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.
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“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 feesapply. General T&Cs apply.
Westpac New Zealand
Limited.
