Best Exchange Rates

Westpac Bank Exchange Rates

Categories: Banks, Reviews

Westpac Exchange Rates Explained and Compared

Foreign currency exchange is an integral part of international travel. If you aren’t keen on carrying foreign currency in the form of cash, you can buy a travel card or opt for International Money Transfers. Whatever your preferred product, you’ll require a basic understanding of foreign exchange rates to perform a transaction efficiently.

Westpac offers several foreign exchange services for the convenience of its clients. Their most sought after products include cash, Travel cards, and International Money Transfers. Although you might feel overwhelmed when you hear terms like foreign exchange rates, international money transfer, loading travel card and so on, you need not worry.

This article will help you gain an insight into the seemingly complex world of foreign exchange rates. Soon, you’ll be able to understand and compare the Westpac exchange rates for Travel Money (cash), Travel Cards and International Money Transfers. As a result, you will learn to:

  • Find the right exchange rate as per your need
  • To calculate currency conversion by using the exchange rates
  • Compare the Westpac exchange rates to the rest of the options available
Westpac FX screenshot
Westpac FX website

Components that decide exchange rates

In broad terms, exchange rate refers to the value of currency for conversion into another currency. There are three main factors, which decide the exchange rates. They are:

  • The currency itself
  • Type of transaction – buy or sell
  • Product purchased (cash, travel card or bank transfer) Let’s now consider each of these factors in detail.

Before you proceed further, take a look at the table below. It lists the exchange rates of various currencies on a given day.

Currency

The exchange value largely depends on the currency you wish to buy or sell. As you know which country you’d be travelling to, you’ll know the currency you need. For example, if you are travelling to the US, you’ll need USD and if travelling to the European nations, you’ll need the EURO (EUR). Once you know the currency you need, all you have to do is check the rates relevant to that currency. So, if you are travelling to the US, in the above table, you’ll check the row showing rates of USD only. If travelling to the UK, check the rates of GBP only.

Type of transaction

Now that you’ve identified the foreign currency you need, the next step is to decide what you want to do with it. As you will be travelling to the foreign country, it is obvious that you’ll be buying the foreign currency. The exchange rates for buying foreign currency can be found under the column – ‘sending money overseas or buying travel money’. As you can see, there are slight differences in the rates offered for each option across a currency.

Alternatively, if you have come back from a trip and have some excess foreign currency with you, you’ll wish to sell it. In that case, you’ll have to refer to the rates under the column ‘Have foreign currency to convert?’  Choose the rates applicable to the foreign currency in your hand for conversion.

Product required

The third factor that determines exchange rates is the type of product you wish to buy. Typically, the rates change according to the product you choose. While buying cash can look like a better option, it might not be wise to carry all the foreign currency in cash. Travel cards are useful and hassle-free but might work out costly. It might not be practical to go for IMT every time you want to buy something. So, the best idea is to use a combination of the three. Carry some cash, load a travel card and arrange for IMT wherever required.

Calculating the Exchange Rates

As you have understood the determinants of exchange rates, let’s take it a bit further and see how you can find answers to some common questions raised while calculating the exchange rates.

How much Currency will my money buy?

If you have a certain amount of money you wish to convert, use the following formula to calculate how much foreign currency you will receive:

Australian Dollars with you*exchange rate = Currency You Will Receive

For example, if you have 1000AUD and you wish to buy EUR at a rate of 0.6054 then the amount of EUR you will receive is 605.4 (1000*0.6054 = 605.4)

How much AUD would you need to buy a certain amount of foreign currency?

Take another scenario where you know the exact amount of foreign currency you need. In that case, you can find the cost in AUD by using the following formula:

AUD required = Amount of foreign currency you need/ exchange rate

If you need 2500 GBP and the exchange rate is 0.5374, then the amount of AUD you’ll need will be 4652.02 (2500/0.5374 = 4652.02)

What is the cost to send a certain amount of currency overseas?

You wish to send a specific amount of currency aboard. What will be the cost in AUD? This scenario is same as buying travel money. So, the formula for calculation would be:

AUD required = Amount of foreign currency you need/ exchange rate

How to calculate the value of currency received from overseas?

While receiving currency from overseas, you can use this formula to calculate how much you will receive in Australian dollars:

Amount of foreign currency received / exchange rate = AUD received

If you received 5000 USD through bank transfer while the exchange rate was 0.7979, you’ll receive 6266.44 AUD (5000/0.7979 = 6266.44).

So, you’ve now seen that currency conversion calculation is easy. All you have to do is match your product with the right exchange rate. In general, the rule would be:

  • To convert AUD into foreign currency, multiply it by the exchange rate
  • To convert foreign currency into AUD, divide it by the exchange rate

In this context, you should also remember that the exchange rates vary across the currencies, type of products and the type of transaction. You can use a combination of products to make the best of the rates. Also, it is always better to get your currencies converted at the branch.

Westpac Bank Exchange Rates

Foreign Transfers

Travel Money

Travel Cards

Use our calculators to compare Westpac bank exchange rates to FX specialists. Quickly calculate how much you could save on your next foreign transfer or travel money purchase.

For more information on Westpac exchange rates and international travel and transfer services visit Westpac here

Average rating out of 5 stars

4 Reviews for “Westpac Bank Exchange Rates”

  1. Raj Mavath says:

    I like transfer funds to UAE in Dirhams.
    There is no drop down provsions on the internet for Dirhams

    0
  2. Dave Traveller says:

    Consistently the worst exchange rates and fees. I lived overseas in Thailand for 6 months, and had to withdraw from my Westpac account often. Cost me a lot of money, therefore I would always look elsewhere for ways to deal with foreign exchange in the future. Poor form Westpac.

    0
  3. greg says:

    made 4 transactions, was stung with 8 lots of fees resulting in an incorrect amount arriving at the destination and with the terrible exchange rate the hole thing is costing me more than $600 extra and leaving me with $100 more to send which will cost $145 after all the fees. over all a terrible experience.

    0
  4. fish5 says:

    Used Westpac to send money to South Africa the rate was ok but ended up paying some correspondant and intermediary fees so the amount that arrived in SA wasn’t what I expected

    2

Leave a Review

Your email address will not be published. Required fields are marked *


BER Newsletter

Subscribe for the latest exchange rates, currency news and special offers directly to your inbox.

Best Exchange Rates - We make it Easy to Compare Exchange Rates & Fees of Banks and Currency Exchange & Payment Providers


Level 2, AMP Tower, 50 Bridge Street, Sydney, NSW 2000, Australia

Disclaimer | Copyright | Privacy Statement


DISCLAIMER

Best Exchange Rates is an information only service. By browsing on the website, using our comparison tools or FX provider referral service, you are asking Best Exchange Rates to provide you with information about currency exchange products & services from multiple financial institutions.

We will try to show you a range of products & services in response to your request for information. The search results do not include all providers and may not compare all features relevant to you. In giving you product information we are not making any suggestion or recommendation to you about a particular product.

If you decide to conduct foreign exchange you will deal directly with a financial institution, and not with Best Exchange Rates. Rates and product information should be confirmed with the relevant financial institution, see our terms of use for further details.

Best Exchange Rates may receive fees or other benefits in relation to activity on the Best Exchange Rates website. Best Exchange Rates may receive remuneration for vendor referral links. Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.

Read our Full Terms of Service



COPYRIGHT

This website and its contents are the copyright of BEST EXCHANGE RATES PTY LTD © 2009-17. All rights reserved.

Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following. You may print or download contents to a local hard disk for your personal and non-commercial use only. You may copy some extracts only to individual third parties for their personal use, but only if you acknowledge the website as the source of the material.

You may not, except with our express written permission, distribute or commercially exploit the content. You may not transmit it or store it on any other website or other form of electronic retrieval system.

For more details or request distribution right please contacxt us here.