Westpac vs XE: Fees, Rates & Speed Compared
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.
XE
4.4XE is a trusted name in currency exchange, offering international money transfers with competitive rates and no transfer fees for most corridors.
Westpac and XE are both popular choices for international money transfers, but they take different approaches. Westpac, founded in 1817 and headquartered in Sydney, Australia, is best known for large transfers and business payments. XE, operating since 1993 from Newmarket, Canada, 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: Westpac vs XE across popular corridors
The table below shows how much the recipient receives when sending through Westpac vs XE on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | Westpac | XE | Winner |
|---|---|---|---|
| USD → INR($1,000) | — | ₹95,619.17 | N/A |
| GBP → EUR(£1,000) | — | €1,147.22 | N/A |
| USD → PHP($500) | — | ₱28,957.69 | N/A |
| USD → MXN($1,000) | — | MX$17,201.64 | N/A |
| GBP → PKR(£500) | — | ₨174,799.19 | 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 Westpac and XE
Westpac vs XE: Feature comparison
| Feature | Westpac | XE |
|---|---|---|
| Overall rating | 3.4/5 (Fair) | 4.4/5 (Excellent) |
| Fee structure | $8-$20 per transfer | No transfer fees |
| Exchange rate markup | 3% - 5% above mid-market | 0.5% - 1.5% above mid-market |
| Transfer speed | 2-5 business days | 1-4 business days |
| Supported countries | 200+ | 130+ |
| Supported currencies | 50+ | 130+ |
| Max transfer | $100,000 | $500,000 |
| Payment methods | Bank Transfer | Bank Transfer, Debit Card, Credit Card |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | APRA, ASIC | FCA, FinCEN, ASIC, FINTRAC |
| Founded | 1817 | 1993 |
Pros and cons
Westpac
Pros
- Trusted Australian bank
- Easy for existing customers
Cons
- High exchange rate markup (3-5%)
- Transfer fees ($8-$20)
- Slow compared to specialists
XE
Pros
- Well-known and trusted brand
- No transfer fees for most transfers
- Supports 130+ currencies
- Rate alerts available
- Excellent currency data and tools
Cons
- Exchange rates include a markup
- No cash pickup option
- Transfer speed can be slow
When to choose Westpac vs XE
Choose Westpac if:
- You want the real mid-market exchange rate with no hidden markup
- You need wider country coverage (200+ vs 130+ countries)
- Westpac's strengths (Bank Deposit) match your needs
Choose XE if:
- You want the real mid-market exchange rate with no hidden markup
- You're sending large amounts (XE supports up to $500,000)
- You want to lock in an exchange rate with a forward contract
- You need a business account for commercial payments
Verdict: Westpac or XE?
Cost: Too close to call
Westpac and XE 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. Westpac typically delivers in 2-5 business days, while XE takes 1-4 business days. The actual speed depends on the corridor and delivery method.
Coverage: Comparable reach
Both providers have comparable coverage. Westpac supports 200+ countries and 50+ currencies, while XE covers 130+ countries with 130+ currencies.
Bottom line
Overall, XE 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 Westpac or XE cheaper for international transfers?
It depends on the corridor. Our data across 6 routes shows Westpac and XE are closely matched on total cost. Westpac charges $8-$20 per transfer with a 3% - 5% above mid-market exchange rate markup, while XE charges No transfer fees with a 0.5% - 1.5% above mid-market markup. We recommend comparing rates for your specific transfer using our calculator.
Which is faster, Westpac or XE?
Westpac typically completes transfers in 2-5 business days, while XE takes 1-4 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 Westpac and XE safe to use?
Yes, both are regulated money transfer services. Westpac is regulated by APRA, ASIC and has a 3.4/5 Trustpilot rating. XE is regulated by FCA, FinCEN, ASIC, FINTRAC with a 4.4/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for Westpac vs XE?
Westpac has a maximum transfer of $100,000 (minimum $1), while XE allows up to $500,000 (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 Westpac or XE to send money internationally?
For most users, XE 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.