Solutions

How can I make payments overseas?

We’ll show you the options available so you can make sure your approach to making overseas payments is cost effective and secure.

Payment methods available

• Credit cards, Debit MasterCard ^®
• Electronic payments (Business Online and International Money Transfers)
• Cheques (Drafts).

I want to pay using cards

You can use Westpac Business Debit MasterCard ^® or your business credit card (depending on the applicable card's Terms and Conditions) to pay overseas suppliers over the Internet, phone or by mail order. It’s convenient and flexible. However there are additional fees for foreign currency transactions, so make sure you’re familiar with the fees within the relevant product information.

If you want to use your own funds from your linked business account, with the same flexible payment methods, then look at our Westpac Business Debit MasterCard ^®.

If you wish to use credit funds, then refer to the Terms and Conditions that apply to your chosen business card facility. 

Learn more about:

• Business cards
• Corporate cards.

I want to pay by cheque or bank draft

It’s not a good idea to make a payment by writing a cheque from your business account and sending it overseas.

Instead we recommend you arrange an international bank draft. This will be in an appropriate foreign currency, and it’s normally drawn on a bank in the country of your supplier, meaning it’s quicker and much less hassle for them.

We can arrange international bank drafts through any of our branches.

I want to transfer electronically

You can use international money transfers as a fast, economical and secure way of making electronic payments. Your payment will arrive into your supplier’s account as ‘cleared funds’ allowing immediate access. You can arrange an international money transfer at a branch, or through Business Online. You’ll find that processing your international money transfer online is a more cost effective and convenient way to send your funds overseas.

If you’re going to transmit funds electronically, you’ll need the following details about your supplier:

• Their name
• Business address - not a PO box
• Phone number
• Full account and branch number
• Bank and branch address
• Bank SWIFT or IBAN identification code. 

What if I am an importer?

Importing goods into Australia and paying your overseas suppliers can be complicated, especially if you’re doing it for the first time.

Review your options

• Guarantee payment to your supplier with our import documentary letter of credit
• Arrange collection of bills and documents from your supplier's bank and process payments using our import documentary collection service
• Pay your supplier (before or after shipment) on an open account basis with a telegraphic transfer.

How can I reduce exchange rate risk?

It’s hard to keep on top of foreign exchange rates if you’re not experienced in currency trading. If you regularly receive and pay funds in foreign currencies, our Foreign Currency Accounts may provide protection against foreign exchange rate fluctuations. Additionally, a Forward Exchange contract could be the solution to better manage the risks presented by fluctuating exchange rates.

Further importing assistance

If you want to capitalise on the opportunities that importing can offer your business, but are concerned about the additional resources, risks, and cashflow pressures, our Going Global importing workshops can help.

We’ll help you to:

• Put your importing cycle under the microscope to identify and manage hidden risks, reducing lead time to delivery, saving you time and money
• Learn about foreign currency management and the various import payment options so you can pick the best option for your business
• Understand how to reduce the cost of your importing cycle, helping you to improve overall business profitability.