ANZ lowers international money transfer fees

Sally McMullen 15 December 2017 NEWS

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Sending money to foreign currencies is now around 30% cheaper.

ANZ has made sending foreign currencies a whole lot cheaper today. Effective immediately, ANZ has reduced international money transfer fees from Australia to foreign currencies.

For transfers made via internet banking, there will be no fee for all international money transfers sent from Australia in a foreign currency above the equivalent of AUD$10,000. For transfers below this threshold, the fee has been reduced from $18 to $12, which is more than 30% cheaper.

Exchange rates have also been reduced for all foreign currencies including US dollars, euros, New Zealand dollars, Great Britain Pounds, Hong Kong dollars, Japanese yen, Philippine pesos and Indian rupees. Following this news, finder has reached out to ANZ to confirm whether these lower exchange rates will also apply to the ANZ Travel Card, which supports all of these foreign currencies except Philippine pesos and Indian rupees (although it does also support the Thai baht and Singapore dollars).

ANZ has lowered these fees in response to Australia’s growing reliance on digital payments when transferring currencies overseas.

“Australia is one of the most digitally active nations in the world, and our customers are using electronic payment methods more than ever before,” said ANZ’s group executive Australia Fred Ohlsson. “This decision to reduce fees and rates is great news particularly for those who regularly send money to their home countries. We’re pleased to be making these payments more affordable for our customers.”

If you’re looking to send cash overseas, check out our comparison of international money transfers for a bunch of exclusive offers with discounted exchange rates.

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