ASB Bank international wire transfer: Fees, rates and transfer time

17.04.18
6 minute read
Tagged:

If you live in New Zealand, you may be one of the 1.3 million customers that bank with ASB Bank. Established in 1847, Auckland Savings Bank was New Zealand’s first savings bank and today it offers its customers a range of personal and business banking options. If you’re an ASB Bank customer and you are travelling or doing business abroad, you will need to know how to make an international bank transfer. Either way, you might be able to save if you use a service like TransferWise. But more on that later.

This guide can help you know what to expect in terms of fees, rate, and process times when moving your money overseas.

But first, a quick example.

Let’s say we’re sending $1,000 US to a New Zealand dollar account at ASB Bank.

Provider Fee Exchange Rate Total Cost
ASB Bank (New Zealand)¹ NZ$15-30 Exchange rate + markup $15-30 + exchange rate markup + likely fees from intermediary and recipient banks
TransferWise $8.70 The real exchange rate - the same one you find on Google $8.70

ASB Bank’s fees definitely seem higher.

But fees aren’t the only cost to consider. When banks convert currency in international transfers, they often mark up their exchange rates, sometimes by up to 6%. There can also be 1-3 intermediary and recipient banks who also charge fees.

To make sure you really know what you’re getting, you can compare the exchange rate you’re being offered with an online currency converter to get a better idea of how much you’re really paying to move your money.

What are the fees for an international money transfer with ASB Bank in New Zealand?

Fees will vary based on a number of factors, like the country you’re sending money to and from, the details of your account, and any specific conditions surrounding your transfer. You can always phone or email ASB for information on your specific transaction; otherwise, it may be difficult to pinpoint the exact cost.

ASB Bank International transfer fees table

ASB Bank Transaction¹ Fee
FastNet Classic Online outgoing international transfer NZ$15
Staff assisted outgoing International transfer NZ $30
Incoming transfer in NZD to your ASB account NZ$15
Additional fees See below

ASB Bank exchange rates

You can find information about ASB international money transfers on their website. Banks usually use the SWIFT transfer system to move your money across borders. As part of that transaction, they might use an intermediary bank to help exchange your currency. Should the intermediary bank convert your money, they will likely do so with their own exchange rate, which is likely to be fairly different from the mid-market rate - the one you’d find on Google. Charges will be deducted from the transferred amount, so your recipient will also likely end up receiving a lower amount than you originally transferred.

Additional fees from ASB Bank

International transfers usually use the SWIFT system, which means the money may move through several banks before reaching the recipient. Each of those banks may take out a fee, leaving the recipient with less than what was sent.

ASB Bank international transfer Additional fees
Sending/recipient bank and/or intermediary bank(s) ASB notes online, “May also be subject to fees relating to the involvement of other banks in the processing of [International Money Transfers].”¹ Check with an ASB Bank representative for more information.
Cancellation of international payment $30
Amendment of an international payment $30
Tracing of an international payment $30

A cheap and transparent alternative: TransferWise

For years, TransferWise has been saving customers money in hidden fees when they transfer money abroad. Now, Transferwise has built the borderless multi-currency account to help you save money and make your life easier for every kind of international transaction - sending money, receiving money or simply converting between currencies in your account. Imagine being able to open an account in dozens of different currencies - including NZD - at the touch of a button, and being able to send money abroad up to 8x cheaper than with your bank.

TransferWise will always be upfront about what it charges on each transaction. Sound interesting? Learn more about setting up the TransferWise borderless multi-currency account today.

How do you make an international telegraphic transfer with ASB Bank?

An international bank transfer, also known as a wire or telegraphic transfer, is a fast and easy way to electronically send money abroad. ASB offers several ways to make an international bank transfer:

  • Online or via ASB’s mobile app
  • In person at a local branch
  • By phone, fax or email

Online

ASB advises that the easiest way to make a telegraphic transfer is by using their online system, FastNet Classic. In order to use this system, you’ll need to be registered and use a Netcode² to complete the transaction. To make the international bank transfer, you’ll need to³:

  • Log in and select “Foreign Exchange”
  • Follow the instructions to get a quote for the transaction
  • Select “Make Transfer” to continue
  • Read and accept the terms and conditions
  • Enter the details of your beneficiary bank
  • Complete the transfer

Bear in mind that ASB applies daily limits⁴ to its online international transfers, so plan ahead if you need to make a larger transfer.

In person at a local branch

You can also complete an international bank transfer in person⁵ at any ASB branch with the details of the transaction and the recipient of the money.

By phone, fax or email

You can complete an international bank transfer by phone, fax or email by completing a form⁶ and submitting it to an ASB branch. An ASB representative will then contact you to verify the request. Make sure to have your Netcode at hand.

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

In order to make the international money transfer, you’ll need to know the amount and the currency you want to send. You’ll also need to know the following information about your recipient¹:

  • Their full name and address
  • Their account number used for international payments
  • Recipient bank name, address and BIC/SWIFT code

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

In order to receive an international transfer into your ASB account, you’ll need to give the person or company sending you money⁷:

  • Your name as written on your bank account
  • Your ASB account number or IBAN, if they need it
  • Your BSB or sort code
  • ASB's registered address: ASB Bank Limited, 12 Jellicoe Street, Auckland Central, Auckland 1010
  • ASB's SWIFT/BIC code: ASBBNZ2A.

How long does an international bank transfer with ASB Bank take?

How long does it take normally to arrive to the destination account?

ASB states that most transactions will arrive within 1-2 business days⁸ after they are sent. However, they cannot guarantee these times. If you are on a tight timeline be sure to submit your transfer request by 3 pm⁹ through FastNet Classic for same day processing.

What are the different payment methods and how long do those take?

ASB also offers the option of foreign cheques. Foreign cheques can be arranged during a visit to the ASB branch, or you can order them online and pick them up in 2-3 days¹º.

Does the amount of time it takes vary by destination?

Transfer times can vary depending on destination and intermediary banks that may be involved. As ASB notes:

We can provide no guarantee as to when the payment will be available
to the payee. Any enquiries we make to a Correspondent on your behalf regarding a payment will be at your cost.¹¹

You can find information on the terms and conditions of ASB foreign transactions from their website.

Contact / Help - More questions around your transfer?

  • ASB local phone number: 0800 803 804
  • ASB international phone number: + 64 9 306 3000
  • Email through a contact form on the ASB website
  • ASB Support Chat through FastNet Classic

When you’re travelling or working abroad, dealing with banking and money overseas can be a hassle, especially when it comes to finding fees, rates and processing times. This guide can save you time when you bank internationally with ASB bank. However, if you’re looking for an alternative, check out TransferWise to help you move your money overseas quickly and easily with the real exchange rate and just a small transparent fee.

Sources:

¹https://www.asb.co.nz/content/dam/asb/documents/banking-with-asb/2017/asb-guide-to-fees-jun-2017.pdf, March 21st, 2018

²https://www.asb.co.nz/help/what-is-netcode-and-why-do-i-need-it.html, February 23rd, 2018

³https://www.asb.co.nz/help/how-do-i-make-an-international-money-transfer.html, February 23rd, 2018

⁴https://www.asb.co.nz/help/daily-limits-with-international-money-transfers.html, February 23rd, 2018

⁵https://www.asb.co.nz/foreign-exchange/international-money-transfers.html, February 23rd, 2018

⁶https://www.asb.co.nz/documents/foreign-exchange.html, February 23rd, 2018

⁷https://www.asb.co.nz/help/overseas-bank-funds.html, February 23rd, 2018

⁸https://www.asb.co.nz/help/how-long-it-takes-for-international-money-transfer-to-arrive.html, February 23rd, 2018

⁹https://www.asb.co.nz/help/fastnet-business-transfer-cut-off-times.html, February 23rd, 2018

¹⁰https://www.asb.co.nz/foreign-exchange/sending-money-overseas-guide.html, February 23rd, 2018

¹¹https://www.asb.co.nz/content/dam/asb/documents/termsandconditions/2016/foreign-exchange-terms-and-conditions-2016.pdf, February 23rd, 2018

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with 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 in the publication is accurate, complete or up to date.

TransferWise is the smart, new way to send money abroad.

Find out more