Westpac reduces fees on foreign exchange payments made online
19 December, 2017
Westpac Banking Corporation (Westpac) advises customers that fees for all international payments in foreign currency have reduced to $10 when sent using personal and business internet banking. This will apply to all Westpac Group brands (excluding RAMS).
This expands on Westpac’s LitePay International Payment service (LitePay) which provides a low cost, easy option for customers wanting to send small amounts overseas. LitePay launched in 2016 through online banking.
LitePay enables individual Westpac customers to send up to $3,000 per day online to 22 countries, across Europe, the Philippines, UK and India with low fees of $5-$8.
For overseas payments over $3,000 to other countries not covered by LitePay, fees will drop to $10. This will apply to business and individual customers.
Live FX rates are clearly published on Westpac websites here to give customers visibility of fees and conversion rates before a transaction is complete.
Westpac offers customers a range of products and services to meet their international payment and travel needs:
|Product or service||Description||Channel and fees||Customers|
|International Payments||Send/receive money to/from overseas safely to most countries in the world and in most foreign currencies||
Branch fee = $32
Online fee = $10 if the payment is sent in foreign currency or $20 if sent in AUD.
|Business and individual customers|
|International Payments LitePay||A low cost service that allows customers to send money overseas to select destinations (Philippines, India, UK and 19 European countries). Max $3,000 per payment.||
Online only service, fee =
$5 if sending to India or Philippines, $8 if sending to EU or UK
|Individual Westpac customers only|
|Travel Money Card||Prepaid debit card that can hold up to 11 currencies.||No fee to acquire or load the card.||Individual customers only|
Buy and sell foreign cash
|To buy cash online, $4 fee per transaction, plus a surcharge up to 1% to pay with credit or debit card. To sell cash in branch, $8 per currency sold back||Business and individual customers|
|Foreign Currency Account||
Make and receive payments in another currency without having to convert them to AUD.
Accounts available in a range of foreign currencies.
|$0 Account Maintenance Fee. Other fees may apply depending on transaction type.||Business and individual customers|
|Using ATMs overseas||Westpac card holders pay no ATM withdrawal fees when using our Global ATM Alliance. Banks include DBS, Barclays, Deutsche, Bank of America and more.||
$5 fee for successful overseas ATM cash withdrawal at a non-Global Alliance ATM.
Plus a 3% Westpac Foreign Transaction Fee applies to overseas withdrawals or Visa or MasterCard credit card cash advances. A 3.5% fee applies for AMEX.
A standard cash advance fees will also apply to credit card withdrawals (in addition to the Foreign Transaction Fee).