Westpac international transfer: Fees, rates, and transfer time

Are you looking to send money overseas? When you do, your first instinct may be to use your bank for convenience's sake. But you need to ask yourself whether that’s really the best option.

In this guide, we’ll break down international transfers with Westpac NZ, including the fees, exchange rates, and what you need to do. We’ll also compare it to Wise, so you can form a better idea of whether Westpac is the right choice for your needs.

Can I make an international transfer with Westpac?

With Westpac, New Zealanders can send and receive international money transfers.¹ It can be done in person or online, with certain fees applying depending on the circumstances.

How to make International transfers with Westpac

International transfers with Westpac can be done online or in person, with the steps varying depending on what you’re doing. Receiving money is easiest, but sending money is relatively straightforward, too.

Sending money abroad with Westpac

To send money abroad, it’s best to do it online through Westpac One Online Banking or the Westpac One App.¹

Before you start the process, make sure you’ve registered your mobile number with Online Guardian Security so that a text verification code can be sent to your phone. You also want to make sure you have all the details you need to make the transfer:

• Bank and branch details for the recipients
• Bank account details
• recipient's full name and address

Be aware that if you haven’t provided Westpac with your proof of address and ID, they may suspend your access to international payments. If this happens, you should visit a branch to complete the verification process.

Once you’re ready to send money abroad with Westpac, you can do it with the app or through your online banking.²

Sending money overseas with the Westpac One app

These are the steps for sending money internationally with the Westpac app:

1. Choose “Pay & Transfer.”
2. Select “Overseas payments.”
3. Press “From” and choose the account to pay from.
4. Under “Pay to,” choose “Overseas account,” then the country you want to send to.
5. Choose the currency.
6. Follow the prompts to input the payment information.
7. Confirm how you want to pay the processing fee.
8. Check the summary and indicate whether you want an email confirmation.
9. Press “Send code.”
10. Enter the one-time code sent to your phone to authorise the payment.
11. View the rates.

If you’re happy with the rates, you can press “Confirm and Pay” to confirm the transfer.

Sending money abroad with Westpac One online banking

This is what you need to do to send money abroad using Westpac online banking:

1. Choose “Pay & Transfer.”
2. Click “From” and choose the account to pay from.
3. Under “Pay to” choose “New or Overseas.”
4. Select “Overseas account” then the country.
5. Under “Send currency,” choose the currency.
6. Follow the prompts to input the payment information.
7. Confirm how you want to pay the processing fee.
8. Check the summary and indicate whether you want an email confirmation.
9. Press “Send code.”
10. Enter the one-time code sent to your phone to authorise the payment.
11. View the rates.

If the rates are acceptable, simply click “Confirm and Pay” to finalise the transfer and send your funds on their way.

Sending money abroad with Westpac without internet banking

If you don’t have access to Westpac One or a way to get a verification code, it’s possible to organise the payment manually. To do this, you can visit a branch in person or complete the Outward Telegraphic Transfer Request form and email it to Westpac.

Receiving money from abroad with Westpac

To receive money from abroad, you just need to provide the sender with this information:¹

• Bank name, which is Westpac New Zealand Limited
• Westpac New Zealand BIC/SWIFT code
• Your full name and address
• Bank account and branch number

Be aware that inbound payments in a different currency to your account will be automatically converted by Westpac using their foreign currency exchange rate. If you have foreign currency coming in that you don’t want auto-converted to NZD, you may need to consider a multi-currency account like the one offered by Wise.

Westpac international transfer fees

As you might expect, Westpac charges some fees for sending money in and out of New Zealand. These types of transfers are called telegraphic transfers, and Westpac has a specific fee schedule for them.

These are the main telegraphic transfer fees that may apply.³

As you can see, the fees vary depending on how the transfer is initiated and who’s involved. There’s also an additional fee of $25 that you can opt to be charged if you want Westpac to cover their correspondent bank’s fee.

Be aware that some transfers may be exempt from fees. For example, there are no fees for inbound transfers from Westpac Australia or for transfers out to the Cook Islands, Tonga, Samoa, American Samoa, Vanuatu, Kiribati, New Caledonia, French Polynesia, Papua New Guinea, Solomon Islands, Tuvalu, and Fiji using Westpac One.

Westpac’s exchange rate

Unfortunately, Westpac doesn’t make it clear where its exchange rate comes from, or whether a margin is included. To find out, you could compare Westpac’s rate to the mid-market exchange rate.

The mid-market rate is the midpoint between the buy and sell prices on the global currency market. It’s widely considered the fairest rate, and it’s the one Wise always uses. Wise also updates the rate in real time whenever the market is open, so what you’re getting is up to date.

Money transfer comparison: Westpac vs Wise

To give you a clearer picture of the value on offer, here’s how a 1,000 NZD transfer to an AUD account in Australia with Westpac compares to using Wise, who uses the mid-market rate.⁴

Taking a look at the exchange rates, there is a difference between what Wise offers and what Westpac is giving. This indicates there is likely a markup applied to the Westpac exchange rate, which is often done in lieu of an explicit foreign currency exchange fee.

In this instance, Wise clearly offers the better value; the fees are lower, and the recipient gets more. It shows why it’s always worth comparing providers before deciding who to use for an international money transfer.

Save on international transfers with Wise's low fees and mid-market exchange rate

Wise is an easy way to save up to 6x 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 NZD 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

FAQs

How long does an international transfer with Westpac take?

Westpac doesn’t provide a timeframe for how long it takes for money to be sent abroad. Speaking generally, telegraphic transfers usually take 1-5 business days, but it depends on various factors like the destination country, sending cut-off times, which intermediary banks are involved, if there are extra compliance checks, and the inbound processing times of the recipient's bank.

When you receive an international payment to your Westpac account, those funds will usually be available on the same business day that Westpac receives them. Sometimes it takes longer, especially if there’s a delay with other parties involved in the transfer.

Westpac’s contact information

The easiest way to get in contact with Westpac in New Zealand is to give them a call during their service hours. You’ll find the most up-to-date details on their website.