Receiving money from abroad with Bankwest. The fees, rates, transfer time.

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.

Learn more about
Wise transfers

What is the fee for receiving an international transfer with Bankwest

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

Fee Structure of international SWIFT transfers

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.

Bankwest Exchange rates to receive money from abroad

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

Receiving USD or GBP from abroad with Bankwest vs Wise

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 1000 USD/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 See price calculation here.	$51.94 AUD
Receiving 1000 GBP into AUD	Bankwest FX rate = 0.5889 1000 USD/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 See price calculation here.	$69.84 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.

How to receive international transfer with Bankwest

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.

What details do I need to receive an international payment with Bankwest?

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. .

How long does it take to receive money from overseas?

SWIFT transfers can take anywhere from 3-5 business days.

Other things to consider when receiving international transfers with Bankwest

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.

Bank receiving limits

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 and currencies sent

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.”

Intermediary SWIFT bank and receiving bank fees

Bankwest states in their terms that any additional deductions incurred from processing or receiving an overseas transfer is out of their control.¹

Bankwest contact details

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

Wise as an alternative

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.

Even better, with a Multi-currency account from Wise you can get local virtual account details in Australian and US Dollars, Euros, Pounds Sterling and more.

Open your Wise account in minutes 🚀

---

Sources:

1. Bankwest receiving fees
2. Bankwest foreign currency rates
   Sources checked on: 20 May 2022