If you’re planning on sending money abroad - or if you're expecting to receive a payment from overseas - you’ll want to know a bit about how the process of international transfers (telegraphic transfers, as they are sometimes called) works with ANZ.
Exactly how the transaction works - and how long it takes - will depend a little on where your money is going. ANZ advertises the lowest fees of all the Australian Big 4 Banks, but as you’d expect, costs, cut off times, and processing time vary, depending on the circumstances. You can likely save money using TransferWise for your international transfer but, regardless, this guide should help you.
International transfers are quite complex for banks, so there are often several different institutions involved in a single transaction. That means that there can be additional fees added by other banks along the way. It’s a good plan, therefore, to do some research in advance so there are no surprises.
Here’s all you need to know about making an international transfer with ANZ.
Example transfer: Sending an online bank transfer transferring 1000 Australian dollars from Australia to a pound sterling bank account in the UK.
|Provider||Fees||Exchange rate||Total cost|
|ANZ Bank||$18 fee||Exchange rate + markup||$18 + exchange rate markup|
|TransferWise||$6.95 fee||The real exchange rate, the one you see on Google||$6.95|
ANZ’s rates vary depending on the specific circumstances of the transfer and are set out below.
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.
|ANZ Bank International Transfers||Regular Fees|
|Incoming international transfer||Up to A$15 to an ANZ accountUp to A$25 for payments to non-customer or transferred to another bank in AustraliaA$35 Unconverted payments transferred to another foreign currency account held at a bank in Australia|
|Outgoing international transfer||$18 for amounts under $10,000, processed online, or $12 for amounts over $10,000$32 if processed by telephone or in an ANZ branch or foreign exchange centre|
|Additional fees may apply||See ‘Additional fees’ section|
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.
However, if you don’t choose to ‘lock in the exchange rate’ by transferring in foreign currency, you might find that it's not ANZ that sets the rate for your transaction. For example, an agent or correspondent bank might choose the exchange rate to apply. As these intermediary banks don’t need to worry about keeping their customers happy, they generally don’t offer a great deal and you could find markups around 4-6% of what the actual exchange rate is online. Unfortunately, at the time of processing the transaction, you won’t be able to find out what other fees might be applied as these are decided by other banks involved in the transaction.
Similarly, if you’re transferring money in the same currency as your own account, then the receiving bank will choose any exchange rate used. To make sure they profit on the deal, they can mark up the exchange rate, and keep the difference. This means that the exchange rate offered may vary quite a bit from the exchange rate offered on Google.
(Source 13 October, 2017)
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. At the time of processing the transaction, ANZ likely won’t be able to tell you exactly what other fees might be applied as these are decided by other banks involved in the transaction.
|ANZ Bank International Transfer||Additional Fees|
|Intermediary & recipient bank(s)||ANZ does list on their website “Please note that an international money transfer sent via an overseas bank may be subject to commissions, fees and other charges applied by that bank. These commissions, fees or charges will generally be deducted by the overseas bank from the funds paid to the receiver.”|
|Cancelling a transfer||A$25|
|Changing the details of a transfer||A$25|
|Enquiring if funds have been received||A$25|
|Transfers returned by overseas bank||A$25 + costs incurred|
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 much better deal with a specialist like TransferWise. Unlike most traditional banks, TransferWise specializes in international money transfers. Use TransferWise and you can get fast, secure international money transfers, using the real exchange rate and with only a small transparent cost per transaction.
If you live or work abroad, or need to make international transfers regularly, you’ll want your money to be as mobile as you are. A great option could be to get a new TransferWise borderless account.
With a borderless account you can manage and move your money around the world at the touch of a button. They’re also a perfect solution for freelancers working across borders. If you get paid in the EU, the UK, the US or Australia but live elsewhere, a borderless account will let you get paid locally using local bank details - cutting out international transfers entirely. The great news is that this means no intermediary banks, so no hidden fees, either.
Not convinced? See for yourself if you can get a better deal with TransferWise. Or, this time, send half with ANZ and half with TransferWise and find out which works better for your needs.
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.
(Source 13 October 2017)
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
- 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.
(Source 13 October, 2017)
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 ANZ:
- Your full name and address and that of your bank
- Your bank account number
- The correct SWIFT/BIC code
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.
How long your transaction will take depends on where it’s headed to. However, most transfers get to their destination within 2 working days. Get your transaction sorted before the usual cut off time of 4:30pm Melbourne time to ensure that it’s processed on the same working day.
The bank doesn’t offer a way to speed up payments, so you just need to make sure you hit the cut off time to start the process on the same day you place the transaction.
If you have specific questions about your transfer, there are several different ways you can talk to the advisors at ANZ:
- Log in to online banking for frequently asked questions and to chat with an advisor
- Go into an ANZ branch or exchange centre to get help in person
- Give ANZ a call - 1 800 352 535
Making an international money transfer is fairly straight forward, 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.
|This publication is provided for general information purposes only and is not intended to cover every aspect of the topics which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content is the publication is accurate, complete or up to date.|