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Understanding the Table:
The comparison table above helps you see the total cost of your Westpac currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of available providers, simply enter your details and click ‘Get Rates’.
Westpac is one of the largest banks in Australia, offering a range of financial products and services including personal and business banking, wealth management, and investment services. The bank was established in 1817 and has a long history of serving the Australian community.
Westpac bank allows its customers to buy and sell a range of major and minor currencies for international travel, trade, and investment.
Sending or receiving international transfers to or from your Westpac bank account will include a margin rate of between 3.5% to 8% – this is much higher than most money transfer broker rates (which are normally 0.5 to 1.5%).
Transfers to Cambodia, Ghana, Indonesia, Laos, Mexico, Pakistan, Philippines, Thailand, and Vietnam are only available for amounts AUD $1,000 and above, or the foreign currency equivalent value.
Westpac Bank does allow you to request a real-time FX rate request, prior to scheduling an international wire. So you can check the rate and compare to the best rates from our BER partner brokers to check for a better deal.
Sending money to the United States can be an expensive business, more so if you aren’t even aware of all the hidden fees. Money transfer companies and banks profit by charging you fees and a normally hidden margin on the exchange rate.
Using your Bank to make international wire transfers to India can be especially expensive – often 5% to 10% worse than using a foreign exchange specialist to send to the United States bank accounts or pay a US dollar invoice.
The Westpac AUD to USD exchange rate is 0.6257. This is -3.6% compared to the latest AUD-USD mid-market rate 0.6494.
As exchange rates can vary significantly between banks and also between currency exchange providers, it's therefore important to carefully compare Australian dollar (AUD) to US dollar (USD) rates from different sources before making a conversion.
The above Westpac - Aussie to Dollar comparison table makes it easy to compare the Total Fees (both variable and fixed) you are being charged by Westpac and other foreign exchange providers against the latest AUD-USD mid-rate and the possible savings of using various providers.
Looking at the full comparison table the best AUD to USD exchange rate is 0.6462 from OFX, -0.49% from the mid-market rate 0.6494. The next best rate is 0.6455 from XE, -0.6% from the mid-rate. Then Wise with 0.6452 is -0.65% from the mid-rate.
The Western Union rate is 0.6429 which is -1% from the mid-rate.
Among the banks the Commonwealth Bank rate is 0.6252 at -3.7% the ANZ Bank rate is 0.6296 at -3% and the ING Bank rate is 0.6236 at -4% compared to the mid-rate 0.6494.
It's important to note that exchange rates also fluctuate frequently due to market conditions. Additionally, banks like Westpac often apply a margin to the exchange rate, resulting in a less favorable rate for customers compared to the mid-market rate. For more competitive rates, you might consider using a specialized currency exchange service or platforms that offer rates closer to the mid-market rate.
View a full list of exchange rates by selecting your Base (from) currency: