Making international money transfers is part of everyday life for many people. If you work or live abroad or are a freelancer employed by a business based overseas, then you probably find that you need to make regular international transfers. But even if you’re only planning a one-off transfer overseas, you need to know a bit about how Bendigo Bank will process your international money transfer (often referred to as a telegraphic transfer).
Depending on where your money is going, international transactions can be fairly complex from an administrative perspective. This means that costs, cut off times, and processing time can vary, according to the destination. You might even find that your transaction is routed via banks other than Bendigo Bank as different organisations have to cooperate to make sure your cash gets to its destination safely. Unfortunately, that also means that there can be additional fees added by other banks along the way.
Do some research in advance to minimise the costs involved and avoid surprises, with this handy guide to making an international transfer with Bendigo Bank.
As a Bendigo Bank customer, you can make international money transfers online if you register your account for internet banking first. Alternatively, you can call into a branch if you'd rather talk to a member of staff about your transaction.
(Source 13 October 2017)
To make your international money transfer, you’ll need some details about where your money is headed. You can expect to be asked for the following:
- 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
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 Bendigo Bank:
- Your full name and address, and that of your bank
- Your bank account number
- The correct SWIFT/BIC code
Unlike some European countries, Australian banks don’t use the IBAN system, so it’s especially important to give the correct SWIFT/BIC code and branch address.
You also need to agree with the sender, who’ll pay the charges associated with the transfer. Otherwise you might get less than you expected, because often the costs are removed from the cash transferred, meaning that you receive the transfer minus any fees.
(Source 13 October 2017)
How long your transaction will take depends on where it’s headed to, and how long the recipient’s bank takes to process the transfer on their end. Bendigo Bank says their international transfer service usually takes between 2 and 7 days.
The bank doesn’t offer a way to speed up payments..
Bendigo Bank’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 Bendigo Bank. 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.
|Bendigo Bank International Transfers||Regular Fees|
|Incoming international transfer||A$2 for transfers received in AUDA$10 for other currenciesAlso, the sending or intermediary bank(s) may also deduct fees.|
|Outgoing international transfer||A$30 for transfers processed online (50% discount for shareholders)Also, the recipient and intermediary bank(s) may also deduct fees.|
|Additional fees may apply||(See Additional Fees section below)|
Depending on the type of account you hold, you might find that there are different charges applied.
As well as any flat fees applied, you need to know the exchange rate that’ll be used for your transfer. Rates change constantly so the rate you see online on Bendigo Bank’s foreign exchange site might not be exactly the same as the one applied to your transaction, but if Bendigo Bank is processing the currency conversion they’ll let you know what exchange rate they use when you set the payment up.
However, depending on the type of transaction you’re doing, it might not be Bendigo Bank that chooses the rate used. An intermediary bank dealing with the transfer, or even the recipient’s bank, could pick the exchange rate to apply, and because you’re not their direct customer, these banks might not offer a great deal. To make sure they make a profit, they can mark up the exchange rate, often by 4-6%, and pocket 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)
Additional fees from Bendigo Bank
Bendigo Bank does levy fees if you want to change or cancel your transaction, but it’s important to understand that you might also end up liable for charges that aren't actually set by Bendigo Bank. That’s because international money transfers are usually processed using the SWIFT system, and there can be as many as 3 banks involved in the process. These banks might add their own fees to the transaction on top of anything Bendigo Bank apply. Frustratingly, Bendigo Bank can’t say exactly what other fees could be added, before you place your transaction, as these are decided by other banks involved.
|Bendigo Bank International Transfers||Additional Fees|
|Intermediary and sending/recipient bank(s)||Bendigo Bank notes that international transfers involving another currency “may incur a handling or acceptance fee by the accepting bank and/or intermediary bank(s). These fees may be deducted from the total funds originally remitted.”|
|Telegraphic Transfer Return Request||A$25|
|Amendment to the Transfer Instructions||A$25|
|Telegraphic Transfer Trace||A$25|
|Rejected Telegraphic Transfer||Fees deducted from the amount by recipient and/or intermediary bank(s)|
(Source 13 October 2017)
Although making an international money transfer with your bank might seem like the obvious way to move your cash, it's not necessarily the best deal on offer. A great alternative is to use a specialist service like TransferWise. TransferWise offer fast, secure international money transfers, using the real exchange rate and with only a small transparent transfer fee. And because TransferWise uses smart technology connected with local bank accounts all over the world, that means you’ll skip the surprise international fees added by intermediary and recipient banks.
You could also pay less, and do more, with a new TransferWise borderless account. A borderless account is perfect for anyone who travels regularly, or draws a salary from a company based abroad. You can move your money around the world at the touch of a button, hold your cash in different currencies and simply convert it when you need it, using the real exchange rate. And 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. This cuts out international transfers altogether, meaning no intermediary banks, and no hidden fees.
Find out for yourself if you can get a better deal with TransferWise.
If you have specific questions about your transfer, you can always use online banking, or talk to Bendigo Bank:
- Find your nearest branch to get help in person
- Give Bendigo Bank a call - 1 300 236 344
Because of the potential pitfalls and hidden fees, it’s worth doing your research in advance so you can choose the best international money transfer service for your needs. That way you can avoid or minimise the fees involved, and get the best possible deal on your overseas transfer.