Westpac review
Westpac is one of Australia's big four banks, offering international money transfers through online banking. Exchange rates carry significant markups compared to specialist providers.
Countries
200+
Currencies
50+
Speed
2-5 business days
Fees
$0 online in foreign currency; $20 in AUD; $32 branch
Is Westpac the right choice?
Westpac Banking Corporation (ABN 33 007 457 141, AFSL 233714) is an Australian bank that sends overseas payments from an eligible Westpac transaction account through Online Banking, the Westpac App or a branch, in the currencies its transfer page lists. It suits an account holder aged 14 or over paying a known bank account abroad, including on a schedule, because the app lets you set a date and frequency. Westpac quotes an exact rate that you accept before the payment goes.
What we measured over the last 91 days
Westpac appears in our 91-day history on Australian dollar routes at A$100. It was the most frequent winner on 0 of 7 comparable corridors and averaged 3.99% below the day's leading payout. Two routes need care: as of October 2026 Westpac accepts Philippine peso and Thai baht transfers only from A$1,000, so an A$100 quote there shows its rate rather than a payment it would make.
Scheduled payments and rate targets from Westpac
Setting a date and frequency when you start an overseas payment lets a monthly transfer to the same payee be arranged once. Westpac also offers Fixed FX for locking a rate for a later date, sends alerts for up to 10 target rates per currency pair, and runs a Financial Markets line that it says customers can call to discuss their exchange rate needs.
Small sums to Southeast Asia, Pakistan or Mexico
Westpac takes transfers to Cambodia, Ghana, Indonesia, Laos, Mexico, Pakistan, the Philippines, Thailand and Vietnam only from A$1,000 or the foreign currency equivalent, so a modest allowance to those countries needs another route. Rupiah, ringgit, Sri Lankan rupee and Saudi riyal payments run only between 8am Monday and 11:59pm Friday, Sydney time, and personal customers cannot send yuan to China.
Before you send with Westpac
Overseas banks' handling charges fall on the recipient by default, and Westpac's international transfer page warns that a bank on the route could convert the payment at an unfavourable rate; Westpac suggests the recipient then consider rejecting it so it can be unwound. Personal customers need a Security Device for an international payment of any value, and Westpac says other rates may apply to a future-dated payment than to today's quote.
Pros
- Trusted Australian bank
- Easy for existing customers
Cons
- High exchange rate markup (3-5%)
- Fee when sent in AUD or in a branch
- Slow compared to specialists
Westpac features
Westpac transfer details
Published by Westpac. Not measured by us; Westpac’s limits and methods vary by country.
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