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Foreign Currency Deposits

Posted by ironlung ironlung
Message 1 of 2 2,415 Views

I receive a monthly USD deposit directly into my account. And the conversion rate used doesnt align with commercially quoted rates. I understand that the rate used will be slightly lower.


What is the basis used for converting foreign currency for deposit.




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Re: Foreign Currency Deposits

Posted by DanaeC DanaeC
Message 2 of 2 2,408 Views

Hi @ironlung, great question.

In some cases with international transfers, it's necessary for the banks involved to utilise the services of a 'correspondent' bank to assist in the transfer. As banks do not hold offices in every country, it is necessary to establish reciprocal agreements with a representative bank that may assist in getting the funds transferred successfully to their destination.


If a correspondent bank is needed for assistance in the transfer, they are entitled to charge a fee for their services. Other bank charges and fees are unknown to us and therefore not accounted for in the fees quoted at the time of processing a transfer. This could mean that you may receive a lesser amount in your account than what the sender had originally sent. As these fees are unknown to us, they are therefore out of our control. 

If the transfer is not sent in Australian dollars, the exchange rate on the day the funds are processed to the account will apply. It's also important to note that when Bankwest receives an international payment, a non-refundable inward payment order fee applies for processing the payment.

I hope this helps!

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