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. Before we get into the process of receiving currency with Westpac, here’s a quick overview, turnaround times, and fees for requesting international money payments through the bank.
How to Receive Money From Overseas Using The Westpac Bank
- Review your bank account and get the necessary details
- Provide the person who is sending you money with the following information:
- Bank name.
- Your Westpac branch name, BSB number, and address.
- Your account number.
- Our Westpac SWIFT code WPACAU2S
- Banks requiring an 11-character SWIFT code, use WPACAU2SXXX.
- SORT code: the first six digits of your Westpac account number
- BSB number: the first six digits of your Westpac account number
- NCC(National Clearing Code): the first six digits of your Westpac account number
- They can then use their bank or a dedicated currency provider to send you the money.
Important: You Must Have a Westpac Account
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.
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.
- Receive money from most countries around the world.
Typical Turnaround Times for Receiving Currency with Westpac
Depending on the country you’re receiving money from, the currency exchange provider the sender is using, and the currency that you’re exchanging from, funds will normally be deposited into your bank account within two working days.
Typical Fees for Receiving Money from Abroad with Westpac
- Receiving money into a Westpac account — $12.
- Receiving money into an account at another local bank in Australian dollars — $24.
- Receiving money into an account at another local bank in foreign currency — $50.
- Receiving money by bank cheque or cash — $22.
- Having a foreign currency account — $5 a month.
- Details of all Westpac fees are available here.
- Intermediary bank fees — payments may be routed through one or more intermediary bank(s) 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 bank(s) may charge processing fees that may be deducted from the payment.
- 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.
Cheaper Alternatives to Receiving Money Internationally with Westpac Bank
If you already bank with Westpac, they 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.
Compare Cheaper Ways to Receive Money from Overseas
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 or a TransferWise Borderless Account. Both have their pros, cons, costs and benefits so we recommend you read up on your options before making a decision.
Related link: TransferWise Borderless Account Review
Related link: Foreign Currency Accounts: Explained and Compared
*All details shown above are correct as of November 2017.
Notes on International Bank Account Numbers (IBAN)
IBANs are not used in Australia. However, payers in certain countries may require you to provide one. In that case, your BSB and account number should be combined. Do not include any spaces or hyphens.
Notes on International Bank Drafts or Cheques
International bank cheques or drafts can be deposited into a Westpac account. 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 high fees associated with these types of payments means that we can never recommend international bank drafts or cheques, and we suggest requesting a different payment method from the 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.
- Ask them to send you details of their provider so that you can see rates.
- Note that exchange rates and fees charged by banks are often higher than the sender can get with a dedicated money transfer provider.
Further Westpac Information from The Currency Shop
- Westpac does not check payment details.
- If payment details are incorrect it may result in an unsuccessful transfer or the wrong account receiving funds.
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 will pay higher fees and get a worse exchange rate than using a dedicated money transfer specialist, meaning you get less as a result.
These 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. As an example, here’s what it would cost to convert 10,000 Euros into $AUD, via Westpac and a couple of our top rated money transfer specialists.
- Westpac — 10,000 Euros to $AUD — you will receive $14,441 AUD.
- OFX —10,000 Euros to $AUD — you will receive $15,139 AUD — $698 (4.6%) more.
- Transferwise — 10,000 Euros to $AUD — you will receive $15,147 AUD — $706 (4.6%) more.
*All details shown above are correct as of November 2017.
If your sender uses a dedicated money transfer service like World First, Transferwise, OFX, HiFX, or another dedicated currency exchange provider, they could save you over $650 on a transaction like this. To see how much they could save, get them to take a look at our free online comparison tool.
And that’s it — everything you need to know about receiving your money from overseas using Westpac. Here at The Currency Shop, we want to give you the right information to help you and the sender save money and help you make an informed choice for all your currency exchange needs.
The next time you or someone else needs to send money internationally, check how much you can save using our money transfer comparison tool. If you’ve still got questions we’re here to help, so feel free to give us a call on 1800 004 930.
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