Bankwest Bank large amount transfer: Fees, limits, & how long they take

If you’re new to making large money transfers, you want as much information as possible to get your transaction right. This is particularly the case if you’re making a time-critical payment for a new home, sending a large sum of money to support family abroad, or lining up an important business payment for an overseas supplier, for example. Banks have very different charging structures and processes, even small differences in fees can make a big difference when you’re transferring large sums.

In this article, we’ll look at Bankwest's large amount transfer processes, covering instructions, associated fees, and transfer limits. Whether you’re asking “how long does Bankwest take to transfer money” or wondering about Bankwest's maximum transfer limit for overseas payments, we’ve got the information you need.

Can you send large transfers with Bankwest?

You can send large transfers within Australia, but for international payments, Bankwest requires you to use a third-party provider. These transfers depend on the type of account that you have and the way that your security is set up. For example:

Eligibility:

• You must hold an eligible transaction account with Bankwest, such as an easy Transaction Account or a business account (which can unlock larger transfers).

Limits:

• If you’re a personal customer, you’ll need to stick to the daily limits, unless you access enhanced security processes with SMS verification or secret questions.
• Examples of these limits are: $50,000 for PayAnybody and BPay, $2,000,000 for linked account transfers, and $5,000 for Faster Payments.¹

Different types of transfers are available as follows, subject to Bankwest transfer limit policies. The main types are²:

• Pay Anybody (for Australian domestic transfers via PayID or BSB/account)
• BPAY®
• Linked account transfers between Bankwest term or savings deposit accounts and a linked transaction account, or vice versa.

Is Bankwest safe for large transfers?

Yes. It’s safe to make a Bankwest large amount transfer, because the bank operates within the Australian banking regulation framework. This means it follows codes of practice and strict regulations that govern how the banking operation works. These areas include:

• Multi-factor authentication for enhanced security. MFA practices include PIN numbers, SMS codes, and secret questions.
• Fraud monitoring and encryption, which are carefully monitored
• Full compliance with industry regulatory frameworks such as APRA standards and the ePayments Code.

Bankwest also takes steps to educate customers on banking safety and security credential management.

How to make a large transfer with Bankwest

Follow these processes to make a Bankwest large amount transfer.

Domestic Transfers via Pay Anyone, PayID, or a Linked Account

The domestic transfer process is designed to be quick, easy, and ready to handle online in your web-based online banking account, or your app, as follows:

• Step 1: Log in to the Bankwest App or your online banking account.
• Step 2: Go to the payments section and select “make a payment.”
• Step 3: Choose the relevant transfer method (Pay Anyone, using BSB/an account, or PayID, a linked account, or BPAY)
• Step 4: Enter the payment recipient’s bank details and the amount you want to transfer.
• Step 5: Check that the transfer falls within the Bankwest transfer limit. If not, and you want to transfer more, complete the extra security steps (secret questions or SMS code).
• Step 6: Check your details, confirm, and send the payment.

Send large amount transfers internationally with Wise

Avoid high fees, exchange rate markups, and daily limits on your international transfers. If you are going to send a large sum of money to someone, especially if it’s overseas, it’s worth looking at Wise as a cost-effective alternative. Wise is an easy way to save up to 3x when sending money overseas. You can make extra secure transfers to 140+ countries, which are easy to set up with no physical paperwork and completed usually in seconds.

With low, transparent pricing and the mid-market exchange rate for all your currency conversions for your foreign transfers, you'll usually get the best value for your money. Wise lets you see exactly what you're paying for a transfer, and what the recipient will get, with no hidden fees.

For managing foreign currencies even easier, create a free Wise account, and you'll be able to manage and convert your money in AUD and 40+ other currencies. Plus, you'll get local account details in 8+ currencies, making it easy to receive money from abroad whenever you need. You'll be able to track your transfers all in one place.

When it comes to international transfers, Wise makes things easier and cheaper.

📤 Send money with Wise

💵 Moving big money? Send over 20,000 GBP or equivalent within a month with Wise, and you'll get even lower fees - as low as 0.1% - for all your transfers that month. Whether it's one large transfer or multiple smaller ones in any of the global currencies we support, you can save more with Wise.

👉🏻 Learn more about large amount transfers with Wise

How long do large transfers take with Bankwest?

How long does Bankwest take to transfer money? This depends on whether it is a domestic or international transfer. Here’s what you need to know:

Bankwest’s large transfers - Fees and limits

Let’s look at the Bankwest international transfer fee structure³.

Bankwest domestic transfer daily limits

Note: You can confirm the transfer limit that applies to your transaction in your online banking account or app. Navigate to Payments and then choose Payment Limits.

Bankwest International transfer fees

If you’re a Bankwest customer, there’s no charge to receive an international transfer. Bankwest also absorbs the fees that other banks can add for foreign currency transfers.

To send money overseas, customers can use an international money transfer via a third-party provider like Wise. Third parties may apply their own costs and fees, so customers should check these details directly before initiating the transaction.

🌎 Enjoy low, transparent fees on your international large amount transfers 🌎

Send money with Wise 🚀