Vell vs Westpac: The Real Cost of Sending Money Overseas with Westpac
Category: Comparisons
Tags: money transfer, Westpac, send money overseas, AUD, international transfer
URL: vell.net/blog/send-money-to-philippines-with-westpac
Westpac has been part of Australian banking for nearly 200 years. For many Australians, it's the bank they grew up with — and naturally, the first place they look when they need to send money overseas.
Westpac offers international transfers with no transfer fee. But before you hit send, it's worth understanding what that actually means for the person on the other end.
Quick Verdict
| Vell | Westpac | |
|---|---|---|
| Exchange rate (AUD → PHP) | 43.995 | 42.2734 |
| Transfer fee (AUD 1,000) | AUD 7.60 | None |
| PHP received on AUD 1,000 | ~43,995 PHP | ~42,273 PHP |
| Difference | +1,722 PHP more with Vell | — |
| Regulated in Australia | Yes (AUSTRAC) | Yes (APRA + AUSTRAC) |
| Travel eSIM | Yes | No |
| Best for | Transparent, value-driven transfers | Existing Westpac customers who want simplicity |
The Real Cost Is in the Rate
Westpac charges no transfer fee — that much is true. But like all major Australian banks, Westpac applies its own exchange rate to international transfers, which sits below the mid-market rate. The difference between those two numbers is effectively a fee — just one that's invisible at checkout.
On a AUD 1,000 → PHP transfer:
| Vell | Westpac | |
|---|---|---|
| Exchange rate | 43.995 | 42.2734 |
| PHP received | ~43,995 PHP | ~42,273 PHP |
| Effective cost | AUD 7.60 fee, competitive rate | No fee, but ~1,722 PHP less delivered |
The 1,722 PHP gap is Westpac's margin, embedded in the rate. On a AUD 1,000 transfer, that translates to roughly AUD 40–41 in lost value — more than five times Vell's stated fee.
Why Banks Use Rate Margins Instead of Fees
Banks discovered a long time ago that "no fee" is a powerful marketing message. Customers respond to it. What most people don't scrutinise as closely is the exchange rate — and that's where the cost gets quietly recovered.
The mid-market rate is the real exchange rate, the one shown on Google or XE.com. Westpac — like all the Big Four — doesn't offer that rate to retail customers. They set their own, less favourable rate, and the difference flows back to the bank.
With Vell, the AUD 7.60 fee is the cost. The rate is competitive. You see everything before you confirm.
Transfer Speed
| Vell | Westpac | |
|---|---|---|
| Typical transfer time | Minutes to hours | 1–5 business days |
| 24/7 availability | Yes | Business hours dependent |
| Real-time tracking | Yes | Limited |
Westpac international transfers use the SWIFT network, which can take several business days depending on the destination and the banks involved. Correspondent banks along the route may also deduct fees — reducing the final amount received beyond what the exchange rate alone would suggest.
Features Comparison
| Vell | Westpac | |
|---|---|---|
| Mobile app | iOS + Android | iOS + Android (Westpac app) |
| Travel eSIM | Yes | No |
| Business transfers | Yes | Yes |
| Rate transparency | Full — shown before you send | Rate set by Westpac at time of transfer |
| Correspondent bank fees | None | Possible (deducted at recipient end) |
| Corridors | 28+ currencies, 11+ regions | Multiple currencies |
Who Should Use Westpac?
Westpac makes sense if you:
- Rarely send money internationally and want to use an existing account
- Value having your banking consolidated in one place above all else
- Are sending a small or one-off amount where the difference in rate won't add up significantly
Who Should Use Vell?
Vell is the better choice if you:
- Regularly send money to the Philippines, India, Pakistan, or other supported corridors
- Want to see your complete cost — fee and rate — before confirming
- Travel frequently and want transfers and travel eSIM managed in one app
- Want to maximise how much your recipient actually receives
The Bottom Line
Westpac's no-fee international transfer is a marketing message, not a full picture. On a AUD 1,000 → PHP transfer, Westpac's exchange rate means your recipient gets ~1,722 PHP less than they would with Vell. That's roughly AUD 40–41 hidden in the rate — compared to Vell's transparent AUD 7.60 fee.
With Vell, the cost is upfront. With Westpac, it's invisible — but very real.
Make the switch — try Vell free today → get started.
Use our currency converter to check live AUD to PHP exchange rates.
Rates quoted are based on a live AUD 1,000 → PHP transfer comparison as of 22 May 2026. Exchange rates fluctuate — always check current rates before sending.