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Home » Money Transfer Comparison » Which Westpac International Money Transfer Alternatives Will Work Best for You?

Which Westpac International Money Transfer Alternatives Will Work Best for You?

November 11, 2018 by iCompareFX Leave a Comment

Compare Westpac Competitors with Best International money Transfer companiesWestpac, an Australia-based bank and financial-services provider, gives its customers the ability to send and receive money to and from a number of countries. It is part of the “big four” banks of Australia, the other three of which include the National Australia Bank (NAB), the Commonwealth Bank (CBA), and the Australia and New Zealand Banking Group (ANZ). Typically, all four tend to provide similar exchange rates.

Westpac Exchange Rates, Fees, and Supported Currencies

Westpac lets you view existing exchange rates using its online currency converter. If you use the bank’s LitePay International Payments platform, you may send money to the United Kingdom, most countries in Europe, the Philippines, and India.

Transfer fees and maximum daily transfer limits for transfers made through the LitePay International Payments platform are listed in the corresponding table.

Westpac Competitor Comparison Table

Transparent spacing image size 100x150
  •    User Rating 
    TrustPilot or Feefo User Ratings
  •    Transfer Type
  •    Coupon

  •    Fee
  •    Speed
  •    Regular Payments
  •    Mobile App
  •    Min Transfer Amount

WorldFirst

World First Currency Transfer Logo 2018 150x100
  • 9.2/10
  • Online
    Phone
    One off transfers Regular transfers Forward contracts Currency options
  • NO FEES
  • Visit Website
  • NO FEES
    .
  • 1 - 3 Days
  • Their website is responsive so it auto-scales to your screen size.
  • £1000 / $1000 / €1000 / AUD$2000
Visit Website

XE.com

XE Money Transfer Logo 100x150
  • 9.1/10
  • Online Only
    One off transfers Phone assistance available
  • Visit Website
  • XE.com transaction fees are contained within the exchange rate offered.
  • 1 - 5 Days
  • Regular payments to PayPal registered merchants is possible.
    Regular payments to family or friends PayPal accounts is not currently possible.
  • Their website is responsive so it auto-scales to your screen size.
  • €/£/$1
Visit Website

TorFX (Aus / NZ)

TorFX International Wire Transfer Logo 100x150
  • 9.5/10
  • Online
    Phone
    One off transfers Regular transfers Rate Watch Limit Orders Forward Contracts
  • NO FEES
  • Redeem Coupon
  • NO FEE
    They charge no fees on 90% of transactions. If fees apply you are informed upfront.
  • 1 - 3 Days
  • Their website is responsive so it auto-scales to your screen size.
  • $100
    $2000 and over for phone assistance.
    $50 - $10,000 via the TorFX online.
Visit Website

FlashFX

FlashFX Logo 150x100px
  • 9.6/10
  • Online Phone
  • Visit Website
  • NO FEE
    FlashFX does not charge transfer fees to process overseas money transfers.
  • 1 Day
  • AUD 200
Visit Website

Transparent spacing image size 100x150
  •    User Rating 
    TrustPilot or Feefo User Ratings
  •    Transfer Type
  •    Coupon

  •    Fee
  •    Speed
  •    Regular Payments
  •    Mobile App
  •    Min Transfer Amount

OFX (AUS/NZ)

OFX Orange logo text small 100x150
  • 9.1/10
  • Online
    Phone
    One off transfers Regular transfers
  • First 2 Transactions Free
  • Redeem Coupon
  • AUD$15
  • 1 - 3 Days
  • Their website is also responsive so it auto-scales to your screen size.
  • AUD$250
Visit Website

TransferWise

TransferWise logo size 100x150
  • 9.3/10
  • Online Only
    One off transfers Regular transfers
  • First £3,000 Fee Free!
    First TransferWise transfer is free up to £3,000 or other currency equivalent. E.g. USD$4,500, AUD$6,000, €4,000.
  • Redeem Coupon
  • ~0.5%
    Min and Max Fees apply.. Learn More
  • 1 - 2 Days
  • £1 / $1
    Min and Max Fees apply.. Learn More
Visit Website

CurrencyFair

CurrencyFair Comparison Matrix Logo
  • 9.2/10
  • Online
    Phone Assistance
    One off transfers Regular transfers
  • 3 Transfers Fee Free!
    Your first Three Transfers Fee Free! Learn more
  • Redeem Coupon
  • €3
    Euro Equivalent. Learn more
  • 1 - 2 Days
    Priority 1-Day transfers are available at extra cost

    NEW Automatic QuickTrade feature could take as little as 1 hour!
  • Their website is also responsive so it auto-scales to your screen size.
  • €8
    Euro Equivalent. Learn more
Visit Website

WorldRemit

WR-Logo-100x150px3Optimised
  • 9.4/10
  • Online Only
    One off transfers Phone assistance available
  • First Transfer Fee Free.
    Your first overseas transfer Fee Free! Learn more
  • Redeem Coupon
  • $3 - 4
    For example. Sending €10,000
    from Australia would incur
    €50 fee + 4-5% exchange
    rate fee on top of market rates.
  • 1 - 3 Days
  • Regular payments to PayPal registered merchants is possible.
    Regular payments to family or friends PayPal accounts is not currently possible.
  • Their website is responsive so it auto-scales to your screen size.
  • €/£/$1
Visit Website
Transfer FeesMaximum Daily
Transfer Limit
United KingdomAU $5AU $3,000
EuropeAU $8AU $3,000
PhilippinesAU $8AU $3,000
IndiaAU $5 (Australian dollar equivalent of INR 150)AU $3,000

The list of supported countries for international payments is considerably longer, and the supported currencies include:

AEDUnited Arab Emirates dirham
BNDBrunei darussalem
CADCanadian dollars
CHFSwiss francs
CNYChinese yuan
DKKDanish kroner
EUREuros
FJDFijian dollars
GBPBritish pounds
HKDHong Kong dollars
INRIndian rupees
JPYJapanese yen
LKRSri Lankan rupees
NOKNorwegian krone
NZDNew Zealand dollars
PHPPhilippine pesos
PKRPakistani rupees
SARSaudi Arabian riyals
SBDSolomon Island dollars
SEKSwedish kroner
SGDSingaporean dollars
THBThai baht
TOPTongan pa'anga
USDU.S. dollars
VUVVanuatu vatu
WSTSamoan tala
XPFCFP franc
ZARSouth African rand

Westpac also provides foreign currency accounts in:

CADCanadian dollars
CNYChinese yuan
DKKDanish kroner
EUREuro
GBPGreat British pounds
JPYJapanese yen
NOKNorwegian kroner
NZDNew Zealand dollars
SGDSingapore dollars
USDUnited States dollars
ZARSouth African rand

While overseas money transfer services provided by Westpac might work well for some customers of the bank, it might be worth your while to take a look at what its competition has to offer.

The corresponding table serves as a good starting point when narrowing down on a suitable Westpac competitor.

  • Start by selecting a region according to the country of your residence.
  • Make a shortlist depending on your desired transfer method.
  • Check transfer fees and speed.
  • Determine if you meet minimum transfer requirements.
  • Look for suitable alternatives if you wish to use an app for iOS or Android.

OFX

OFX.com - Competitor of WorldRemit money exchange Services WorldwideOFX is an Australia-based alternative to Westpac that has been around since 1996. However, it operated as an information-only website before venturing into the world of overseas money transfers. Now, the company also has offices in New Zealand, the UK, the U.S., Canada, and Singapore. You may register with OFX as an individual, a business, or an online seller. It operates dedicated websites for different countries.

Pros

  • Serves individuals, businesses, and online sellers
  • Headquarters in Australia, offices also in New Zealand, the UK, the U.S., Canada, and Singapore
  • Operates dedicated websites for Australia, New Zealand, the UK, the U.S., Canada, Hong Kong, and Singapore
  • No fees for personal transfers
  • Lets you schedule transfers easily
  • Provides spot transfers, forward contracts, and market orders
  • Initiate transfers online or over the phone
  • Residents of some countries get local phone support

Cons

  • No agent network for cash transfers
  • Access to all OFX websites comes only in English
  • Transferring some currencies is possible only over the phone

TorFX

TorFX - Competitor of WorldRemit money exchange Services WorldwideTorFX is a UK-based alternative to Westpac that has an office in Australia. This company began operations in 2005. It serves individuals and businesses. Personal transfers come with no fees. While the company’s UK-based website caters to a global audience, it also operates a dedicated website for residents of Australia.

Pros

  • Register as an individual or a business
  • Fee-free personal transfers
  • Lets you schedule transfer with ease
  • Provides spot transfers, forward contracts, limit orders, and stop loss orders
  • Residents of the UK may use its travel money services

Cons

  • Offices only in the UK and Australia
  • No agent network for cash transfers
  • Access to both TorFX websites comes only in English

TransferWise

TransferWise - Competitor of WorldRemit money exchange Services WorldwideTransferWise is a UK-based overseas money transfer company that began operations in 2011. Now, it also has offices in Australia, Estonia, Ukraine, Hungary, the U.S., Japan, Hong Kong, Singapore, Malaysia, and the United Arab Emirates. This company serves individuals, businesses, and online sellers. It operates dedicated websites for different countries, which include Australia. You may access TransferWise websites in multiple languages. The TransferWise Borderless account gives businesses and online sellers access to free receiving accounts in various currencies.

Pros

  • Sign up as an individual, a business, or an online seller
  • Simplify registering by using your existing Google, Facebook, or PayPal account
  • Headquarters in the UK, offices also in Australia, Estonia, Ukraine, Hungary, the U.S., Japan, Hong Kong, Singapore, Malaysia, and the United Arab Emirates
  • Operates multilingual dedicated websites for various countries, some of which include Australia, New Zealand, the UK, the U.S., Brazil, India, Singapore, and Japan
  • Residents of some countries may pay using credit cards
  • Use the Borderless Account to hold money and transact in different currencies

Cons

  • Not all countries supported by the TransferWise peer-to-peer (P2P) network
  • Does not allow scheduling of transfers
  • No forward contracts or market orders
  • No agent network for cash transfers
  • The currencies involved as well as desired payment and transfer methods may affect transfer fees

CurrencyFair

Headquartered in Ireland, this Westpac competitor has been around since 2009. Now, it also has offices in Australia and the UK. CurrencyFair provides services for individuals and businesses. It provides website access in different languages. This company lets its customers bid for preferred rates by using the Exchange platform.

Pros

  • Register as an individual or a business
  • Headquarters in Ireland, offices also in Australia and the UK
  • Minimum transfer amount is €8
  • Bid for preferred rates
  • Multilingual website
  • Scheduling transfers is easy

Cons

  • No agent network for cash transfers
  • Does not provide forward contracts or market orders
  • Cannot use its services to send money from all states in the U.S.
  • You pay around 0.35% of the transfer amount plus €3 as fees

HiFX

This UK-based Westpac alternative began operations in 1998. HiFX now has international offices in Australia, New Zealand, and Spain. You may sign up as an individual or a business. All personal transfers are fee-free. The company operates dedicated websites for different countries.

Pros

  • Provides services for individuals and businesses
  • Headquarters in the UK, offices also in Australia, New Zealand, and Spain
  • Dedicated websites for Australia, New Zealand, the U.S., and the UK
  • No fees for personal transfers
  • Scheduling transfers is easy
  • Choose from spot transfers and forward contracts
  • Benefit through better than usual rates when carrying out large value transfers

Cons

  • No agent network for cash transfers
  • No multilingual website
  • Absence of apps for mobile devices

WorldRemit

Headquartered in the UK, WorldRemit also has offices in Australia, New Zealand, Japan, the U.S., and Canada. This Westpac competitor began operations in 2010. Unlike most prominent overseas money transfer companies, this one does not serve business clients. It has an extensive global agent network through which it facilitates cash transfers. The company operates a multilingual website.

Pros

  • UK-based, offices also in Australia, New Zealand, Japan, the U.S., and Canada
  • Low minimum transfer limit of £1
  • Send money to a bank account or an agent location
  • Top off mobile wallets and airtime of different service providers from some countries
  • Accepts payments via credit cards
  • Website access in different languages

Cons

  • Serves only individuals
  • Does not let you schedule transfers
  • No forward contracts or market orders
  • Where you live and the selected transfer method may affect sending limits
  • The currencies involved, the transfer method, and the payment method may affect transfer fees

WorldFirst

World First - Competitor of WorldRemit money exchange Services WorldwideWorldFirst is a UK-based company that also has offices in the Netherlands, the U.S., Japan, and Hong Kong. This Westpac alternative has been around since 2004. It provides services for individuals, businesses, and online sellers. The company operates multilingual websites dedicated for different regions. With the World Account, businesses and online sellers get free access to receiving accounts in various currencies.

Pros

  • Register as an individual, a business, or an online seller
  • Sign up for the World Account as a business or an online seller
  • Headquartered in the UK, offices also in the Netherlands, the U.S., Japan, and Hong Kong
  • Dedicated websites for the UK, the U.S. / Canada, the Netherlands, France, Singapore, and Japan
  • Website access in different languages
  • Fee-free thresholds in place for personal transfers
  • Schedule transfers with ease
  • Choose from spot transfers and forward contracts
  • Initiate transfers online or over the phone

Cons

  • No agent network for cash transfers
  • Where you live may have an effect on sending limits
  • Cannot use its services to send money from all states in the U.S.

Other Banks

If you look at alternatives to Westpac in the form of other Australian banks, you might find some that are more cost effective. However, specialist money transfer companies such as the ones discussed above provide bank-beating rates consistently, while charging little to no fees. If you wish to find a service provider that is better than Westpac, limiting your search to the specialists might be in your best interest.

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Learn More

  • Is HiFX similar to MoneyGram?
  • Is CurrencyFair’s competition up to the task?

Westpac Competitors Updates

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