You can create individual accounts for up to 11 currencies, and send and receive funds in these currencies without any transfer or exchange fees. Airwallex Global Accounts are a truly international banking alternativeĪirwallex Foreign Currency Accounts are designed to enable businesses to grow their reach overseas. This includes discussing what to do with fees on both ends. The name and formatting of these details may be different depending on the country with which you’re interacting, so to avoid any hiccups, make sure you provide clear, accurate instructions on what’s required. You’ll need to give your foreign contact all the relevant details, including: Receiving an international payment with a Bankwest account isn’t any different from other banks’ procedures. Then, apply either online with their online ID check, or in person at your local branch. Photo ID for all users of the bank accountīusiness details, including ABN and/or ACN, TFN, and confirmation of ID for all new Bankwest customers This requires you to supply or fulfil the following requirements: Opening a Bankwest foreign currency accountĪs you’re not actually opening a foreign currency account, you’ll instead need to open a business bank account that’s appropriate for your business’ situation. $15 per each follow-up to your investigationĮxtra fees as determined by each intermediate bank involved with the processīankwest provide their current FX rates on their website, however, they note that you should contact the bank prior to your transaction to get the most up-to-date rate $25 fee to investigate late or delayed international transfers $35 to send international payments in-branch $15 to send international payments via online banking $10 fee to receive international payments You’re also likely to pay SWIFT fees, which are included in your transferīankwest has done away with monthly account fees, but there are still fees associated with each international transaction. This means your transfers are reliant on SWIFT transfer times, which can be slow. Your foreign currency transfer is made from your Australian Bankwest account, and all payments made to or from this account go through the SWIFT network. So this account isn’t appropriate for larger international payments One key feature of their international transfers is actually one of their limitations: you’re limited to $20k per transfer. So for businesses who do a high volume of international transfers, this may not be the best optionįees apply for sending and receiving foreign currencies Instead, they have an international currency transfer option built into their regular banking options. As such, there are no specific currencies in which to transfer. Transfer up to $20k internationally per transactionĪs mentioned, Bankwest doesn't actually offer a foreign currency account option. Send and receive funds via the SWIFT network, and withdraw directly to your Bankwest account Instead, you’re able to transfer funds to over 200 countries directly from your regular bank account A detailed look at Bankwest foreign currency accountsīankwest doesn't have a designated foreign currency account option. Let’s dive into the key features and limitations of Bankwest’s foreign currency account options. So it will be ideal for those eCommerce businesses for whom the majority of their business comes from Australia.Īlternatively, it may be a good option for businesses who only occasionally contract international freelancers, or for those freelancers who have just a handful of international clients.Īs we compare Bankwest’s foreign currency products, we’re going to treat this international transfer option as the Bankwest foreign currency account equivalent. As part of Bankwest’s pared-back banking ethos, they offer international transfers directly through their regular banking accounts integrating the foreign currency option within their standard products.īankwest’s foreign currency transfer service may be useful for smaller businesses and sole traders, those who don’t make a high volume of international transactions.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |