Leslie Massey
Westpac Australia offers a convenient way to transfer money to over 200 countries in multiple currencies. The process can be done through Westpac Online Banking or the Westpac App, with a $0 transfer fee when sending funds in a foreign currency. However, transfer fees are applicable when sending funds in Australian dollars. To initiate an international money transfer, one must be registered for Westpac Protect™ Security Code and meet the minimum age requirement of 14 years old.
| Characteristics | Values |
|---|---|
| Transfer fee | $0 transfer fee when you send funds in a foreign currency using Westpac Online Banking or the Westpac App |
| Transfer fee for Australian dollars | Westpac transfer fees apply for funds sent in Australian dollars. Other bank fees may also apply. |
| Transfer time | Funds are transferred electronically from your Westpac account into the designated overseas account usually within 1-3 business days |
| Transfer limit | The maximum cumulative value of international transfers personal customers can make is AUD$2,000,000 equivalent per day. In addition, User Daily Payment limits will apply |
| Transfer security | Westpac Protect™ Security Code |
| Transfer method | Online Banking or the Westpac App |
| Transfer details | Account holder name, account number, or an International Bank Account Number (IBAN). Full payee address: including country/country code, state, province, and postcode where applicable. Payee's bank codes: Such as BIC/SWIFT code or country-specific codes |
| Transfer currencies | More than 200 countries, in multiple currencies |
| Transfer to Australia | A foreign currency transfer sent to an account located in Australia is treated the same as an international money transfer that is sent overseas |
| Transfer issues | If your International Payment hasn’t been received by the beneficiary after 5 business days, call Westpac International Payments and Services team on 1800 632 308 Opt 2, or email [email protected] |
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What You'll Learn
Using Westpac Online Banking or the Westpac App
To transfer money overseas from your Westpac account, you can use Westpac Online Banking or the Westpac App. Here's a step-by-step guide:
Step 1: Register for Westpac Online Banking or download the Westpac App
To use Westpac Online Banking, you need to register and create an account. Alternatively, you can download the Westpac App on your mobile device. Make sure you are 14 years old or above, as this is the minimum age requirement for sending money overseas through Westpac Online Banking.
Step 2: Sign up for Westpac Protect™ Security Code
For added security when transferring money overseas, it is recommended that you sign up for the Westpac Protect™ Security Code. This provides an extra layer of protection for your transactions.
Step 3: Check your Daily Payment Limit
Before initiating an international money transfer, ensure that your Daily Payment Limit meets your needs. You can update your limit via Westpac Online Banking or the Westpac App. The maximum cumulative value of international transfers personal customers can make is AUD$2,000,000 per day.
Step 4: Gather the necessary payee details
To successfully transfer money to an overseas recipient, you will need the following details:
- Account holder's name and account number, or an International Bank Account Number (IBAN)
- Full address of the account holder, including country/country code, state, province, and postcode
- Bank codes such as BIC/SWIFT code or country-specific codes—these may vary depending on the country you are sending money to
Step 5: Initiate the transfer
Once you have all the necessary information, you can start the transfer process. Go to Payments and select "Send overseas" or "Pay someone" if you have an existing payee. Enter a description of the transfer, and review the transfer details, currency, and any applicable transfer purpose or reason for the payment. Confirm the payment to submit your transfer request.
Please note that funds are typically transferred electronically within 1-3 business days. Additionally, transfer fees may apply if you send funds in Australian dollars, and other bank fees may also be involved.
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Payment limits and fees
When transferring money overseas with Westpac Australia, there are certain payment limits and fees that you should be aware of. The specific limits and fees will depend on the type of transaction you are making and the destination country. Here is an overview:
Online Transfers:
If you are using Westpac Online Banking to transfer money overseas, there are daily limits in place. For transfers to supported countries, the daily limit is
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Payee details
To transfer money overseas from your Westpac account, you will need to provide the following payee details:
Account Holder Name
This is the name of the person or entity that owns the account.
Account Number or International Bank Account Number (IBAN)
The account number is a unique identifier for the account to which you are sending money. An IBAN is used for international bank transfers and may be required for certain countries.
Full Payee Address
Provide the full address of the payee, including the country/country code, state, province, and postcode, if applicable.
Payee's Bank Codes
You will need to provide the payee's bank codes, such as the BIC (Bank Identifier Code) or SWIFT (Society for Worldwide Interbank Financial Telecommunication) code. These codes are used to identify the payee's bank and facilitate the international transfer of funds. The specific codes required may vary depending on the country you are sending money to. For example, the USA uses an ABA routing number, India uses an IFSC code, and the UK and Ireland use sort codes.
It is important to note that the transfer process may involve fees and currency conversions, which can vary depending on the country and financial institutions involved. Westpac provides a currency converter and fee estimator to help you understand the potential costs and rates for your international money transfer.
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Transfer processing times
When transferring money overseas with Westpac, there are several factors that can influence the processing time. Firstly, the transfer processing time depends on whether you are sending or receiving funds. Secondly, the timing and availability of funds are subject to cut-off times and potential delays. Thirdly, the specific currencies involved and the countries or regions where the transfers are sent can impact the processing time.
For recipients of international money transfers to Westpac accounts, funds are typically available on the same business day that Westpac receives the funds, provided they are received before the cut-off time. However, delays can occur, and in such cases, the sender should be contacted to discuss payment location details with the sending bank.
When sending money overseas from a Westpac account, the processing time can vary. While some transfers may be completed within the same business day, others may take up to 10 working days, especially if they need to go through intermediary banks. The currency and destination country can also impact the processing time, with transfers in specific currencies, such as Thai Baht, Filipino Peso, and Pakistani Rupee, requiring a minimum transfer amount of AUD $1,000. Additionally, intermediary and recipient banks may impose their own fees and processing times, which can further extend the overall transfer processing time.
To ensure timely transfers, it is recommended to check with your bank about the specific processing times for your desired transfer destination and currency. Additionally, for large transfers, additional steps may be required, such as transfer approvals and security measures like Westpac Protect™, which can influence the overall processing time.
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Currency conversion
When receiving money into your Westpac account from overseas, the funds can be sent in foreign currency or AUD. If the sender chooses to send in foreign currency, Westpac will convert the funds and credit them to your everyday AUD bank account on the date of receipt, provided the instructions are received before the cut-off time. Alternatively, the funds can be credited to your Foreign Currency Account (FCA) in the applicable transfer currency.
To estimate the fees and exchange rates for your international money transfer, you can use Westpac's currency converter tool. This tool provides indicative foreign exchange rates and helps you understand the potential fees involved in the transfer process. It's important to note that overseas banks may impose their own fees, charges, or currency conversions, which Westpac may not control. Any handling charges by overseas financial institutions will typically be deducted from the payment amount received by the beneficiary.
When sending money overseas with Westpac, you can utilise their Online Banking platform or the Westpac App. To ensure a smooth transfer process, it is recommended to register for a Westpac Protect™ Security Code, which adds an extra layer of protection for your international transactions. Additionally, pay attention to the daily payment limits and ensure that your desired transfer amount falls within the allowed range.
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