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 RatingTrustPilot or Feefo User Ratings
- Transfer Type
- Coupon
- Fee
- Speed
- Regular Payments
- Mobile App
- Min Transfer Amount
WorldFirst

- 9.2/10
- Online
PhoneOne off transfers Regular transfers Forward contracts Currency options - NO FEES
- 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 OnlyOne off transfers Phone assistance available
- 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
PhoneOne off transfers Regular transfers Rate Watch Limit Orders Forward Contracts - NO FEES
- NO FEEThey 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
- NO FEEFlashFX does not charge transfer fees to process overseas money transfers.
- 1 Day
- AUD 200

- User RatingTrustPilot or Feefo User Ratings
- Transfer Type
- Coupon
- Fee
- Speed
- Regular Payments
- Mobile App
- Min Transfer Amount
OFX (AUS/NZ)

- 9.1/10
- Online
PhoneOne off transfers Regular transfers - First 2 Transactions Free
- 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 OnlyOne 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. - ~0.5%Min and Max Fees apply.. Learn More
- 1 - 2 Days
- £1 / $1Min and Max Fees apply.. Learn More
CurrencyFair

- 9.2/10
- Online
Phone AssistanceOne off transfers Regular transfers - 3 Transfers Fee Free!
Your first Three Transfers Fee Free! Learn more - €3Euro Equivalent. Learn more
- 1 - 2 DaysPriority 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.
- €8Euro Equivalent. Learn more
WorldRemit

- 9.4/10
- Online OnlyOne off transfers Phone assistance available
- First Transfer Fee Free.
Your first overseas transfer Fee Free! Learn more - $3 - 4For 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.
Learn More
- Is HiFX similar to MoneyGram?
- Is CurrencyFair’s competition up to the task?
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