Westpac International Money Transfer: Are there cheaper alternatives?

Westpac, 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

User Rating
TrustPilot or Feefo User Ratings
Transfer Type
Coupon
Fee
Speed
Regular Payments
Mobile App
Min Transfer Amount

WorldFirst

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

XE.com

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

TorFX (Aus / NZ)

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.

FlashFX

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

User Rating
TrustPilot or Feefo User Ratings
Transfer Type
Coupon
Fee
Speed
Regular Payments
Mobile App
Min Transfer Amount

OFX (AUS/NZ)

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

TransferWise

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

CurrencyFair

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

WorldRemit

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

	Transfer Fees	Maximum Daily Transfer Limit
United Kingdom	AU $5	AU $3,000
Europe	AU $8	AU $3,000
Philippines	AU $8	AU $3,000
India	AU $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:


AED	United Arab Emirates dirham
BND	Brunei darussalem
CAD	Canadian dollars
CHF	Swiss francs
CNY	Chinese yuan
DKK	Danish kroner
EUR	Euros
FJD	Fijian dollars
GBP	British pounds
HKD	Hong Kong dollars
INR	Indian rupees
JPY	Japanese yen
LKR	Sri Lankan rupees
NOK	Norwegian krone
NZD	New Zealand dollars
PHP	Philippine pesos
PKR	Pakistani rupees
SAR	Saudi Arabian riyals
SBD	Solomon Island dollars
SEK	Swedish kroner
SGD	Singaporean dollars
THB	Thai baht
TOP	Tongan pa'anga
USD	U.S. dollars
VUV	Vanuatu vatu
WST	Samoan tala
XPF	CFP franc
ZAR	South African rand

Westpac also provides foreign currency accounts in:


CAD	Canadian dollars
CNY	Chinese yuan
DKK	Danish kroner
EUR	Euro
GBP	Great British pounds
JPY	Japanese yen
NOK	Norwegian kroner
NZD	New Zealand dollars
SGD	Singapore dollars
USD	United States dollars
ZAR	South 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 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 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 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

WorldFirst 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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