Bankwest International Transfers & Exchange Rates
Bankwest is a traditional bank based in Australia. However, it also facilitates international money transfer to and from Australia. The bank offers its clientele a choice of 200 countries where they can send cash. That’s virtually all countries globally, including major ones such as the United States, Japan, India, and South Africa.
In this review, we concentrate on the international money transfer aspect of Bankwest. Is Bankwest the ultimate money transfer service with over 200 possible destinations? We will delve into all the critical aspects, including exchange rates, credibility, transfer fees, and how long it takes for the transfer.
About Bankwest
Bankwest is a full-service bank based in Australia. The bank history spans a staggering 120 years back. In the last decade, the bank scooped several awards, top among them, the prestigious Financial Review Smart Investor Blue ribbon Award. Their mantra is always going the extra mile for the customer. All this time, the main products the bank offered were business and personal financing. However, the international money transfer business is now a part of their services. Customers can send money with other currencies apart from the Australian dollar. The other currencies belong to these countries: Canada, USA, UK, Japan, Hong Kong, New Zealand, Papua New Guinea, Singapore, Sweden, Denmark, Norway, and the European Union.
Customers are allowed to transfer up to $20k daily. The bank provides an online platform that is meant to assist clients transfer money in a few clicks. Unlike the traditional money transfer services, which allow users to use mobile applications, Bankwest has an online portal dubbed “online banking,” which allows users to actualize their transfers.
Bankwest Exchange Rates and Fees
Like any other money transfer service, Bankwest generates revenue from fees through the exchange rate spreads. Additionally, they have fixed fees, depending on whether you are sending or receiving money from overseas.
Exchange Rate
The fact that Bankwest is a banking institution means you can get live exchange rate throughout. However, expect to get lower rates which are still competitive. The bank makes some margin from the spread between the buy and sell rates for the different foreign currencies. Bankwest does not provide a fixed exchange rate spread; we believe they set the rates at their discretion.
Fees
Customers are charged a $15 fee for sending money via the online money transfer portal. However, this fee is not inclusive of any other charges made by the other financial institution. In this case, the other financial institutions refer to banks you are sending to. We advise that you check with the recipient's financial institution to avoid unexpected transfer fees.
With Bankwest, customers also have the option of sending cash from the tellers in the branches. The cost of this service is $35.
Additional Costs
Bankwest explicitly states that partner institutions along the way may deduct processing fees or receiving fees. Customers are advised to send some extra cash to cover any potential charges
How Do Bankwest Transfer Fees Compare to Using a Money Transfer Provider?
Major money transfer services typically offer tiered fees depending on the amount a customer intends to send. Additionally, the charges may vary depending on how fast the customer requires the cash to reach the recipient.
However, Bankwest charges a fixed rate of $15 when customers use the online banking platform. Customers can also use the 82 Bankwest branches across Australia. However, customers using the bank branch will pay a fixed charge of $35 to send money internationally.
The leading international money transfer services in Australia offer cheaper fees compared to Bankwest. For instance, OFX and TorFX do not charge any fees for money transfers.
Compared to international money transfers like Western Union, PayPal, and MoneyGram, Bankwest is still at a disadvantage. These companies charge clients based on the amount they are sending.
Bankwest Pros and Cons
There are standout advantages that Bankwest possesses as a money transfer service. However, they also have some significant flaws. Here is the complete list:
Pros
Cons
How to Open an Account and Transfer Money With Bankwest
Opening an Account
Prospective customers need to visit a Bankwest branch to have a fully operational account. The client will have to undergo the know your customer process (KYC), which involves verifying the identity of the account owner before they can start transacting.
Transferring Money
Once the account is set up, the account owner is issued a personal access number and a password. With these credentials, they can log on to the Bankwest online portal, where they transfer money internationally.
The steps to send the money include:
Step 1: On the system, choose ‘payment and transfers’. Select ‘make a payment’ followed by ‘international transfer.’
Step 2: Enter all the required details for the transfer and click on ‘create transfer’.
Step 3: Before completion of the transfer, you will receive a text message. It contains a 6-digit code that you need to input. This is a security measure.
Customer Service Details for Users of Bankwest
Based on online reviews, customers rate the customer service offered by Bankwest as poor. Most reviews refer to terrible experiences they had with the online system and staff at the branches. Some customers provided proof of how their transfers took more than three weeks, contrary to the 5-10 days as advertised.
It is pretty evident that customers do not find Bankwest trustworthy. From poor services to transactions taking longer to complete, all left a bad taste for many clients. On the reputable Australian Product review website, Bankwest is rated 1.5 stars, which is poor, with over 600 reviews.
Can I Use Bankwest for International Bank Transfers?
It is possible to transfer money internationally using Bankwest. As a matter of fact, bank transfers form the only way they can transfer money internationally.
Summary
The fact that Bankwest is not a traditional international money transfer service may be playing against this bank. In recent times, the money transfer business has become extremely dynamic and competitive. Money transfer companies are now offering targeted services to individuals and businesses. Additionally, many companies are waiving transfer fees. Bankwest has maintained rigid processes of doing things. Transfers are only possible to bank accounts. These transfers also take longer, with the quoted durations being 5-10 working days. On the bright side, a customer can transfer money to over 200 countries and territories worldwide.
