ANZ international money transfers review
Details
Product details
| Product Name | ANZ International Money Transfer |
| Pay By | BPAY, Phone banking |
| Receiving Options | Bank account |
| Customer Service | Phone, Email, In person |
| Maximum Transfer Amount | Unlimited |
| Number of Currencies | 75 |
ANZ exchange rates and fees
There are two factors that determine the cost of your international transfer: the exchange rate and the transfer fee charged. ANZ adjusts its exchange rates in real-time and adds a margin on top of the mid-market rate.
When we reviewed ANZ's exchange rates in August 2023, they added a 3.63% markup for exchanging AUD to GBP and USD. This makes them one of the cheapest banks in Australia for sending money overseas but still more expensive and slower than a money transfer specialist.
Transaction fees vary depending on the amount, the currency, the country you're sending money to, and if you submit your transaction online or over the phone. ANZ charges a $9 fee for foreign currency transfers under $10,000 via internet banking and $18 for transfers sent in AUD from an AUD account.
| Description | Fees |
|---|---|
| Transfer under $10,000 made via internet banking (FX conversion) | $9 |
| Transfer under $10,000 made via internet banking (AUD to AUD) | $18 |
| Transfer above $10,000 made via internet banking (FX conversion) | $0 |
| Transfer above $10,000 made via internet banking (AUD to AUD) | $18 |
| Transfer under $10,000 made via phone banking (FX conversion) | $9 |
| Transfer under $10,000 made via phone banking (AUD to AUD) | $32 |
Payments to certain countries have lower fees such as Papua New Guinea, Vanuatu Fiji, French Polynesia, New Caledonia, Samoa, Solomon Islands, Timor Leste, Tonga and Cook Islands.
What types of transfers can you make with ANZ?
ANZ allows you to transfer funds directly into your recipient's overseas bank account. There are three ways to send a transfer:
- Online. You can send funds electronically by logging into your ANZ Internet Banking account and providing the details of your transaction.
- Over the phone. You can submit your transfer using ANZ's Phone Banking service. However, in some instances, phone transactions will attract higher fees than transfers lodged online.
- Manually. You also have the option of filling out an international money transfer request form and then submitting it at your local ANZ branch.
How long does a money transfer with ANZ take?
Transfer times vary depending on how you submit your transaction and where you are sending money. However, ANZ claims that the money you send usually arrives within two working days.
What payment methods does ANZ accept?
The only way to pay for your international transfer is by using the funds in your ANZ bank account. You can deposit money into your ANZ account by using cash, cheque or a bank transfer.
Transfers typically take
2 days
Is ANZ safe to use?
ANZ is currently the 4th largest bank in Australia and offers a wide range of personal and business banking services. It is regulated by the Australian Securities & Investments Commission (ASIC) and is listed on the Australian Transaction Analysis and Reports Centre (AUSTRAC) Remittance Sector Register.
As ANZ is recognised as an Authorised Deposit-taking Institution, deposits of up to $250,000 you hold with ANZ are protected by the Australian Government Guarantee. And when you send money overseas using ANZ Internet Banking, you're protected by the ANZ Fraud Money Back Guarantee.
To further safeguard your funds, you can also use the ANZ Shield app. Available for Android and iOS devices, this ensures that you have to enter a "Shield Code" when submitting an Internet Banking transaction or making changes to your account.
- Regulation: Regulated in Australia by ASIC.
- Established: 1835
- Global footprint: Operates in 35 countries around the world.
- Security and protection: ANZ Fraud Money Back Guarantee
How does ANZ make money?
ANZ makes money on international transfers in two ways:
- By charging transaction fees on all transfers.
- By adding a margin to the mid-market exchange rate. The mid-market rate is the exchange rate at which banks buy and sell foreign currency from one another, and is the "real" exchange rate you see listed on Google.
How to register an account with ANZ
Before you can send an international money transfer with ANZ, you'll need to open an ANZ bank account by completing the following steps.
How do I make an international money transfer with ANZ?
You can send money overseas with ANZ by completing the following steps.
- Log in to your ANZ Internet Banking account.
- Select the account you'd like to transfer money from.
- Add a new international payee or choose an existing payee.
- Select the currency and amount you'd like to send.
- Click "Get rate" to see the exchange rate and fee that will apply to your transaction.
- Accept the terms and conditions.
- Enter your recipient's address details.
- Enter a message to your recipient.
- Review the full details of your transfer before confirming the transaction.
In a nutshell
- Wide range of supported currencies. ANZ allows you to send money to 200 countries around the world.
- Safe and secure service. You get the confidence of dealing with an established bank with a long history, as well as the protection of the ANZ Fraud Money Back Guarantee.
- Easy to use. ANZ's money transfer service is simple and straightforward to use, making it easy to send funds overseas.
- Disappointing exchange rates. You'll generally be able to find better exchange rates from specialist money transfer services.
- Fees often apply. Fees vary depending on several factors, but make sure you double-check the total cost of your transaction before submitting it.
- Can be inconvenient. If you're simply looking for a fast and affordable way to send money overseas and don't need all the other features a regular bank account offers, you'll be better off using an online money transfer service.
How does ANZ compare to other providers?
Frequently asked questions
Your reviews
Tim Finder
Writer
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Charisse Finder
November 17, 2018
Hi PJ,
Thanks for reaching out to finder.
Generally, you will have better chances of getting the best conversion rate if you do the conversion (AUD to THB) prior to sending as this will allow you to lock in the conversion rate when the rate is good.
If you choose to send the money in AUD, conversion rates to THB will be subject to change and will depend on the current conversion rate the Thai bank is using.
I hope this helps.
Cheers,
Charisse
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bocock
October 12, 2018
I want to transfer about 600,000 A$ to UK. What is most economical way?
Joshua Finder
October 17, 2018
Hi Kendacie,
Thanks for getting in touch with Finder. I hope all is well with you. :)
If you are looking for a cheap way to send money to the UK, you may want to use our comparison table to compare service based on their fees, exchange rates, minimum transfer amount and speed. Click the “Go to site” green button of your chosen provider to be redirected to their website.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
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Warren
April 26, 2017
Hi,
Can I have the SWIFT code for ANZ Bank Box Hill Branch?
Liezl
April 26, 2017
Hi Warren,
Thanks for your question.
ANZ Australia’s SWIFT/BIC code is ANZBAU3MXXX which can be used for their branches, too.
Kindly note that 3 letters or digits for branch code are optional (‘XXX’ for primary office). Moreover, where an 8-digit code is given, it may be assumed that it refers to the primary office.
I hope this has helped.
Best regards,
Liezl
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Clarizza Fernandez Finder
October 20, 2016
Hi Jenny,
Thanks for your question.
Yes, they will need a SWIFT code. You can find SWIFT codes for any of the international money transfer services we feature on Finder by selecting any providers under ‘Services’ on the bottom left-hand side of our international money transfer page.
Other information required by ANZ:
– Your ANZ branch name
– Address
– Account name
– Full account number.
Hope this has helped.
Clarizza
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Ray
September 26, 2016
Hi My Q is what’s the limit u can transfer into Australia
without declare it?
Clarizza Fernandez Finder
September 28, 2016
Hi Ray,
Thanks for your question.
The limit will depend on your provider. So, it is best to check with them directly. If you are shopping around for services, our Money Transfer Finder page may help.
Clarizza
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Shirley Liu Finder
September 28, 2016
Hi Ray,
Thanks for your question.
Please note that if it’s income that you’re transferring back into Australia, you will need to declare this in your tax return with the ATO.
Due to regulations, all transactions over the size of $10K AUD are recorded.
Hope this helps.
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PJ
November 16, 2018
I want to do an international transfer from my ANZ AUD account to Thai Bank account.
Should I be sending in AUD or Thai Baht for the best conversion rate?