Bankwest Forum

Ask a new question
New Member

International Transfer

Posted by podgiepadger podgiepadger
Message 1 of 2 410 Views

I recently transferred $5000 AUD to a NZ account and noticed the exchange amount was less than expected.


I am aware Bankwest has charged a $15 international transfer fee (which I was advised I wouldn’t be charged due to the $395 annual fee paid with my mortgage acc). I am uncertain where the exchange rate fits in here as I would have expected an approximate $200 difference in exchange from AUD to NZD.


Cab you please advise for future reference as this was not what was explained and advised,




0 Kudos

Re: International Transfer

Posted by DanaeC DanaeC
Message 2 of 2 409 Views

Hi there @podgiepadger , thanks for getting in touch. 

The transfer fee is a separate service fee - this is not in any way related to your Home Loan, apologies for any confusion. 
While the exchange rate is definitely a large part of the amount sent and received, it's important to note that in some cases, it may be necessary for the banks involved in an international transfer 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 generally unknown and therefore may not be accounted for in the fees quoted at the time the transfer was initiated. This means that a recipient may receive a lesser amount in their account than what was originally sent.
More information is available via this link, I hope this helps.

Was this helpful? Then give it 'Kudos'!

If your question was answered, select 'Accept as Solution' to make it easier for others to find.

0 Kudos
Ask a new question
Top kudoed contributors

Bankwest SWIFT code: BKWAAU6P
© 2020 Copyright Bankwest, a division of Commonwealth Bank of Australia (Bankwest) ABN 48 123 123 124 AFSL / Australian credit licence 234945. All rights reserved. To use this Website, you are required to read the Financial Services Guide (which you agree to be provided by accessing the link). Bankwest is a division of Commonwealth Bank of Australia, which is the product issuer unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement (which you agree to be provided through this link) before making any decision about the product(s). For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request.