Westpac large amount transfers. How do they work

From sending money as a birthday gift, paying bills or reimbursing someone for a shared meal, sending small sums of money online with your chosen bank is convenient and usually straightforward.

However, if you need to send a larger sum, either in Australia or overseas, things can be a little more involved. In this guide, we’ll take a look at the limits, fees and key watchpoints for sending large transfers with Westpac. From $5000 to $50,000 or more we’ve collected the details you need to know regarding large transfers with Westpac.

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Can you send large transfers with Westpac?

Yes, Westpac permits and facilitates larger transfers, though there are limitations and often fees involved with this. We will go into more detail regarding these below.

Transfer limits with Westpac?

Westpac does not currently publish what their transfer limits are for domestic payments, only that the default daily limit of AUD$750 can be raised by logging into your Westpac account. They do advise that either a Westpac Protect™ Security Code or SecurID® Token will be required to approve your requested change.¹

For international transfers, the maximum amount you are permitted to send in any single transaction is AUD$2,000,000 or equivalent.² Similar to domestic transfers, a Westpac Protect™ SMS Security Code or SecurID® Token will be required to approve these.

With regards to phone banking, Westpac advises there is a maximum transfer limit of AUD$100,000 per transaction. However, they do not state whether this is specific to transfers within Australia or overseas.³

What if I need to send more than these limits?

Should you need to send more than the available limits offered by Westpac online, it is recommended to speak with them by phone or in-branch.

Where they are unable to facilitate a higher limit for a single transaction, you may need to consider sending several transfers over multiple days instead. It is advisable to speak with Westpac if this is required as this can help to avoid them being marked as suspicious or duplicate transactions.

Westpac large transfer fees

Domestically, there are no fees advertised with Westpac for any transfers processed online. For large transfers within Australia that require assistance and those for overseas, the following fees will be applied, regardless of the amount being transferred.⁴

As seen on 21 October 2024

Please note additional fees charged by the corresponding bank or intermediaries involved in the transfer may also apply. You should review all estimated charges and how these are paid before finalising a transaction to ensure the recipient will receive the expected amount.

How to make a large transfer with Westpac?

To make large domestic or international transfers online you will first need to make sure you have signed up for Westpac Protect so you can receive the necessary security codes.

You will then need to log in to your Westpac Online Banking Account or Westpac Banking App and ensure your payment limit is set to the required level. For domestic transfers, you can then follow the same process you would usually use when sending money in Australia.

For overseas transfers, you will need to⁵:

1. Sign in and go to Payments followed by:

• Make a payment > International in Westpac Online Banking or
• Payments > Send Overseas in the Westpac App

1. Select the country you wish to send the funds to and which account you will be sending from.
2. Nominate the date for the payment.
3. Check the payment currency and enter the amount to transfer.
4. Review the currency, conversion rate, amounts and fees.
5. Choose who to pay (or set up a new payee, you will need full name, address, account number, IBAN/SWIFT/BIC code)
6. Enter a description. You may also be asked to select a reason for the payment based on where you are sending the money to.
7. Review your transfer details and currency carefully and select Confirm to submit your payment. A security SMS may be sent with a passcode to verify your request.

As noted above, if you are not approved to transfer a large amount, you will need to visit a branch or call the Westpac customer care team for assistance.

How long do large transfers take with Westpac?

For transfers within Australia, funds may be available in the recipient's account immediately or same day, particularly if sending to a Westpac account. However, delays can occur with some taking a few days to complete.

For international transfers, Westpac advises that these should be completed within 1 to 3 business days.⁵

As banks traditionally only process transfers on business days, any transactions made on weekends or public holidays should be expected to take longer.

What if your payment is on hold

When transferring funds, the payment may not always be immediately approved and may appear as pending in your account.

This is more common with international transactions and is usually indicative of the bank doing several checks to verify whether the transfer request is legitimate. Typically resolved within 24 to 48 hours, your bank may also call you to check any details as needed.

Is Westpac safe for large transfers?

One of Australia’s Big Four banks, Westpac is a trusted and secure provider for large transfers both in Australia and overseas.

Westpac utilises 24/7 monitoring and fraud detection technology alongside security guarantees.⁶

Are there any legal limitations on how much I can transfer?

No, Australia’s financing regulator and specialist financial intelligence unit, AUSTRAC places no limits on how much money you can transfer at any one time. This means that any limits provided are only specific to Westpac or your chosen bank.

Additionally, if the funds are moved via a bank or remittance service provider, regardless of where you send money or how much, AUSTRAC does not require you to report or declare this.⁷

Keep in mind

Preparing to move a large sum overseas or within Australia? Here are some final things to be mindful of:

• If transferring overseas, be sure to check the exchange rate being used and how this will affect the amount you are sending or what is received
• Westpac do not specify upper limits for domestic transfers so you will need to check what is permitted from within your account or call for advice
• For international transactions correspondent or intermediary bank transfer fees may also apply to your transaction
• For security purposes, once your transfer is finalised it is recommended to lower any raised limits back to their default level
• Westpac, like most banks only facilitates international transfers to specific countries so always check your destination is allowed before deciding if this is the right solution for you

Contacting Westpac

To speak with Westpac about making large transfers in Australia or to an overseas account, you can do so via:

• 132 032 between 8 am to 8 pm AEST, Monday to Friday
• +61 2 9155 7700 from overseas

Alternatively, you can speak with Westpacs virtual assistant for advice through the app or when logged into Online Banking.

Send money the Wise way

Send money with Wise and you get the mid-market exchange rate, which means no surprise mark-up on your currency conversions. Fees are clear and shown upfront.

Wise is a specialist in sending large amounts overseas, securely. The added bonus is that with a sliding fee scale, the more you send, the more you save. The exchange rate is always based on the mid-market rate.

In Australia, Wise is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL number 513764).

It’s super easy to arrange a payment with Wise. Once your account is approved, you can set one up in minutes, without the need to visit a physical branch in person.

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Please see Terms of Use and product availability for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

This article is purely for general information purposes and is not to be taken as financial advice. We recommend that you obtain independent financial advice before making any form of decision.

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