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Fact checked
Like most banks in Australia, ANZ offers international money transfers through the international banking system. But are their exchange rates competitive? How do their transfer fees compare? Find out here if ANZ is the best option for your money transfer. Compare a range of other options, exchange rates and fees right here with Savvy to help you find the right provider for your overseas transfer.
*All product information is correct as of August, 2022.
Australia and New Zealand Banking Group (ANZ) is one of Australia’s big four banks, with its headquarters in Melbourne. It’s our second-largest bank by assets and fourth-largest by market capitalisation. It now operates in 34 other countries and has over nine million customers worldwide, offering a wide range of products from banking to insurance to home loans and more.
International money transfers
As well as foreign exchange trading through its trading platform ANZ Online, ANZ offers international money transfers to over 200 countries in more than 50 different currencies. It offers a service to transfer money from one bank account to another using the international banking system. You can either schedule the transfer yourself online through ANZ’s internet banking platform or book your transfer by phone.
Transfer limits
The amount you can send in one day is determined by your Pay Anyone bank account daily limit. For PayID payments or other payments to a BSB and account number, this limit is usually $1,000 a day unless you’ve made specific prior arrangements with the bank to increase it.
The default for BPAY payments is $10,000 for new payees and $15,000 for existing payees, but by phone arrangement, you’re able to transfer up to $49,000 internationally in a single transaction, with a daily limit of $75,000.
Speed of transfers
Transfers made through ANZ will generally take between two and four business days before the funds arrive at their destination.
Through ANZ internet banking: under $10,000
For transfers under $10,000, ANZ charges a set fee of $7 to $9 for international money transfers. The lower set fee is for transfers to a range of Pacific Island nations. This is assuming a currency conversion takes place and the transfer is sent overseas in another currency. If a transfer is sent overseas in AUD from an AUD account, the fee is $18, or $32 if the transfer is booked via phone banking.
Transfers over $10,000
ANZ waives the fee for transfers over $10,000 to Pacific Island nations if the transfer is sent in foreign currency. If it’s sent in AUD or from an international account, the fee is $7. For payments over $10,000 to all other nations, the fee is $32 if sent in AUD or from a foreign currency account.
Exchange rate markups
In addition, the bank adds a margin onto the mid-market exchange rate (which is the advertised exchange rate used by banks to transfer money on the international stage). The amount of markup added will depend on the destination country and currency involved.
Receiving bank fees
Since ANZ uses the international banking SWIFT system to transfer funds, there may also be receiving fees charged by the corresponding bank in the destination country. ANZ calls these ‘correspondent bank fees’. When you get an estimate of the cost of your transfer through ANZ’s foreign exchange calculator, it will show any receiving bank fees as a separate item called the ‘correspondent fee’ which you will have to pay as part of the overall cost of the transfer.
To make an international money transfer:
Using any Australian bank for your international transfer is one of the most reliable ways of ensuring your transfer is successfully sent and received overseas
Using your existing ANZ Bank internet banking login to make your international money transfer means you don’t have to download another app or go to a separate website to make your transfer
As ANZ has a high level of bank account security in place, any attempted transfers to suspicious accounts, or to those accounts which are known to be associated with phishing will be blocked
ANZ charges much higher fees to make an international money transfer than other companies which specialise in providing a transfer service
The exchange rate you are likely to be offered by ANZ bank won’t be close to the mid-market exchange rate, which is the best rate possible. This will also mean your transfer will likely prove to be more expensive than if you’d used a transfer provider.
Transfers made through the international SWIFT banking system will take at least two to four business days to arrive. Same-day or instant transfers aren’t possible through ANZ.
OFX |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
