How to Transfer Money to a Bank Account Overseas Using Westpac
By the end of this article you should have a much better idea of how to make an international money transfer with Westpac.
Westpac Banking Corporation got its name from “Western Pacific” and has been around for over 200 years. It has the largest branch network in Australia, and because of this, they are more than capable of transferring money overseas.
We're going to arm you with all the information you need on how to transfer money internationally with Westpac, including what details you need and how the process works. We will also suggest some cheaper options, so you can save money.
How to transfer money overseas with Westpac to a foreign bank account
Here is what you need in order to use Westpac to send money overseas.
Have a Westpac bank account
Register to send money overseas
You can only transfer money internationally with Westpac if you’re registered for the Westpac Protect SMS code. Register by:
- Signing into Online Banking.
- Selecting ‘Preferences’ from the “Services & preferences” menu.
- Selecting “Security.”
- Following the steps to register.
Understand how much money you’re sending and who you’re sending it to
- Review your bank account and finances to understand how much you need to send.
- Work out what currency you are going to be transferring money into.
- Get the full name, address and account number of the person or business you’re sending money to. This cannot be a PO Box.
- Get the full bank name, address and SWIFT BIC (Bank Identifier Code) or Branch Number (some countries accept this) of the recipient’s bank.
- Get the IBAN (for payments to Europe and selected other countries) or Routing Number (for payments to the US).
- Destination countries sometimes have extra information requirements for transferring funds. This information varies depending on the country you have chosen to transfer funds to.
Decide how you want to make the transfer
There are several ways to make a transfer through Westpac:
Online: online banking service
- Log into Westpac’s online banking portal here.
- Select the ‘Make a payment’ button on the Overview page.
- Choose ‘Create a new payee’.
- Select the ‘International’ option from the Payment method drop-down menu, then select the country.
- Input all of the relevant details for the recipient and their bank.
- To continue with your International Payment, select the ‘From’ account.
- Select the appropriate currency and enter the amount.
- Enter the date for the payment and the payment frequency.
- Review the payment details and select ‘Continue’.
- You will be sent an SMS protect code to your registered device. Enter the SMS code and select ‘Authorise’.
- That’s it!
Smartphone: through the Westpac app
- Sign in to Westpac Mobile Banking.
- Tap “Pay” from the bottom menu.
- Follow the steps on screen to make your money transfer.
- You’re done!
How long it takes
Depending on the country you’re sending money to, and the currency that you’re exchanging into, funds are normally deposited into the recipient’s bank account within 3 working days.
How much Westpac charges to transfer money overseas
- Internet banking — $20.
- LitePay — Payments to The Philippines, India, Europe, and the United Kingdom are between $4 and $8.
- In branch — $32.
- Receiving bank fees — International money transfers sent to or from an overseas bank may be subject to commissions, fees, and other charges applied by that bank. These are typically deducted by the overseas bank from the funds paid to your recipient.
Cheaper alternatives to transferring money internationally with Westpac
If you already bank with Westpac, then using them to transfer money from overseas is the easiest option. Just remember, it may not be the cheapest.
We can help you 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 with your other options.
Related video: Cheaper alternatives to Westpac
Advantages of sending money internationally with Westpac
- Very convenient if you already have a Westpac bank account.
- It’s a simple and straightforward process.
- You can make transfers online and via mobile banking.
- You can use an overseas telegraphic transfer or international bank draft (not recommended).
- The LitePay system to send money to Europe, the Philippines, India and the United Kingdom.
Disadvantages of transferring money abroad with Westpac
- Higher fixed fees than a dedicated currency exchange provider.
- Worse exchange rates than a specialist money transfer company.
Additional information for transferring money with Westpac
There is a lot of numbers and pieces of information you hear about when it comes to international money transfers. Below there are some extra details you might need and the things you don't.
Westpac IBAN number
IBAN is an account format used by European banks. If you are sending money to a European bank, you will need the IBAN of the bank. Westpac does not have an IBAN.
Westpac routing number
You may need 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 the recipient wishes to receive the payment into. For example, if the account number is 01-0123-0123456-00 use 010123.
Westpac international SWIFT code
You will need Westpac's SWIFT code if you are transferring money to your Westpac account, from overseas. It won't be necessary when you are sending money from your account.
Westpac address for international transfers
You shouldn't need Westpac's address to make a transfer from your account. Although, you may need the address of the international bank you are sending the money to. If you do need Westpac's address, just use your local branch.
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
This 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 that we would never suggest using international bank drafts or cheques. It is better to use a different payment method.
Currencies supported by Westpac
Here’s the current list of currencies that Westpac supports.
|United States – Dollars – USD
United Kingdom – Pounds – GBP
Europe – Euro – EUR
Brunei Darussalem – Dollars – BND
Canada – Dollars – CAD
China – Yuan – CNY
Denmark – Kroner – DKK
Fiji – Dollars – FJD
French Pacific – Francs – XPF
|Hong Kong – Dollars – HKD
Indonesia – Rupiah – IDR
India – Rupees – INR
Japan – Yen – JPY
Malaysia – Ringgit – MYR
New Zealand – Dollars – NZD
Norway – Kroner – NOK
Papua New Guinea – Kina – PGK
Philippines – Peso – PHP
|Saudi Arabia – Riyals – SAR
Singapore – Dollars – SGD
South Africa – Rand – ZAR
Sweden – Kronor – SEK
Switzerland – Francs – CHF
Thailand – Baht – THB
Tonga – Pa’anga – TOP
Vanuatu – Vatu – VUV
Samoa – Tala – WST
View currency exchange rates for Westpac
Daily rates for transferring funds internationally through Westpac are available through their currency converter.
The currency exchange rate you will get does vary from moment to moment.
You will get the up-to-date, dynamic rate when you are booking your transfer through online banking or over the phone.
WBC 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 you use Westpac to send your money overseas to another bank account
Sending money abroad using your bank can be expensive. You will pay higher fees and get a worse exchange rate than you can using a dedicated money transfer specialist.
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 AUD into US dollars, via Westpac and a couple of our top rated money transfer specialists.
Westpac — $10,000 AUD to USD — $20 fee, exchange rate of 0.742 means the recipient gets $7,401 USD and it takes between 1 and 3 days.
WorldFirst — $10,000 AUD to USD — no fee, exchange rate of 0.78 means the recipient gets $7,799 USD and it takes between 2 and 3 days.
OFX — $10,000 AUD to USD — no fee, exchange rate of 0.78 means the recipient gets $7,800 USD and it takes between 1 and 3 days.
*All details shown above are correct as of October 2017.
Using WorldFirst, TransferWise, OFX, or another dedicated currency exchange provider could save you over $500 on a transaction like this. To see how much you could save, take a look at our free online comparison tool.
And that’s it! That is everything you need to know about sending your money overseas using Westpac. Here at The Currency Shop, we want to give you the right information to help you save money and 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.