Commonwealth Bank vs Westpac: Fees, Rates & Speed Compared
Commonwealth Bank
3.5Commonwealth Bank (CommBank) is one of Australia's big four banks, offering international money transfers for account holders. Convenient but significantly pricier than specialist services.
Westpac
3.4Westpac is one of Australia's big four banks, offering international money transfers through online banking. Exchange rates carry significant markups compared to specialist providers.
Commonwealth Bank and Westpac are both popular choices for international money transfers, but they take different approaches. Commonwealth Bank, founded in 1911 and headquartered in Sydney, Australia, is best known for large transfers and business payments. Westpac, operating since 1817 from Sydney, Australia, focuses on large transfers and business payments. This comparison uses real transfer data collected from both providers across 6 popular corridors to show you exactly which one offers better value for your specific needs.
In this comparison
Live comparison: Commonwealth Bank vs Westpac across popular corridors
The table below shows how much the recipient receives when sending through Commonwealth Bank vs Westpac on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | Commonwealth Bank | Westpac | Winner |
|---|---|---|---|
| USD → INR($1,000) | — | — | N/A |
| GBP → EUR(£1,000) | — | — | N/A |
| USD → PHP($500) | — | — | N/A |
| USD → MXN($1,000) | — | — | N/A |
| GBP → PKR(£500) | — | — | N/A |
| USD → NGN($200) | — | — | N/A |
Amounts shown are what the recipient receives. Based on current scraped data, updated every 6 hours.
Key differences between Commonwealth Bank and Westpac
Commonwealth Bank vs Westpac: Feature comparison
| Feature | Commonwealth Bank | Westpac |
|---|---|---|
| Overall rating | 3.5/5 (Good) | 3.4/5 (Fair) |
| Fee structure | $6-$22 per transfer | $8-$20 per transfer |
| Exchange rate markup | 3% - 5% above mid-market | 3% - 5% above mid-market |
| Transfer speed | 2-5 business days | 2-5 business days |
| Supported countries | 200+ | 200+ |
| Supported currencies | 50+ | 50+ |
| Max transfer | $100,000 | $100,000 |
| Payment methods | Bank Transfer | Bank Transfer |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | APRA, ASIC | APRA, ASIC |
| Founded | 1911 | 1817 |
Pros and cons
Commonwealth Bank
Pros
- Australia's largest bank
- Easy for existing customers
- Wide branch network
Cons
- High exchange rate markup (3-5%)
- Transfer fees ($6-$22)
- Much slower than specialists
Westpac
Pros
- Trusted Australian bank
- Easy for existing customers
Cons
- High exchange rate markup (3-5%)
- Transfer fees ($8-$20)
- Slow compared to specialists
When to choose Commonwealth Bank vs Westpac
Choose Commonwealth Bank if:
- You want the real mid-market exchange rate with no hidden markup
- You value user experience — Commonwealth Bank is rated 3.5/5 on Trustpilot
- Commonwealth Bank's strengths (Bank Deposit) match your needs
Choose Westpac if:
- You want the real mid-market exchange rate with no hidden markup
- Westpac's strengths (Bank Deposit) match your needs
Verdict: Commonwealth Bank or Westpac?
Cost: Too close to call
Commonwealth Bank and Westpac are closely matched on cost. Across our 6 sample corridors, neither provider consistently delivers more to the recipient. The best choice depends on your specific corridor.
Speed: Similar delivery times
Both providers offer similar transfer speeds. Commonwealth Bank typically delivers in 2-5 business days, while Westpac takes 2-5 business days. The actual speed depends on the corridor and delivery method.
Coverage: Comparable reach
Both providers have comparable coverage. Commonwealth Bank supports 200+ countries and 50+ currencies, while Westpac covers 200+ countries with 50+ currencies.
Bottom line
Overall, Commonwealth Bank edges ahead for most users thanks to transparent pricing with the real mid-market exchange rate. That said, Westpac is the better pick if you need large transfers and business payments.
Frequently asked questions
Is Commonwealth Bank or Westpac cheaper for international transfers?
It depends on the corridor. Our data across 6 routes shows Commonwealth Bank and Westpac are closely matched on total cost. Commonwealth Bank charges $6-$22 per transfer with a 3% - 5% above mid-market exchange rate markup, while Westpac charges $8-$20 per transfer with a 3% - 5% above mid-market markup. We recommend comparing rates for your specific transfer using our calculator.
Which is faster, Commonwealth Bank or Westpac?
Commonwealth Bank typically completes transfers in 2-5 business days, while Westpac takes 2-5 business days. Actual speed depends on the corridor, payment method, and delivery option you choose. Bank transfers tend to be slower than card-funded transfers, and bank deposits are generally faster than cash pickups.
Are Commonwealth Bank and Westpac safe to use?
Yes, both are regulated money transfer services. Commonwealth Bank is regulated by APRA, ASIC and has a 3.5/5 Trustpilot rating. Westpac is regulated by APRA, ASIC with a 3.4/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for Commonwealth Bank vs Westpac?
Commonwealth Bank has a maximum transfer of $100,000 (minimum $1), while Westpac allows up to $100,000 (minimum $1). Limits may vary by corridor, account verification level, and payment method. New accounts typically start with lower limits that increase over time.
Should I use Commonwealth Bank or Westpac to send money internationally?
For most users, Commonwealth Bank offers better overall value thanks to transparent pricing with the real mid-market exchange rate. However, Westpac is the better choice if you need large transfers and business payments. The best provider for you depends on your corridor, transfer size, and whether you need features like Bank Deposit.