ANZ international transfer: Fees, rates and transfer time

If you’re planning on sending money abroad with the Australia and New Zealand bank – ANZ, you’d want to know how it’ll all work. In this guide, we’ll show you what you need to know about international transfers with ANZ, the fees to look out for and how long they usually take. Let’s jump right in.

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What are the fees for an international transfer with ANZ bank?

Before you start, it’s a good plan to understand the fees involved when making an international transfer with ANZ. However, don’t forget that there may be additional charges added by the recipient bank or any intermediary banks who handle the transaction along the way.

Countries with lower international fees with ANZ

ANZ provides cheaper fees for international transfers to the countries listed below¹:

Cook Islands, Fiji, French Polynesia, KiribatiSuperscript:6, New Caledonia, Papua New Guinea, Samoa, Solomon Islands, Timor Leste, Tonga and Vanuatu

ANZ’s fees vary depending on the specific circumstances of the transfer and are summarised below.

ANZ Bank International Transfers¹	Fees transfers under $10,000 AUD	Fees transfers over $10,000 AUD
Outgoing international transfer	Sent via Internet banking $9 for transfers sent from AUD account to foreign currency ($0 for countries listed above) $18 for transfers sent from AUD account in AUD ($7 for countries listed above) Sent via Phone banking or Staff assisted $9 for transfers sent from AUD account to foreign currency ($7 for countries listed above) $32 for transfers sent from AUD account in AUD ($7 for countries listed above) $32 for transfers sent from a foreign currency account ($7 for countries listed above)	Sent via Internet banking $0 for transfers sent from AUD account to foreign currency ($0 for countries listed above) $18 for transfers sent from AUD account in AUD ($7 for countries listed above) Sent via Phone banking or Staff assisted $0 for transfers sent from AUD account to foreign currency ($0 for countries listed above) $32 for transfers sent from AUD account in AUD ($7 for countries listed above) $32 for transfers sent from a foreign currency account ($7 for countries listed above)

Fees as seen on 21 Jan 2023

Example transfer: Sending an ANZ online bank transfer of $1000 Australian dollars from Australia to a GBP bank account in the UK.

Provider	Fees in AUD	Exchange rate
ANZ Bank¹	$9 fee	Exchange rate + markup
Wise	$5.14 fee (for the bank transfer pay-in method)	The mid-market exchange rate, the same you see on Google

Fees as seen on 21 Jan 2023

Not only is the transfer fee you pay upfront cheaper with Wise, you also get to know exactly how much the recipient receives in their bank account. No worrying about potential recipient or intermediary bank fees.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

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ANZ international transfer exchange rates

As well as any flat fees applied, the other important thing to understand is the ANZ exchange rate that’ll be used if you choose to have the conversion done as the money leaves your account. ANZ even states there is a margin in their rates³:

“The calculator uses an indicative exchange rate that is current as at 19 January 2023 but is subject to change. Exchange rates include a margin”

To better explain how exchange rates determine how much a recipient of an international money transfer receives, let’s do a followup on our example transfer above.

Remember that $1000 AUD we're sending to a friend's UK GBP account in the fees demo above? Let's see how the exchange rate influences how much your friend actually received in their account when sent via ANZ Internet Banking – Sending fees not included in the calculation.

Exchange rate	ANZ AU³	Wise
Exchange rate	0.5386	0.561981
Recipient gets **	538.6 GBP	561.98 GBP
Type of rate	ANZ's rate which includes margin	Mid Market rate

Rates as seen on respective calculators on 21 Jan 2023
** ANZ additional intermediary/recipient bank fees not included – ANZ & Wise sending fees not included

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

You can see that just on the conversion rate alone, Wise nets the recipient 23.38 GBP more for the money you send compared to an International transfer done via ANZ bank. This adds up the more money you send.

This is how the mid-market exchange rate Wise uses helps you make the most for your transfer, and eliminates this hidden fee used by most banks.

Use our pricing calculator below to have an idea of how much you get to save sending money overseas with Wise.

Additional transfer-related fees

Making an international money transfer is fairly complicated from the administrative perspective, so the potential costs don't stop there. If your transfer is processed using the SWIFT system, you’ll find that there are often several banks involved in the process, and there may also be fees levied by the recipient bank, or any other banks involved, which are known as agent or correspondent banks.

ANZ state that they will cover correspondent bank fees to certain countries for certain currencies. You can find the full list here.¹

They also mention in their fee schedule that²:

In relation to the costs that we refer to in the “International Payments” section, we are unable to quantify the additional costs which may be incurred as they refer to miscellaneous costs which may be charged by the relevant overseas (or correspondent) bank.

We have no control over these costs and their amount varies between each overseas bank.

Please note that an international money transfer may be subject to commissions, fees and other charges applied at the receiver’s end.

These commissions, fees or charges will generally be deducted

from the funds paid to the receiver.

How do you make an international bank transfer with ANZ?

ANZ allows customers to make international money transfers online, by visiting a branch or ANZ foreign exchange centre, or by phone if you prefer.

In general, it's easiest and quickest to organise your transfer online. Just log into online banking and you’ll find all you need under 'International Services' in the 'Payments' menu. You can make a transfer online with your regular ANZ bank account or credit card, and you get extra security and access to higher payment limits if you also use the ANZ Shield security app when making your transfer.¹

What do I need in order to make an international money transfer?

Whether you want to send or receive money through an international bank transfer, you're going to need a few key details:

• The transfer amount and currency
• The full name, address and account number of the person you’re sending the money to, as written on the account
• The full name and address of the bank you’re sending money to
• The recipient’s **IBAN **if you’re sending money to a European account or the Routing Number for payments to the US banks
• The SWIFT/BIC code

Occasionally countries have their own rules about what details should be supplied to make a transfer, so you might be asked for a little more detail than this. Double check with your nearest ANZ branch to confirm.

What do I need or what should I give to the sender in order to receive an international bank transfer?

You’ll need to give the sender the following to receive an international money transfer with ANZ¹:

• Your ANZ branch name and address
• Your account name and full account number
• The ANZ SWIFT code ANZBAU3M

Don’t forget to confirm with the sender who will take the charges associated with the transfer. Often the costs are removed from the cash transferred, meaning that you receive the transfer minus any fees applied by intermediary banks or the bank sending or receiving the payment. This can mean you get less than you expected.

Read more: Receiving money from overseas with ANZ: fees revealed

How long does an international bank transfer with ANZ take?

How long your transaction will take depends on where it’s headed, when it is sent and credited. ANZ states that funds are received usually within two business days or earlier.¹ Get your transaction sorted before the usual cut off time of 4:30pm (AEST/AEDT) time to ensure that it’s processed on the same working day.¹

Keep in mind that the time it takes for the recipient’s bank to credit them the money will vary based on their policies and systems.

ANZ contact details

You can reach out to ANZ for support:

• Log in to online banking for frequently asked questions and to chat with an advisor
• Give ANZ’s International Support Centre a call on 1800 681 683 or +61 03 8565 7229.
• Go into an ANZ branch or exchange centre to get help in person

Making an international money transfer is fairly straightforward, but there are a few pitfalls and hidden fees which can lead to nasty surprises. Whether you’re making a one-off payment overseas, or live or work abroad and have to make international money transfers regularly, it’s a good plan to do your research in advance.

That way you can avoid paying too much for your transfer and make sure you get the best deal for your situation.

Try Wise – A smart alternative

Your bank might not offer the best deal when it comes to international money transfers. In fact, you could find that you’ll get a better deal with a specialist like Wise. Unlike most traditional banks, most of Wise’s transfers don’t even cross borders.

You make the payment to Wise in your currency and Wise pays out your recipient from an account in your recipient’s country and currency. This is how Wise helps you avoid intermediary/correspondent bank fees.

With Wise, you’ll know the exchange rate your money will be converted at, the transfer fees and what your recipient will receive, before you commit to the transfer.

Join over 13 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.

Register your Wise account in minutes 🚀

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

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Sources:

1. ANZ international payments
2. ANZ Fees and charges PDF page 12-14
3. ANZ exchange rate calculator

Sources checked on 21-Dec-2022