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Westpac Bank International Transfers & Exchange Rates
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Published On:
November, 24 2022
Edited On:
January, 28 2023

Westpac Bank International Transfers & Exchange Rates

With more than 14 million customers and 40,000 employees, Westpac Bank is easily one of Australia’s largest. It has been providing a range of financial services since it was incorporated in 1817. Now, Westpac is an internationally recognized brand. The bank is known for its personal and business wealth management services, but they also offer aninternational money transfer service.

About Westpac Bank

Westpac Bank is an Australian bank and financial service provider. It was formerly known as the Bank of New South Wales. After being acquired in 1982 by the Commercial Bank of Australia, its name was changed shortly after.

Westpac Bank boasts of enabling ‘to and from’ international transfers forover 130 countries. They offer simple online requests and charge flat fees. Simplicity and ease of access are the traits that you first notice when looking at their site. If you ever need any support, you’ll also quickly notice their comprehensive customer support system. So, let’s look at what Westpac Bank’s money transfer service has to offer.

Westpac Bank Exchange rates and fees

Like most institutions that offer international money transfers, Westpac Bank charges a margin on currency exchange rates. Beyond that, they charge a fee based on a fairly simple structure. While they don’t list a minimum transfer amount, fees for small transfers will be relatively high. It makes more sense to send more money at once.

Exchange rate

With a quick look at exchange rates for international transfers, you’ll notice that Westpac charges a large margin. These are sometimes classified among “hidden fees”, as you won’t see the margin reflected in the cost of the transfer. Westpac, like other transfer providers, will provide you with its own exchange rate. It’s up to you to check the normal exchange rate to see exactly how much Westpac Bank is charging you.For international transfers, Westpac will charge you for currency exchange, plus a margin of 3% to 5%, depending on the currencies.Here are a few examples based on exchange rates at the time of writing:

  • AUD $1 was USD $0.77. With Westpac’s margin, AUD $1.00 would get you USD $0.73.

  • AUD $1 was EUR 0.64. With Westpac’s margin, AUD $1.00 would get you EUR 0.61.

  • AUD $1 was JPY 84.68. With Westpac’s margin, AUD $1.00 would get you JPY 81.31.

Westpac Bank’s exchange rates are higher than average. But you can transfer between any of the following currencies:


With Westpac’s Travel Money Card, the margin for the same transfer drops significantly. You can expect an exchange rate less than half that of their typical international money transfers.

Transfer fees

  • Westpac Bank charges a transparent AUD $10 fee for most payments. This rate is consistent, with only one more expensive exception…

  • You must pay a AUD $20 fee for transfers to a foreign bank account (in AUD).

  • These rates are close to the standard in the money transfer industry. It is always cheaper to send more money at once, but expect Westpac to take a large portion for their exchange rate margins.

  • Transferring money in person from a Westpac Bank branch will cost an additional AUD $32

Additional costs

There are normally no additional costs for Westpac’s international payments and transfers. However, in exceptional cases, if your bank transfer cannot be made directly and must go through an intermediary, you may have to pay more. There are no guaranteed rates in these cases, and your final rates may vary widely.

How do Westpac Bank transfer fees compare to using a money transfer provider?

Overall, Westpac Bank costs significantly more than most large and reputable money transfer providers. Their flat, transparent fees are low, if not average. But many money transfer providers will charge a much smaller margin on exchange rates. This means that many provide cheaper transfers, especially when sending larger volumes.

Westpac Bank Pros and Cons


Trust: Westpac is a reputable, safe, and secure institution. The bank is large and employs the infrastructure needed to allow you to conduct day-to-day banking and transfer money safely. They have world-class security technology and staff, as well as a “Fraud and Scams” team that you can contact 24/7. Behind the scenes, they also employ an extensive fraud detection system.
Customer service: If you have any security concerns or experience technical difficulties, you have 24/7 support available. You can also reach them any time if a Westpac card is lost or stolen. Their customer service is professional, reasonably fast, and very comprehensive. You don’t need to worry about serious technical and security issues, as they can be dealt with at any time.
Decent transfer speed: Relative to other banks, Westpac’s transfer speeds are fast. Given the great security and customer service you receive, decently fast transfer speeds are a great incentive.


Cost: Westpac Bank charges very high margins on their exchange rates. While you get a lot in return in terms of service and security, it can be painful to pay 6% to 8% of your transfers’ balance for every transfer. There are money transfer services that offer good support while charging far less. If you’re not a loyal customer, it will be easy to save money elsewhere.
Lack of Access: If you’re a citizen or long-term resident of Australia, this doesn’t apply to you. However, your access to banking services is limited from abroad. You can still call in from abroad to reach their excellent customer service and security support. But it is much easier to reap their rewards if you live in Australia.

Westpac Bank Swift Codes

Westpac Banking CorporationCook IslandsRarotonga
Westpac Banking CorporationFijiSuva
Westpac Banking CorporationHong KongHong Kong
Westpac Bank Png LimitedPapua New GuineaPort Moresby
Westpac Bank Samoa LtdSamoaApia
Westpac Banking CorporationSolomon IslandsHoniara
Westpac Bank Of TongaTongaNukualofa
Westpac Banking CorporationVanuatuVila

How to open an account and transfer money with Westpac Bank

Opening an account

Opening an account with Westpac bank is very easy. You can open an account in less than 5 minutes through theirwebsite. You can open a Westpac Choice account from anywhere, up to 12 months before arriving in Australia. Most account types can only be opened from inside Australia, with a local address and ID required.

You just need to click on the account type you would like to create. From there, you will be prompted to fill out the necessary information to open an account. If you’re eligible and can verify your identity, you should be able to open an account quickly.

Covid-19 NOTICE: Westpac Bank temporarily suspended account opening for people outside of Australia due to legal restrictions laid out by the Australian Federal Government. As of June 1st, 2021, these measures are still in place. Refer to Westpac Bank’s website for notices for ending the restrictions.

Transferring money

The requirements for transferring money with Westpac Bank are laid out on the company website. You will need:

  • A Westpac bank account that is registered for Online Banking and Westpac Protect SMS Code

  • Details of the person receiving the money, such as their name, address, the name of their bank, branch address, and their account number

  • SWIFT code of the foreign bank

  • The amount you want to send

When you’re ready with all the above information, log in to your account. You can send money from your account on a computer, or through their Mobile Banking app. The app’s interfaces are particularly intuitive, so transferring money is easy. When you select “transfer”, follow the prompts and fill in the information where you are prompted to do so.

Unfortunately, the updated version of the Mobile Banking app no longer facilitates same-day transfers. However, if you log in on your computer, your money can be sent on the same day. The online desktop interfaces are less intuitive than the mobile app’s, but it is still easy to transfer money. Just follow the “Online” instructions:

  • Step 1: Click on “Make a payment”

  • Step 2: Select the recipient from the menu, or click “Pay new payee” to create a new recipient

  • Step 3: Select the account you want to transfer to

  • Step 4: Fill in the “Amount” you want to transfer

  • Step 5: Review the information you’ve provided, and regard the fees and conditions laid out on the screen

  • Step 6: From here, if you accept the information you’ve provided, you can authorize the transfer

Once you authorize the transfer, your money will be on its way to the destination. You will also be charged the relevant flat fees at the same time.

Additional Information

Customer Support

There are a few easy ways to reach out to Westpac Bank:

  • Phone: Call 612 9293 9270 for support overseas

  • App: Order a support ticket from inside the Westpac Mobile Banking app

  • Social Media: Westpac Bank announced in 2013 that they can be reached 24/7 on social media. The easiest way to contact them on social media is through a direct message on Facebook.

Can I use Westpac Bank for international bank transfers?

Yes, you can use Westpac Bank for international bank transfers.


Westpac Bank’s money transfer service offers everything you need from it, plus a little more. With their excellent security and 24/7 support, you have little to worry about. However, these great benefits come at a high cost.

While you get a lot for the money you’re paying, you can receive much better rates and faster transfer speeds from many money transfer companies. However, most of those companies can’t compete with Westpac’s great support.

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April Summers
April Summers
April is a trained journalist and the Content Editor for She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.


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