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Westpac Exchange Rates – BER Review

We take a look at Westpac bank exchange rates and focus on how Westpac foreign exchange services compare to the best available.

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Exchange Rates 1
Customer Service 1.3
Ease of Use 2.2

Westpac Exchange Rates Explained and Compared

Like all the leading banks, Westpac Bank offers a wide range of currency related products and services to its customers. If you are a customer of the bank and use internet banking to transfer money overseas then you will be interested to learn how Westpac exchange rates compare to other providers.

If you are looking to send money overseas through an International Money Transfer (IMT) or get travel money, read on to:

Westpac Bank AUD Exchange Rates

This table shows Westpac Bank exchange rates for foreign transfers and travel money. The percentages with the rates show how much margin the bank is charging compared to the market mid-rate. The table is updated hourly, for the latest comparison goto our comparison calculators for Westpac Foreign Transfers and Westpac Travel Money.

 
Westpac Exchange Rates (% margins to midrate)
 

Foreign Transfers - How does Westpac Rates & Fees Compare?

Foreign Transfer ProvidersReceive USD($)Exchange RateFee AUDTotal CostDeal Links
Westpac International Money Transfers
Westpac logo
6,722.53 USD
Compare
0.6736200.85%
OFX (OzForex) logo
6,726 USD
3.47 USD
0.67260^0.8%
ANZ Bank logo
6,561.17 USD
161 USD
0.6573183.23%
BankSA International Money Transfers
BankSA logo
6,529.91 USD
193 USD
0.654320.013.69%
Bank of Melbourne International Money Transfers
Bank of Melbourne logo
6,529.26 USD
193 USD
0.6543213.7%
Bank of Queensland logo
6,523.37 USD
199 USD
0.6543303.79%
Banks - Average Rate
National Australia Bank (nab) logo Westpac logo ANZ Bank logo Commonwealth Bank (CBA) logo St George Bank logo Bank of Queensland logo Bank of Melbourne logo BankSA logo
6,513 USD
210 USD
0.6526153.94%
National Australia Bank (nab) logo
6,473.73 USD
249 USD
0.6488224.52%
Commonwealth Bank (CBA) logo
6,389.16 USD
333 USD
0.63936 5.76%
St George Bank logo
6,374.23 USD
348 USD
0.6387205.98%
Westpac: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20
Exchange Rate:0.6736 (0.65% from mid-rate)
USD amount:6,722.53 USD
Total Cost:0.85%
Time:
Rate Fetched: website - Mon Apr 15 2019 01:04:04 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2/5.0
Reviews:
OFX (OzForex): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:0^ - No fees for BestExchangeRates users (normally $15 for transfers over $10K)
Exchange Rate:0.6726 (0.8% from mid-rate)
USD amount:6,726 USD
Total Cost:0.8%
Difference:
3.47 USD more than using Westpac
Time:
Rate Fetched: 0:35 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
ANZ Bank: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:18
Exchange Rate:0.6573 (3.05% from mid-rate)
USD amount:6,561.17 USD
Total Cost:3.23%
Difference:
161 USD less than using Westpac
Time:
Rate Fetched: website - Sun Aug 18 2019 00:03:04 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Reviews:
BankSA: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20.01
Exchange Rate:0.6543 (3.5% from mid-rate)
USD amount:6,529.91 USD
Total Cost:3.69%
Difference:
193 USD less than using Westpac
Time:
Rate Fetched: website - 0:35 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Bank of Melbourne: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:21
Exchange Rate:0.6543 (3.5% from mid-rate)
USD amount:6,529.26 USD
Total Cost:3.7%
Difference:
193 USD less than using Westpac
Time:
Rate Fetched: website - 0:35 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Bank of Queensland: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:30
Exchange Rate:0.6543 (3.5% from mid-rate)
USD amount:6,523.37 USD
Total Cost:3.79%
Difference:
199 USD less than using Westpac
Time:
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:15
Exchange Rate:0.6591 (2.79% from mid-rate)
USD amount:6,513 USD
Total Cost:3.94%
Difference:
210 USD less than using Westpac
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
National Australia Bank (nab): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:22
Exchange Rate:0.6488 (4.31% from mid-rate)
USD amount:6,473.73 USD
Total Cost:4.52%
Difference:
249 USD less than using Westpac
Time:
Rate Fetched: website - Sun Aug 18 2019 00:05:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2.1/5.0
Reviews:
Commonwealth Bank (CBA): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:6
Exchange Rate:0.6393 (5.71% from mid-rate)
USD amount:6,389.16 USD
Total Cost:5.76%
Difference:
333 USD less than using Westpac
Time:
Rate Fetched: website - Sun Aug 18 2019 00:02:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1.2/5.0
Reviews:
St George Bank: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20
Exchange Rate:0.6387 (5.8% from mid-rate)
USD amount:6,374.23 USD
Total Cost:5.98%
Difference:
348 USD less than using Westpac
Time:
Rate Fetched: website - 0:35 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Reviews:
 
Snapshot 08/18/2019 - See full table
Sending Money Abroad with Westpac Compared
 

Travel Money - Westpac Rates & Fees Compared

Travel Money ProvidersAmount USD($)Exchange RateFee AUDTotal CostDeal Links
Westpac Foreign Currency
Westpac logo
666.86 USD
Compare
0.6736A$101.64%
Travelex Online AU logo
660.20 USD
6.66 USD
0.6602$0 BPay, Card 0.72%-1%2.63%
ANZ Bank logo
650.73 USD
16 USD
0.6573A$104.02%
Banks - Average Rate
Westpac logo ANZ Bank logo Commonwealth Bank (CBA) logo St George Bank logo National Australia Bank (nab) logo Bank of Melbourne logo BankSA logo
645.26 USD
22 USD
0.6532104.83%
Bank of Melbourne Foreign Currency
Bank of Melbourne logo
644.49 USD
22 USD
0.6543A$154.94%
BankSA Foreign Currency
BankSA logo
644.49 USD
22 USD
0.6543A$154.94%
Commonwealth Bank (CBA) logo
639.34 USD
28 USD
0.6458A$105.7%
St George Bank logo
635.52 USD
31 USD
0.6452A$156.27%
National Australia Bank (nab) logo
635.38 USD
31 USD
0.6418106.29%
Westpac: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:A$10 AUD (1%)
Exchange Rate:0.6736 (0.65% from mid-rate)
USD amount:666.86 USD
Total Cost:1.64%
Time:
Rate Fetched: website - Mon Apr 15 2019 01:04:04 GMT+0000 (UTC)
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 2/5.0
Reviews:
Travelex Online AU: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:$0 BPAY, 0.77% MasterCard debit, 0.94% MasterCard credit, 0.72% Visa debit and 1% Visa credit
Exchange Rate:0.6602 (2.63% from mid-rate)
USD amount:660.20 USD
Total Cost:2.63%
Time:
Rate Fetched: Sat Aug 17 2019 23:00:04 GMT+0000 (UTC)
Currency Services:Online order, Branch pickup, Home delivery
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
ANZ Bank: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:A$10 AUD (1%)
Exchange Rate:0.6573 (3.05% from mid-rate)
USD amount:650.73 USD
Total Cost:4.02%
Time:
Rate Fetched: website - Sun Aug 18 2019 00:03:04 GMT+0000 (UTC)
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 3/5.0
Reviews:
 

Banks - Average Rate

Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:10
Exchange Rate:0.6445 (4.94% from mid-rate)
USD amount:645.26 USD
Total Cost:4.83%
Currency Services:Branch
Delivery/Collect:-
Bank of Melbourne: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:A$15 AUD (Minimum fee)
Exchange Rate:0.6543 (3.5% from mid-rate)
USD amount:644.49 USD
Total Cost:4.94%
Time:
Rate Fetched: website - 0:35 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
BankSA: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:A$15 AUD (Minimum fee)
Exchange Rate:0.6543 (3.5% from mid-rate)
USD amount:644.49 USD
Total Cost:4.94%
Time:
Rate Fetched: website - 0:35 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
Commonwealth Bank (CBA): Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:A$10 AUD (1%)
Exchange Rate:0.6458 (4.75% from mid-rate)
USD amount:639.34 USD
Total Cost:5.7%
Time:
Rate Fetched: website - Sun Aug 18 2019 00:02:02 GMT+0000 (UTC)
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 1.2/5.0
Reviews:
St George Bank: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:A$15 AUD (Minimum fee)
Exchange Rate:0.6452 (4.84% from mid-rate)
USD amount:635.52 USD
Total Cost:6.27%
Time:
Rate Fetched: website - 0:35 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 1/5.0
Reviews:
National Australia Bank (nab): Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:10
Exchange Rate:0.6418 (5.34% from mid-rate)
USD amount:635.38 USD
Total Cost:6.29%
Time:
Rate Fetched: website - 0:35 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 2.1/5.0
Reviews:
 
Snapshot 08/18/2019 - See full table
Westpac Travel Money Rates Compared
 

Westpac exchange rates basics

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.




Calculating Westpac 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.




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.

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

Related Posts

 

Posted to: Banks

 

5 Reviews for “Westpac Exchange Rates – BER Review”

  1. Avatar fedup says:

    Their listed exchange rates are consistently wrong, despite claims they’re “updated frequently” (they aren’t – they’re updated once in 24 hours and even then, it’s just someone’s wild ‘guestimate’ – nothing accurate about it, so don’t count on them when calculating and budgeting).

    Can they get nothing right? When you consider the political favouritism, handouts and tax perks banking institutions in Australia continuously luxuriate in (entirely unearned and most assuredly undeserved) and then combine those with their profiteering rackets of fees & charges aimed against customers like machine guns, you’d think they could, but apparently that would be far too much like hard work – and they don’t ‘do’ hard work.

    Would give minus 5 stars if negatives were available.

    2.7
  2. Avatar Raj Mavath says:

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

    1
  3. Avatar 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.

    1
  4. Avatar greg says:

    We 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.

    1
  5. Avatar 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

    1.8

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