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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.

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?

Use the below live foreign transfer exchange comparison table that makes it easy to compare Westpac exchange rates to the leading FX specialists. This example shows you the situation where you want to send $AUD 10,000 abroad, note the margins for the bank and brokers are compared to the current mid-rate. Generally you will save between 3% to 5% by using an FX specialist money transfer provider rather than Westpac. You can change the currencies and send or receive amount with our full Westpac foreign transfers calculator.

 

AUD to FJD International Money Transfers

 Compare  Westpac logo

FX ProviderReceive FJDExchange RateFee AUDDeal Links
Westpac logo
Westpac
F$14,953
3.72%
1.498320
OFX
F$14,787
4.78%
F$166 less
1.47870^
WorldFirst logo
WorldFirst
F$15,452
0.5%
F$499 more
1.54520
ANZ Bank logo
ANZ Bank
F$14,951
3.73%
F$2 less
1.498724
St George Bank logo
St George Bank
F$14,932
3.85%
F$21 less
1.496824
TorFX logo
TorFX
F$14,816
4.6%
F$137 less
1.48160
CommBank logo
CommBank
F$14,814
4.61%
F$139 less
1.483212
BankSA logo
BankSA
F$14,804
4.67%
F$149 less
1.483722
Bank of Melbourne logo
Bank of Melbourne
F$14,801
4.69%
F$152 less
1.483724
NAB logo
NAB
F$14,481
6.75%
F$472 less
1.451322
Westpac logo NAB logo ANZ Bank logo CommBank logo St George Bank logo Bank of Melbourne logo BankSA logo
F$14,819
4.58%
Bank Average
1.485120
Westpac
 
loading
Westpac: Foreign Transfer AUD→FJD
From Amount (AUD)A$10,000
Fee:20
Exchange Rate:1.4983 (3.52% from mid-rate)
To Amount (FJD) F$14,953
Total Cost:3.72%
Time:
Rate Fetched: website - Sat Sep 19 2020 01:04:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2/5.0
Review:


OFX
 
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OFX: Foreign Transfer AUD→FJD
From Amount (AUD)A$10,000
Fee:0^ - No fees for BestExchangeRates users (normally $15 for transfers over $10K)
Exchange Rate:1.4787 (4.78% from mid-rate)
To Amount (FJD) F$14,787
Total Cost:4.78%
Difference:
F$166 FJD less than using Westpac
Time:
Rate Fetched: Sat Sep 19 2020 01:01:02 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Review:


Compare OFX Rates
WorldFirst
 
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WorldFirst: Foreign Transfer AUD→FJD
From Amount (AUD)A$10,000
Fee:
Exchange Rate:1.5452 (0.5% from mid-rate)
To Amount (FJD) F$15,452
Total Cost:0.5%
Difference:
F$499 FJD more than using Westpac
Time:1:28 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts, Speak to Dealers
Rating:
 
: 4.6/5.0
Review:


Compare WorldFirst Rates
ANZ Bank
 
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ANZ Bank: Foreign Transfer AUD→FJD
From Amount (AUD)A$10,000
Fee:24
Exchange Rate:1.4987 (3.5% from mid-rate)
To Amount (FJD) F$14,951
Total Cost:3.73%
Difference:
F$2 FJD less than using Westpac
Time:
Rate Fetched: website - Sat Sep 19 2020 01:03:04 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Review:


Compare ANZ Bank Rates
St George Bank
 
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St George Bank: Foreign Transfer AUD→FJD
From Amount (AUD)A$10,000
Fee:24
Exchange Rate:1.4968 (3.62% from mid-rate)
To Amount (FJD) F$14,932
Total Cost:3.85%
Difference:
F$21 FJD less than using Westpac
Time:
Rate Fetched: website - 1:28 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Review:


Compare St George Bank Rates
TorFX
 
loading
TorFX: Foreign Transfer AUD→FJD
From Amount (AUD)A$10,000
Fee:0
Exchange Rate:1.4816 (4.6% from mid-rate)
To Amount (FJD) F$14,816
Total Cost:4.6%
Difference:
F$137 FJD less than using Westpac
Time:1:28 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers
Rating:
 
: 4.7/5.0
Review:


Compare TorFX Rates
CommBank
 
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CommBank: Foreign Transfer AUD→FJD
From Amount (AUD)A$10,000
Fee:12
Exchange Rate:1.4832 (4.49% from mid-rate)
To Amount (FJD) F$14,814
Total Cost:4.61%
Difference:
F$139 FJD less than using Westpac
Time:
Rate Fetched: website - Sat Sep 19 2020 01:02:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1.2/5.0
Review:


Compare CommBank Rates
BankSA
 
loading
BankSA: Foreign Transfer AUD→FJD
From Amount (AUD)A$10,000
Fee:22
Exchange Rate:1.4837 (4.46% from mid-rate)
To Amount (FJD) F$14,804
Total Cost:4.67%
Difference:
F$149 FJD less than using Westpac
Time:
Rate Fetched: website - 1:28 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare BankSA Rates
Bank of Melbourne
 
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Bank of Melbourne: Foreign Transfer AUD→FJD
From Amount (AUD)A$10,000
Fee:24
Exchange Rate:1.4837 (4.46% from mid-rate)
To Amount (FJD) F$14,801
Total Cost:4.69%
Difference:
F$152 FJD less than using Westpac
Time:
Rate Fetched: website - 1:28 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare Bank of Melbourne Rates
NAB
 
loading
NAB: Foreign Transfer AUD→FJD
From Amount (AUD)A$10,000
Fee:22
Exchange Rate:1.4513 (6.55% from mid-rate)
To Amount (FJD) F$14,481
Total Cost:6.75%
Difference:
F$472 FJD less than using Westpac
Time:
Rate Fetched: website - Sat Sep 19 2020 01:05:03 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2.1/5.0
Review:


Compare NAB Rates
Banks - Average Rate
 
loading
Foreign Transfer AUD→FJD
From Amount (AUD)A$10,000
Fee:
Exchange Rate:1.4661 (5.6% from mid-rate)
To Amount (FJD) F$14,819
Total Cost:4.58%
Difference:
F$134 FJD less than using Westpac
Transfer Speed:
Services:
Click bank icon to add to table


 
loading
Snapshot 09/19/2020 - View live rates
Sending Money Abroad with Westpac Compared
 

Travel Money - Westpac Rates & Fees Compared

The below live Westpac Travel Money comparison table shows how much you could save on your next foreign transfer or travel money purchase. This example shows you the situation where you want to change $AUD 2,000 for foreign cash, note the margins for the bank and brokers are compared to the current mid-rate. Generally you will save a couple of percent by using an online currency exchange provider rather than Westpac. You can change the currencies and send or receive amount with our full Westpac travel money calculator.

 
FX ProviderAmount FJDExchange RateFee AUDDeal Links
TransferWise
F$1,542.11
0.7%
Save F$94
1.54522
Travelex Cash
F$1,479.47
4.73%
F$63 less
1.502$0 BPay, Card 0.72%-1%
Travelex Card
F$1,471.59
5.24%
F$71 less
1.494$0 BPay, Card 0.72%-1%
ANZ Bank logo
ANZ Bank
F$1,462.73
5.81%
F$79 less
1.498724
St George Bank logo
St George Bank
F$1,461.17
5.91%
F$81 less
1.497124
BankSA logo
BankSA
F$1,451.06
6.56%
F$91 less
1.483722
Bank of Melbourne logo
Bank of Melbourne
F$1,448.09
6.76%
F$94 less
1.483724
ANZ Bank logo CommBank logo St George Bank logo Bank of Melbourne logo BankSA logo
F$1,448
6.76%
Bank Average
1.479420
CommBank logo
CommBank
F$1,416.69
8.78%
F$125 less
1.433912
TransferWise
 
loading
TransferWise: Travel Money AUD→FJD
From Amount (AUD)A$1,000
Fee:2
Exchange Rate:1.5452 (-0.5% from mid-rate)
To Amount (FJD) F$1,542.11
Total Cost:0.7%
Time:1:28 Local
Currency Services:Multi-currency debit card with linked foreign bank accounts
Delivery/Collect:5-7 days
Rating:
 
: 4.6/5.0
Review:


Travelex Cash
 
loading
Travelex Cash: Travel Money AUD→FJD
From Amount (AUD)A$1,000
Fee:$0 BPAY, 0.77% MasterCard debit, 0.94% MasterCard credit, 0.72% Visa debit and 1% Visa credit
Exchange Rate:1.502 (-3.28% from mid-rate)
To Amount (FJD) F$1,479.47
Total Cost:4.73%
Time:
Rate Fetched: Sat Sep 19 2020 01:15:03 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Review:


Travelex Card
 
loading
Travelex Card: Travel Money AUD→FJD
From Amount (AUD)A$1,000
Fee:$0 BPAY, 0.77% MasterCard debit, 0.94% MasterCard credit, 0.72% Visa debit and 1% Visa credit
Exchange Rate:1.4940 (-3.8% from mid-rate)
To Amount (FJD) F$1,471.59
Total Cost:5.24%
Time:
Rate Fetched: 1:28 Local
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Review:


ANZ Bank
 
loading
ANZ Bank: Travel Money AUD→FJD
From Amount (AUD)A$1,000
Fee:24
Exchange Rate:1.4987 (-3.5% from mid-rate)
To Amount (FJD) F$1,462.73
Total Cost:5.81%
Time:
Rate Fetched: website - Sat Sep 19 2020 01:03:04 GMT+0000 (UTC)
Currency Services:
Delivery/Collect:-
Rating:
 
: 3/5.0
Review:


St George Bank
 
loading
St George Bank: Travel Money AUD→FJD
From Amount (AUD)A$1,000
Fee:24
Exchange Rate:1.4971 (-3.6% from mid-rate)
To Amount (FJD) F$1,461.17
Total Cost:5.91%
Time:
Rate Fetched: website - 1:28 Local
Currency Services:
Delivery/Collect:-
Rating:
 
: 1/5.0
Review:


BankSA
 
loading
BankSA: Travel Money AUD→FJD
From Amount (AUD)A$1,000
Fee:22
Exchange Rate:1.4837 (-4.46% from mid-rate)
To Amount (FJD) F$1,451.06
Total Cost:6.56%
Time:
Rate Fetched: website - 1:28 Local
Currency Services:
Delivery/Collect:-
Rating:
: /5.0
Review:


Bank of Melbourne
 
loading
Bank of Melbourne: Travel Money AUD→FJD
From Amount (AUD)A$1,000
Fee:24
Exchange Rate:1.4837 (-4.46% from mid-rate)
To Amount (FJD) F$1,448.09
Total Cost:6.76%
Time:
Rate Fetched: website - 1:28 Local
Currency Services:
Delivery/Collect:-
Rating:
: /5.0
Review:


Banks - Average Rate
 
loading
Travel Money AUD→FJD
From Amount (AUD)A$1,000
Fee:
Exchange Rate:1.4795 (-4.73% from mid-rate)
To Amount (FJD) F$1,448
Total Cost:6.76%
Currency Services:
Click bank icon to add to table
Delivery/Collect:-


CommBank
 
loading
CommBank: Travel Money AUD→FJD
From Amount (AUD)A$1,000
Fee:12
Exchange Rate:1.4339 (-7.67% from mid-rate)
To Amount (FJD) F$1,416.69
Total Cost:8.78%
Time:
Rate Fetched: website - Sat Sep 19 2020 01:02:02 GMT+0000 (UTC)
Currency Services:
Delivery/Collect:-
Rating:
 
: 1.2/5.0
Review:


 
loading
Snapshot 09/19/2020 - View live rates
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.

[accordion openall=”false” clicktoclose=”true” autoclose=”true”][accordion-item title=”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.[/accordion-item]
[accordion-item title=”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.[/accordion-item]
[accordion-item title=”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.[/accordion-item]
[/accordion]

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.

[accordion openall=”false” clicktoclose=”true” autoclose=”true”][accordion-item title=”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)[/accordion-item]
[accordion-item title=”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)[/accordion-item]
[accordion-item title=”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 [/accordion-item]
[accordion-item title=”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).
[/accordion-item][/accordion]

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

 
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.
 

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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