Wire transfer is the fastest mode of receiving money in your Bankwest account from abroad. You can receive money into your Bankwest account from a foreign country via International wire transfer. The transaction is initiated by the sender through a financial institution, however, you need to provide your banking details to the sender for successful transfer of money.
International Wire Transfer to Bankwest
International wire transfer is one of the fastest way to receive money from foreign countries. Banks use SWIFT network for exchanging messages required for performing international wire transfer. Usually, the receiving bank (in Australia) and the sending bank (in other country) need to have a direct arrangement in place to start the swift transfer – this is sometimes referred to as correspondent banking.
Incoming International Wire Transfer Instructions
To receive international wire transfer in your Bankwest account, please provide the following wire instructions to the sending financial institution:
|SWIFT BIC Code for Bankwest:||For Bankwest, this code is BKWAAU6P|
|BSB Code:||Located on your paper statements or eStatements|
|Branch Name & Address:||Your bank branch name and address|
|Beneficiary Account Number:||Your complete Bankwest account number (including leading zeros, if any)|
|Beneficiary Name:||The full name of your account as it appears on your statement|
|Beneficiary Address:||Your complete address|
Note of Caution on Fees: If your money transfer involves currency conversion, there is a high chance you will get a poor exchange rate from the banks and as a result pay high hidden fees.
Outgoing International Wire Transfer Instructions
To send international wire transfer from your Bankwest account, You need to know the following information about the person or company receiving the money:
1. The recipient’s full name and address
2. The recipient’s IBAN or account number
3. Full bank name, address and the SWIFT/BIC code or Branch Number
Incoming Wire Transfer Fees for Bankwest Australia
International Incoming Wire Transfer Fees for Bankwest is as follows:
|International incoming transaction fee||Cost|
|To Receive funds into your Bankwest account from overseas||$10|
Outgoing Wire Transfer Fees for Bankwest Australia
International Outgoing Wire Transfer Fees for Bankwest is as follows:
|International outgoing transaction fee||Cost|
|To Send funds overseas in Australian or foreign currency via online banking||$20|
|To Send funds overseas in Australian or foreign currency via a Bankwest store||$35|
Apart from the wire transfer fees, if the transfer involves currency conversion, banks make money on currency conversion as well by giving retail conversion rates to you which is usually 1-2% lower than the market rate. We recommend using services like TransferWise for getting best conversion rates with lower wire transfer fees.
Wire Transfer Cutoff Time for Bankwest Australia
1. The Cutoff Time for Wire Transfer through online for both Incoming and Outgoing for Bankwest is 5 pm.
2. The Cutoff Time for Wire Transfer made at any branch of the Bankwest is 1:45 pm.
2. Any requests received after cutoff time will normally be processed the next working day.