Making international money transfers from Australia is a much easier process these days than in times gone by. However, with every bank leveraging its own...
Receiving money from overseas can sometimes not be as straightforward or cheap as receiving a local bank transfer. If you’re a customer with Bankwest, you can receive money from overseas into your bank account, however there are a few things you should know before getting any money sent.
This article will go through the fees, rates, and transfer times for receiving money from abroad into your Bankwest account.
|💸 Receive payments from abroad with tiny sender fees and at the real exchange rate. Just like the one you see on Google.|
You can receive money from abroad into your Bankwest account for a $10 fee. However, Bankwest indicate that extra fees may be incurred during the transfer.¹
International wire transfers are otherwise known as SWIFT transfers. SWIFT transfers have their own fee structure, and who is liable to pay the fees depends on how the transfer is set up by the sender.
The options that a sender can choose are represented as transfer fee codes of OUR, SHA and BEN. Here is a breakdown of what these codes mean.
|Transfer fee code||Fee responsibility|
|OUR||The sender of the international transfer pays all fees|
|SHA||The charges are shared between the sender and the beneficiary or recipient|
|BEN||The recipient pays all fees upon receiving the transfer|
Fees can be incurred after a transfer has been initiated and could be a nasty surprise for you or the sender if you aren’t aware of how a SWIFT transfer works. This is because transfers can go through either one or multiple member banks on its way to its final destination.
Fees vary as each SWIFT member bank charges different processing fees when a transfer passes through their institution.
Exchange rates that Bankwest uses when converting a foreign currency into AUD can be found here. Rates are updated each business day.²
Bankwest specifies that you can work out approximately how much AUD you’ll receive on any given day by dividing the rate specified in the table with the foreign currency amount you are being sent.²
Using Bankwest’s published rates for receiving an International money transfer (IMT), let’s go through some example transfers below by converting USD and GBP into AUD using their method. By doing this we’ll see how much you can expect to receive into your Bankwest account.
We’ll also use the real exchange rate Wise uses as a comparison to see how much you and your sender can save, if the money is sent using Wise. All the sender has to do is open and verify their Wise account and make the transfer to you through it.
The Wise rate is inverted and needs to be multiplied by the foreign currency amount.
You can check Wise pricing here.
|Transfer*||Receive IMT with Bankwest²||Receive money sent with Wise||Total savings using Wise|
|Receiving 1000 USD into AUD||Bankwest FX rate = 0.7321 |
$1365.93 AUD - $10 AUD fee
Total = $1355.93 AUD
|Wise FX rate using mid-market rate = 1.4146 |
1000 USD - 9.02 USD (wire transfer fee)
990.98 x 1.4146
Total = $1401.87 AUD
|Receiving 1000 GBP into AUD||Bankwest FX rate = 0.5889 |
= $1698.08 AUD - $10 AUD fee
Total = $1688.08 AUD
|Wise FX rate using mid-market rate = 1.757.95 |
1000 GBP - 4.35 GBP transfer fee
995.65 x 1.7656
Total = $1757.92 AUD
*Rates indicative for 20th May 2022
The above totals listed for Bankwest does not include any intermediary fees incurred during the transfer, so this may affect and reduce further, the total AUD you receive in your account.¹
Nonetheless, as you can see from the above table, getting your sender to use Wise to send money to you can save you quite a bit on the same transfer.
Many banks use the SWIFT/BIC system to make international transfers. Bankwest is no exception to this. Let’s go through what your sender needs to know when sending money to your Bankwest bank account.
As a Bankwest customer, to receive an international transfer, you’ll need to give your sender your bank details, which include¹:
- Bankwest SWIFT code: BKWAAU6P
- Your 13 digit Bankwest BSB and account number with no spaces or dashes
- Your own and bank’s address may be required by the sending bank
It's important that when giving these details, that you both discuss who is liable for any potential fees incurred during the transfer. .
SWIFT transfers can take anywhere from 3-5 business days.
There are several variables that influence how much you will receive in an international money transfer. Here are some other things to consider when deciding if receiving money directly into your Bankwest account is the right for you.
Bankwest does not denominate any limits for receiving money from abroad. However, Bankwest does specify that exchange rates may be different when receiving more than $250,000 AUD.²
Exchange rates are constantly moving, and Bankwest emphasise this in their terms and conditions stating²:
“exchange rates are subject to change without notice and are indicative only.”
Bankwest states in their terms that any additional deductions incurred from processing or receiving an overseas transfer is out of their control.¹
You can find all the ways to contact Bankwest here or contact them 24/7 by:
- Calling 13 17 19 from inside Australia
- Calling +61 8 9449 2840 from overseas
If you haven't gathered already, using Wise as an alternative to receive money from abroad can save you money. Wise always shows its fees upfront, so you and your sender can see exactly how much the transfer will cost from the get go.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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