Sending and receiving money overseas
What do I need to send money overseas?
Making an international money transfer using Westpac Online Banking is easy. Here’s what you’ll need:
- A Westpac bank account that is registered for Online Banking and Westpac Protect SMS Code
- Details of the person receiving the money, including their name, full address, bank name, branch address and account number
- The amount you want to send
- In some cases you will be asked to confirm the reason for the payment.
Funds are usually transferred within 1-3 business days.
Westpac fees for International Payments
You‘ll pay a lower fee on your international money transfer if you send it in the foreign currency:
- Sending foreign currency via Westpac Live Online Banking: $10 for International Payments in foreign currency.
- Sending Australian Dollars via Westpac Live Online Banking: $20
- In branch, it costs $32 to send any available currency, or $10 to send money to Pacific Westpac accounts.
Alternatively, instead of sending money at the prevailing exchange rate, with a foreign currency account you can hold funds in another currency and convert your money to and from the account at a time that suits you.
Correspondent Bank and Other Bank Fees
In addition to the Westpac Fees for International Payments listed above, the amount received by the payee may be reduced by:
- Westpac’s correspondent bank ("Correspondent Bank fee"); and
- Other overseas banks involved in the international payment, including the payment recipient’s bank ("Other Banks fees")
This could result in the recipient receiving less than the amount you originally sent. An estimate of Sending Money Overseas - Other Banks Fees can be found here, based on the currency of the payment and the country/region the payment is being sent to.
Westpac can help you save on Correspondent Bank Fees
If you transact with Westpac, you will not be charged a Correspondent Bank Fee for your international payments in over 10 currencies. These include USD, NZD, EUR, GBP and INR.
See our currency converter to view the latest foreign exchange rates.
|AUD Australian Dollars||CNY Chinese Yuan||SBD Solomon Island Dollars|
|USD US Dollars||DKK Danish Kroner||ZAR South African Rand|
|EUR Euros||FJD Fijian Dollars||SGD Singaporean Dollars|
|GBP British Pounds
||HKD Hong Kong Dollars
||SEK Swedish Kroner|
|NZD New Zealand Dollars||JPY Japanese Yen||CHF Swiss Francs|
|INR Indian Rupees||NOK Norwegian Krone||THB Thai Baht|
|PHP Philippine Pesos||PKR Pakistani Rupees||TOP Tongan Pa'anga|
|BND Brunei Darussalem||WST Samoan Tala||AED United Arab Emirates Dirham|
|CAD Canadian Dollars||VUV Vanuatu Vatu||PGK Paupa New Guinea Kina|
Converting your funds into foreign currency lets you know the exchange rate upfront, giving you greater visibility of how much you’re sending.
Safe Online Banking guarantee
If your Westpac account is compromised as a result of Internet fraud, we guarantee to repay any missing funds, providing you comply with our Online Banking Terms and Conditions
What is an IBAN number?
An IBAN, or International Bank Account Number, is a globally recognised sequence of letters and numbers used to process select cross border payments.
International payments from Australian accounts to IBAN-recognised countries will require a valid IBAN. It's a good idea to check and confirm the IBAN with the person receiving the money because if the IBAN is incorrect or missing, a charge may be applied by the receiving bank and the transfer may not go through.
How do I receive money from overseas?
You'll need to provide the sender with:
- Account name
- Account number
- BSB (bank state branch number)
- Westpac’s SWIFT code – WPACAU2S
Alternatively, rather than accepting payments from overseas at the payment day's exchange rate, with a foreign currency account you can hold received funds in another currency and choose when to convert them into Australian dollars.
If you do not want the currency to be converted, please insert the words “Do Not Convert” in the description details free text box when you are making an international payment and we will on-forward this instruction.
Please ensure that you provide the sender with your full and correct account number as this is the only identifier used for processing the inward payments. Other information provided in the payment including the name is not used for payment processing. Westpac will not be held responsible for a credit in accordance with an incorrect account number provided by the sender.
Note that there may be additional requirements from the sender’s bank such as your address or your branch address. Check with the sender to reduce the chance of delays in them making the payment.
There is a $12 fee for International Payments deposited directly into your Westpac bank account. There may be overseas bank fees deducted from the payment, unless otherwise organised.