If you run a business with international relationships, you may find you need to make international money transfers. This might be for payments for overseas goods you use in your business or for a large payment of your profits to an overseas parent company. When you do make an international money transfer, these are seven things to consider.
1. Which provider you choose for your international money transfer
There are a number of banks and foreign exchange providers you can choose from to complete your international money transfer. Ideally you want to choose a provider with a good reputation, who you know will get your transfer right this first time. There can be many details for each provider to process.
2. What exchange rate you can secure
While some providers may offer a better exchange rate than a bank, you need to weigh up the benefits of transferring your money to another provider before transferring your money overseas. The time this takes may outweigh any marginal benefit you receive in exchange rates.
3. How long the international money transfer will take
There can be different processing times for the money to arrive overseas, depending on which country you want to transfer money to. For Westpac, International Payments will usually be available to the recipient within 2 banking days of us processing your payment. However, we can’t guarantee this, and in some circumstances it may take longer.
4. How much the international money transfer will cost
There are a number of fees and charges banks and providers take when completing international money transfers. Each bank or clearing house involved with the transaction will take a fee for their processing of the money. With our foreign currency accounts, you don’t pay a monthly account fee on these accounts, though you do pay foreign exchange fees on the international money transfer.
5. How easy is the online banking to use
When you’re doing something complex, like transferring money overseas, it is a good idea to make sure you have an easy online banking platform to use. If the online banking is easy to use, you’re more likely to get all the details for the international money transfer right the first time.
6. How safe your money is
You want to make sure all your money will arrive at the other end and with a well-known bank, like Westpac, you can be sure your money is safe.
7. How much you want to transfer
When you operate a large business with a parent company overseas, sometimes there can be situations when you need to transfer over $2M overseas. If you’re a Westpac Live customer, there are a few options for you.
- Transfer smaller amounts in your international money transfers
As the Westpac Live limit for international payments is $2M AUD, there is the option to make a couple of smaller transactions so you transfer all the money across.
- Speak with your Relationship Manager about foreign exchange options
If you regularly make international money transfers for your business, you can always speak with your Relationship Manager about the foreign exchange options we can offer you. You might find they can offer you a better rate.