Bankwest International Money Payments 2018 Review

As you learn more about Bankwest International Money Transfer, remember there are definite pros and cons to using this account type. This established institution is a solid choice for an individual or professional looking to make an international money transfer.

Join Bankwest International Money Transfer if you want to send or receive money from overseas from Australia. It is a recommended tool that is backed by Bankwest, so you know your money is safe and insured when you conduct a transaction. With the world getting more connected, it is easier than ever to employ people from other countries, stay in touch with friends abroad, or send gifts to family members through Bankwest International Money Payments.

Pros
  • Save on fees
  • Backed by a large Australian bank
  • Can also get money when in another country
  • Available online or in Bankwest locations
Cons
  • There are restrictions on certain countries
  • Bank code is required to send an International Money Transfer
  • Access to a fax machine may be necessary

How it works

International transfers are made easy if you have a Bankwest account. In order to work with this bank, you must visit a location in person with one photo identification or two forms of that do not have photos. The bank may also require personal details like your tax file number, the names of other account holders, and country of tax residency.

Once you have an account with Bankwest, it comes with the perks of international banking services. These services work for people travelling, sending money overseas, or even moving to Australia. The bank offers foreign exchanges cash at fair rates, international money transfers including sending and receiving, and services for new residents moving to Australia.

How much does it cost?

The fees structure of Bankwest’s international transfer system is fairly straightforward. When you conduct transactions through this system, the fees change. As a general rule, you’ll pay:

  • $20 to send money through online banking
  • $35 Sending money in a Bankwest location
  • $10 Receiving funds into your Bankwest account from overseas
  • $25 Initial query to investigate late International Transfers
  • $15 Further queries into International Transfers

Bankwest says on their site, “sometimes overseas transfers touch a few financial institutions along the way who might deduct processing or receiving fees.” This is because Bankwest cannot control the fees imposed by other countries or institutions. It is not uncommon for fees to exist so we mention it in the review but these fees are not exceptionally high compared to other service offerings.

How safe is it?

Bankwest is about as safe as it gets when it comes to money exchange transfers. All transactions are backed by your bank account balance. The company makes every effort to protect ever account holder with online banking, mobile, app, and email security protocols.

Bankwest offers this service with the note that they use an intermediary bank to secure and complete the payment. You are agreeing to a transaction through a company that manages international bank transfers. Bankwest vetted the company organizing transactions so you can rest easy knowing your money is safe. Remember, it is quite standard for overseas transfers to touch a couple financial institutions when conducting a transaction.

How do I send or receive money from overseas?

Once you set up an account with Bankwest, you can both send and receive funding to the account. You cannot send money from a credit card but only with cash in your account.

Receive money from overseas, like payment for your services, by giving enough information for an International Money Transfer (IMT). Bankwest International payments require you to provide the SWIFT/BIC Code of BKWAAU6P, your account number from your e-statements, and your transfer beneficiary’s name and address.

How do I pay?

It is standard for every bank account with Bankwest to have a $0 transfer limit. In order to pay, you must authorize the transfer to come out of your account. The international transfer limit is in place to protect your funds and to make sure an unauthorized transfer isn’t coming out of your account.

You can only pay for an international transaction through Bankwest with your account, either online or in-person.  All cut-off times by 8:00pm AWST on the business day you are conducting a transaction.

Can I pay by credit card?

You cannot pay for a bank transfer by credit card.

What exchange rate will I get?

Bankwest International Money Payments are conducted based on the current exchange rate for the currency you are transferring. Currency exchange rates vary and can change throughout the day, so check with Bankwest for the exact exchange rate at the time of transfer.

What currencies can I transfer?

There are several currency options available if you wish to make a transfer with Bankwest International Money Payments. You can send money to more than 200 countries with this transfer option. Some of the most popular countries for this service are Canada, Denmark, European Union, United Kingdom, Hong Kong, India, Japan, New Zealand, Norway, Papua New Guinea, Singapore, South Africa, Sweden, Switzerland, and the United States.

What services do they offer for businesses?

Bankwest was once known as the Bank of Western Australia and is now a full-service bank that was sold to the Commonwealth Bank of Australia for 2.1 billion dollars. When you bank with a company that has been around since 1895, you can both send and receive money through International Money Transfer (IMT).

There are two aspects to Bankwest International Money Payments – sending and receiving money from overseas. Bankwest also offers the option of sending money either online or in-stores.

Get comprehensive banking services from Bankwest including checking, savings, investment management, ATM and cash withdrawals, loans, and also international payments. We like the idea of going to one place for all of these services and not worrying about the safety of your money.

For customers that prefer dealing with a bank and not an exchange service for international money transfers, Bankwest might be the right solution. We recommend this service for people that want to deal with only one company for banking and money transfers.

Compare money transfer services like Bankwest

The best deal for you

XERead ReviewTotal (AUD)$13,876.07Exchange Rate1.3876Transfer Fees$0.00Transfer Time2-3 DaysLearn MoreTotal (AUD)$13,876.07Rate Updated just nowGO TO SITE

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.

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TorFXRead ReviewTotal (AUD)$13,873.29$2.78 more expensive Exchange Rate1.3873 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,873.29$2.78 more expensive GO TO SITE

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

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  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
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Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
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About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
TransferwiseRead ReviewTotal (AUD)$13,858.12$17.95 more expensive Exchange Rate1.3943 Transfer Fees$60.88 Transfer Time1-2 DaysGet discounted rate $13,858.12$17.95 more expensive GO TO SITE

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

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Cons

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  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers
OFXRead ReviewTotal (AUD)$13,733.13$142.94 more expensive Exchange Rate1.3740 Transfer Fees$5.00 Transfer Time1-3 DaysGet discounted rate $13,733.13$142.94 more expensive GO TO SITE

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

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  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers