ANZ have a large range of options for sending and taking money overseas.
Being one of the big four banks in Australia, ANZ offers a secure, quick and easy way to transfer funds into an overseas account. The money is transferred electronically to the nominated bank account, usually within two business days. By international standards, this is a relatively medium length of time.
You can transfer local currencies to over 60 countries with ANZ, making their service is useful if you're planning on sending money to popular destinations or more exotic countries.
Before you sign up
You need to have an ANZ bank or credit card account to send money overseas with ANZ. You can compare and sign up for an ANZ bank account here.
What are ANZ's exchange rates like?
ANZ offers real-time exchange rates when you send money overseas using ANZ Internet Banking. You can also lock in a rate during the day to make the most of exchange rate movements. The currency exchange rates for ANZ change on a daily basis. Please refer to the image below for an example of exchange rates offered by ANZ on 30 September 2016. This table covers everything from travel cards to physical cash, so the column relevant to international money transfer is the one with the heading ‘IMT/TT’
|Country||Currency||Currency Code||(Bank Buys) IMT||(Bank Buys) TT||(Bank Buys) Travel Card||(Bank Buys) Travel Chq||(Bank Buys) Notes||(Bank Sells) IMT||(Bank Sells) TT||(Bank Sells) Travel Card||(Bank Sells) Travel Chq||(Bank Sells) Notes|
|PAPUA NEW GUINEA||KINAR||PGK||O/A||O/A||O/A||O/A||O/A||1.7565||1.7565||N/A||N/A||1.6950|
|UNITED ARAB EMIRATES||DIRHAM||AED||2.9284||2.9284||2.9400||2.9400||3.3107||2.6516||2.6516||N/A||N/A||2.6516|
|EURO MONETARY UNION||EURO||EUR||0.7086||0.7086||0.7199||0.7199||0.7331||0.6450||0.6450||0.6450||0.6450||0.6450|
As you can see, the margin between OFX is less than ANZ. Always remember to add fees to your comparison of money transfer companies.
How much does it cost to transfer money with ANZ?
One of the advantages of using ANZ is that they have a simplified fee structure for their international money transfers. The fees and charges are based on your transaction rather than the currency.
It’s important to note that funds may be subject to commission fees and fees charged by other banks. These fees are usually deducted by the receiving bank.
Sending money overseas
Please see the table below for fees that apply when you send money internationally with ANZ.
|Type||Charges||How to use|
|Through ANZ internet banking||$18||Login or register to ANZ internet banking (for existing ANZ customers)|
|Through an ANZ branch or Foreign Exchange Centre||$32||At an ANZ branch or Foreign Exchange Centre|
|Through Phone Banking||$32||Contact 1800 352 535 (free call)|
|Cancelling a transfer||$25+costs|
|Changing the details of an international money transfer||$25+costs|
Receiving money from overseas
Please see the table below for fees that apply when you receive money internationally with ANZ.
|Directly into your ANZ account||Up to $15, though this fee depends on ANZ’s current arrangement with the bank that sent the money.|
|To non-customers, or transferred to another bank in Australia||Up to $25, though again this fee depends on ANZ’s current arrangement with the bank that sent the funds.|
|Payments transferred to another foreign currency account held at a bank in Australia, but the funds haven’t been converted yet.||$35|
|Bank cheques >$100||$27|
|Payments made upon showing identification and on application||$20|
Minimum transfer amount and available countries
The amount you can transfer depends on the method you choose. For example, if you use internet banking, your ‘pay anyone’ limit will apply. For phone banking, your limits and restrictions are determined on a case-by-case basis, depending on your situation.
Currencies available with ANZ (online)
Currencies available from ANZ (exchange centres)
What types of transfers can you carry out with ANZ?
- Internet banking - If you’ve registered for online banking, you can purchase currencies online through ‘international services’ in the ‘pay and transfer’ section of the ANZ banking portal. You can use your existing ANZ account or ANZ credit card.
- Phone banking - You can purchase currencies using your ANZ transaction account.
- Through a branch or ANZ exchange centre - All you’ll need to do is visit the location and instruct your ANZ consultant on what you’d like to transfer.
- Forward Exchange Contracts (FEC) - If you have a feeling that a certain currency is about to appreciate or depreciate, then you may want to consider a FEC with ANZ. This allows you to lock in a future transfer at an agreed exchange rate, meaning you don't have to worry about currency fluctuations in the meantime.
- Set up regular transfers - When using the online option, you can choose to set the frequency.
What are my customer service options?
If you’re ever stuck when you’re transferring funds with ANZ, you can always pop into one of their branches or Foreign Exchange centers.
ANZ Royal Bank, 293 Collins Street, Melbourne
Collins Place, 55 Collins Street, Melbourne
Chinatown, 230 Swanston Street, Melbourne
Located at T2 International Departures and Arrivals
5.00am – 12.30am, 7 days a week
115 Pitt Street, Sydney
37 Pitt Street, Sydney
388 George Street, Sydney
Chinatown (Haymarket), 665 George Street, Sydney
Located at International Terminal, Departures and Arrivals
5.30am – 10.00pm, 7 days a week
Tenancy A, 146 Queen Street Mall, Brisbane
Cnr Queen and Creek Streets, Brisbane
121 King William Street, Adelaide
112 Rundle Mall, Adelaide
77 St Georges Terrace, Perth
What's the registration and transfer process?
To send money internationally, you’ll need to be an existing ANZ customer.
What you’ll need as a sender:
- Full name, address, account number for the recipient
- The currency and amount
- Name, branch number and address for SWIFT Bank Identifier Code (BIC) of the recipient’s bank
- IBAN for payments made into Europe or the UK, or Routing Number for payments into the US.
What you’ll need as the recipient:
- ANZ’s SWIFT Code: ANZBAU3M
- Your ANZ branch name, address, account name, full account number.
What are the pros and cons of using ANZ to send money overseas?
- Simple fee structure
- ANZ has a dedicated International Payments Support Centre (free call)
- ANZ also has physical branches and exchange centres that you can visit
- Large range of currencies (including exotic ones) available
- Transfers are backed by the ANZ Internet Banking Guarantee
- Exchange rates are not as competitive as some dedicated money transfer companies
- Minimum transfer amounts are usually decided by ANZ at the time of transfer, so it doesn’t really help with planning or preparation
What other products and services does ANZ offer?
- International drafts. This is a bank cheque drawn in a foreign currency, which can be deposited in a bank account overseas.
- ANZ Travel Card. Load up to 10 currencies on your card and have a secure and easy way to access your money while on holiday.
- Travellers Cheques. ANZ uses American Express travellers cheques that are available in six denominations.
- ANZ Cash Packs. This is a handy, pre-selected mix of currencies that lets pay for minor expenses. They’re designed so you can begin your holiday as soon as you arrive.
Frequently asked questions about ANZ international money transfers
When will the recipient receive the payment?
It depends on how long the recipient’s bank takes to credits the amount. Typically, if all goes well and the correct details are provided it takes two working days.
Do I need to be an existing ANZ customer to transfer money?
Yes, you’ll need to hold a transaction account or credit card with ANZ.
Do I need to be an Australian resident or citizen to be an ANZ customer?
Not necessarily, if you’re currently on a temporary stay visa such as the 457, then you may be eligible for a ANZ account.
While ANZ doesn’t have the most competitive exchange rates, they do provide a lot of support for their customers who want to transfer money internationally. As a large bank, you can also have peace of mind in terms of security when transferring your funds.