Westpac international money transfer alternatives

Westpac customers needing to make an international money transfer shouldn't automatically assume that the bank's money transfer service is their best or only option. There are many money transfer services available online, offering the possibility of a better and cheaper deal.

Written by Yvonne Taylor |

Verified by David Boyd

Updated 18 Nov 2024 |

Comparing of 5 Westpac international money transfer alternatives

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On website

Wise Money Transfer

Minimum Transfer Amount

$1.00

Transfer Speed

1 - 2 days

Transfer Fee

$0.00

Highlights

Low transfer fee. Westpac charges a flat fee of $10 for foreign currency transfers, $20 for international transfers of Australian dollars, and $32 if you walk into a branch to do your transfer. Wise fees for sending a foreign currency start at a low 0.41%, which would work out at around half the cost of a Westpac transfer for amounts up to the equivalent of AUD 1,000. And it's free to send the same currency from one Wise account to another.
Mid-market exchange rate. Wise converts your AUD to foreign currencies at the same rate that banks use when dealing with each other. Westpac adds a profit margin to the mid-market rate.
No need for a bank account. Fund your Wise transfer with a debit card, credit card, Apple Pay, or Google Pay. For Westpac transfers, you need to open a Westpac bank account, the only way to pay.
Multi-currency account and debit card. Hold, receive, transfer, and spend money in more than 50 currencies with Wise. Westpac requires you to open a separate bank account for each foreign currency you want to use.

Pros

Low and competitive fees.
Easy to understand fee structure.
Easy to use website and mobile apps.
High transfer limit.

Cons

Limited currencies and destination countries compared with some competitors.
Can only send funds to the recipient's bank account.

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On website

torfx

Minimum Transfer Amount

$200.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

No transfer fee. TorFX does not charge a transfer fee. Westpac charges a flat fee for transfers, no matter which currency you are transferring.
Competitive exchange rates. Like Westpac, TorFX does add a margin to the exchange rate but promises to keep rates as close as possible to the mid-market rate. In some cases, it will match lower rates quoted by online competitors.
Dedicated account manager. TorFX will assign you a personal account manager to assist you with your transfer. Westpac won't.

Pros

No transfer fee.
Competitive exchange rates.
Wide range of currencies and destination countries.
Phone and email support are available.

Cons

Minimum transfer amount is $200.
Only accepts bank transfers.
Transactions under $2,000 can be expensive.

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On website

OFX Money Transfer

Minimum Transfer Amount

$250.00

Transfer Speed

1 - 2 days

Transfer Fee

$15.00

Highlights

No transfer fee for amounts over AUD 10,000. Westpac charges a flat fee for all transfers, regardless of the amount, and an even higher fee for all transfers made in person at a branch.
Lock in exchange rates for up to 12 months. TorFX offers locked-in rates and also target rates to trigger your transfer when reached. Westpac offers exchange risk management to businesses but does not ordinarily extend it to personal banking customers.
Competitive exchange rates. OFX says that it offers 'bank-beating' exchange rates and uses an independent third party – FXC Intelligence – to monitor its own rates compared with the Big Four, including Westpac, and calculate the savings made by OFX customers.

Pros

Easy and quick account opening.
Wide range of supported currencies and countries.
No fees if transferring more than $10,000.
Enjoy additional features for business transfers.

Cons

Limited payment options.
$15 fee if transferring less than $10,000.

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On website

Send

Minimum Transfer Amount

$250.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

$0 transfer fee. Send does not charge a fee for international money transfers. Westpac charges a flat fee for transfers, no matter which currency you are transferring.
Personal account manger. Your dedicated account manager will help with any questions or problems. Westpac does not provide a personal account manager for international transfers.
Competitive FX margin. Although Send makes its only profit from the margin it adds to the exchange rate, it still promises a competitive rate compared to banks like Westpac.

Pros

No transfer transaction fee and no account-keeping fees.
Competitive foreign exchange margin compared to banks.
Wide range of currencies and destination countries.
Suitable for businesses as well as individuals.

Cons

Bank account is the only delivery method.
Minimum transfer amount of $250.
Limited funding methods.

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WorldFirst

Minimum Transfer Amount

$2,000.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

Business money transfer specialists. Although Westpac does offer money transfer solutions for businesses, World First are business money transfer specialists. They focus on businesses (e.g. eBay sellers) importing and paying overseas suppliers.
No international transfer fee. Take advantage of a $0 fee for each transfer. Westpac charges a flat fee for all transfers and particularly high fees for international transfers made in Australian dollars and for all transfers made in person at a branch.
Bank-beating exchange rates. World First adds an exchange rate margin of 0.6% or less. Westpac and other banks don't disclose their margins, but they're almost certainly higher than this.

Pros

Transparent and competitive fees.
Margins of 0.60% or less.
Wide range of products and services.
Dependable customer support.

Cons

The minimum transfer amount is $2,000.
No options for cash pickups or mobile transfers.

Westpac vs money transfer specialists

Before you send money overseas with Westpac, it could be worthwhile to check out its online competitors—money transfer specialists. You will probably save money on fees and the exchange margin by using one of the services listed above and getting access to some useful features that aren't available from Westpac.

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