Westpac review

Founded in 1817 and based in Sydney, Australia, Westpac is a high-street bank. Westpac is authorised and regulated by APRA, ASIC, which means customer money is safeguarded separately from company funds.

On the fee side, expect $8-$20 per transfer, but the bigger cost is usually the exchange-rate markup of 3% - 5% above mid-market, which is built into the rate rather than shown as a line item. Transfers run from a minimum of $1 up to $100,000 per transaction. In our own rate collection, across the 30 corridors we track for Westpac, its exchange rate has averaged 3.82% from the mid-market rate.

Delivery speed is quoted at 2-5 business days, and the service reaches 200+ countries across 50+ currencies. You can fund a transfer by Bank Transfer, with money delivered via Bank Deposit. The mix of funding and payout options is a good guide to which corridors Westpac handles best.

On the plus side: trusted australian bank and easy for existing customers. That makes it a sensible choice for existing customers who value keeping the transfer inside their own bank. Worth keeping in mind: high exchange rate markup (3-5%) and transfer fees ($8-$20).