bank, you will simply need to use the address of your local branch. Or the branch that you most frequently visit. If you do all of your banking online, you can simply search for the closest one on Google. When asked what the beneficiary bank is, fill in the details with"Westpac Banking Corporation".

Westpac account number details

The way you provide your account number will depend on the type of account you are receiving the funds to. This means the Westpac account number format and length depend on whether it is a domestic account (a normal, everyday Australian Dollar account) or a foreign currency account you are holding with Westpac.

Notes on international bank drafts or cheques

International bank cheques or drafts can be deposited into a Westpac account. It can be a lengthy process. If it is in a foreign currency it will take longer to process as it will need to be returned to the country of origin for clearing. Additionally, the fees associated with these types of payments are very high. This means we would never suggest using international bank drafts or cheques. It would be better to request a different payment method from your sender.

Further information on receiving money from overseas with Westpac

Currency exchange rates

  • The rates the sender gets for transferring currency to you will depend on the bank, money transfer provider or other service they are using.
  • When receiving money to Westpac, it is not Westpac rates that will determine the amount you receive.
  • Ask them to send you details of their provider so you can check their rates.
  • Note that exchange rates and fees charged by banks are often higher than the sender could get with a dedicated money transfer provider. If they're using their own bank, you could always suggest looking into a specialist money transfer provider instead.

Further Westpac information from The Currency Shop

We have a number of articles about using Westpac, from sending money with them to reviews of their products. You can explore some of these articles below.

Westpac disclaimer

Westpac Bank does not check payment details.

If payment details are incorrect it may result in an unsuccessful transfer or the wrong account receiving funds. It is pivotal that you provide the correct details to the person making the payment. This will save time for both parties and ensure you receive your payment without any issues.

Before your sender uses a bank to send your money overseas

If you want to get the most value out of your currency exchange, consider asking the sender to use a dedicated currency exchange or money transfer service. Sending you money using their bank can be expensive. They could pay higher fees and get a worse exchange rate than using a dedicated money transfer specialist, meaning you get less money as a result.

Specialist currency providers are fast and easy to use, offer excellent exchange rates and have low or non-existent fees, so your money goes further. For example, here’s what it would cost to convert 10,000 Euros into $AUD, via Westpac. We've used a couple of our top rated money transfer specialists to compare.

  • Westpac — 10,000 Euros to $AUD — you will receive $15,650 AUD.
  • OFX —10,000 Euros to $AUD — you will receive $16,150 AUD — $500 more.
  • TorFX — 10,000 Euros to $AUD — you will receive $16,350 AUD — $700 more.

*All details shown above are correct as of August 2020.

If your sender uses a dedicated money transfer service like WorldFirst, Wise, OFX, WorldRemit, or another dedicated currency exchange provider, they could save you over $500 on a transaction like this. To see how much they could save, get them to take a look at our free online comparison tool.

Related video: cheaper alternatives to Westpac

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And that’s it - a guide about receiving your money from overseas using Westpac.

The next time you or someone else needs to send money internationally, check how much you can save using our money transfer comparison tool.

Oscar Murray
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Last updated
November 3rd, 2023