Just in time for the holiday season, Westpac NZ is removing the transfer fee on international payments made via Westpac One digital banking.
From 1 December, Westpac will no longer charge a $5 transfer fee for sending foreign currency overseas through the Westpac One app or internet banking.
The $0 fee applies to international payments in the foreign currencies and countries available through Westpac One, and to all transaction sizes.
The news comes just in time for Christmas and the holidays, which is the busiest period for international payments.
"December's our biggest month for international transfers," says Nick Grieve, Westpac NZ Chief Operating Officer, Consumer Banking and Wealth.
"We see about 16% more transactions than average in December, so making this change now means more customers will benefit from not paying a fee for sending money home for Christmas.
"This change reflects our ongoing commitment to keeping banking affordable and accessible for all customers."
Westpac processes thousands of international transactions each week, with Australian and United States currencies making up approximately 66% of all international transfers.
The Pacific Islands and Asia are also major destinations, particularly in the holiday season.
"Via Westpac One, customers can send 23 currencies to more than 137 countries around the world - we've even processed payments to some of the world's smallest countries, including Vatican City," Mr Grieve says.
"While we're keen to make international payments cheaper and easier, customers should also be aware that fraud and scams are on the rise in the international arena.
"Every year we see more impersonation, relationship, business, and investment scams in which our customers are targeted by overseas fraudsters."
Westpac's website has a range of advice and tips for customers to keep money safe, including:
- If someone is urging you to pay quickly or the proposition seems too good to be true, these should be seen as red flags. Stop, think, and call your bank if you have any doubt.
- Confirmation of Payee does not connect to international payments, so be sure to confirm the account details directly with the person you are paying.
- If the person you are paying emails you an updated account number, call them to confirm it's legitimate, as it is becoming more common for scammers to hack emails and update account numbers.
- To keep up to date with the latest scam information, visit Types of fraud & scams | Westpac NZ
- If you ever feel unsure, don't proceed. We're always here to help, call us on 0800 400 600
Terms & Conditions
Applies to the Westpac telegraphic transfer fee when sending foreign currency through Westpac One® digital banking. Other charges by overseas banks and receiving institutions may apply. If using other Westpac platforms standard fees apply. General T&Cs apply. Westpac New Zealand Limited.
