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I want to receive payments from overseas

Organising to ship goods overseas and make sure you get paid in return can be daunting - here are some options for receiving payments from overseas securely and easily.

I want to accept electronic transfers

Telegraphic transfers are a fast, economical and secure way to receive electronic payments. The funds will arrive in your account as ‘cleared funds’ so you have immediate access, and you can monitor them online from your home or office.
 

You will need to provide your customers with:
 

  • Your name
  • Business address – not a PO box
  • Phone number
  • Branch (BSB) number, account number and account name
  • Swift code (Westpac SWIFT code WPACAU2S)

Note: for those banks requiring an 11-character SWIFT code, use WPACAU2SXXX.

 

I want to accept card payments

Research shows that customers may spend more when they’re able to pay by card. As well as potentially increasing sales, accepting payment by card increases flexibility of payment options as you can accept payments online, by phone, or mail.
 

I want to accept drafts and cheques

If you want to accept drafts and cheques from overseas, you'll usually need to wait for the funds to be cleared. However, on certain transactions (subject to credit approval) proceeds can be made available to you immediately. Cheques or drafts in Australian dollars drawn on an Australian bank require 3 business days to clear. If they are drawn on an overseas bank, then it can take 4-6 weeks for (cleared) funds to be received from the drawee bank.

What if I’m an exporter?

We can organise the collection of your export proceeds, freeing up your time with an Export documentary collection.

How can I reduce exchange rate risk?

If you regularly receive and pay funds in foreign currencies, a Foreign Currency Account allows you to accept foreign currency payments and choose when you convert these to AUD. With no monthly account keeping fee, you can hold money and transact in multiple currencies when it suits your business. We also have a range of other International Trade solutions to meet your needs.

Can I see my balance in another currency?

If you transact overseas, trade on the foreign exchange market or want to compare currencies, there is an easy way to do this in our online banking Westpac Live. If you’re registered for Westpac Live, you can view your balance in a different currency:

1.    Navigate to Overview and select Edit view. Select View balances in different currency.
2.    Select one currency you would like to view your balance in. Then select Apply. Your balance will now be shown in the currency selected.

To reset your currency to AUD:

1.      Navigate to Overview and select Edit View. Select View balances in different currency
2.     Select Reset to AUD. Your balance will now be shown in AUD.

 

How can I reduce the risk of non-payment?

If you’re concerned about being paid, we can guarantee payment from the buyer's bank (assuming certain Terms and Conditions are met) using export documentary letter of credit.

 


Hear why our business customers chose us

Rolf from Marley Spoon speaks about his foreign exchange experience.

 

Things you should know

Deposit Accounts for Business Customers Terms and Conditions (PDF 514kb) (PDF 1MB)

To be eligible to apply for Business One – Low Plan, your business must be registered in Australia.

General advice: This information is general only and does not constitute any recommendation or advice. It is current at the time of publication, and is subject to change. It has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on the information, consider its appropriateness, having regard to these matters. Consider obtaining personalised advice from a professional financial adviser and your accountant before making any financial decisions in relation to the matters discussed in this document, including when considering the finance options for your business.