Bank of Queensland (BOQ) is one of Australia’s leading regional banks and started in 1874 as the Brisbane Permanent Benefit Building and Investment Society. In 1887, it converted from a building society to a bank and rebranded to its current name in 1970, which was also the year it computerised its operations.
The bank has over 160 branches across Australia. While BOQ lets you carry out in branch telegraphic transfers, it also lets you send money overseas using its Internet Banking Foreign Exchange (IBFS) service.
Bank of Queensland exchange rates
BOQ provides exchange rates on its website for selling drafts, notes and travel cards as well as for buying notes and cheques. It does not provide rates for overseas telegraphic transfers because it calculates these rates at the time the transaction takes place. Since BOQ is a bank, they typically charge a higher transfer fee and weaker exchange rates than a money transfer specialist such as TorFX and Wise.
Since exchange rates are subject to change at any time, the BOQ website updates the rates daily. The table below works as a guide to BOQ exchange rates. Like some Australian banks, BOQ uses Travelex to process foreign exchange transactions.
|Country||Currency||CODE||Buys Cheques||Sells Drafts||Sells Notes|
Rates are current as of 10am (AET), February 1, 2023.
How much does it cost to transfer money with Bank of Queensland?
Similar to most banks, BOQ lets you transfer money overseas in person or over the Internet. Bank of Queensland charges a flat fee of $20 for online transfers, $35 for in-branch transfers and $15 for international drafts. The costs remain the same regardless of the transfer amount or destination country.
|Sending transfer online||$20|
|In branch transfers||$35|
|Trace international payments||$40|
Minimum transfer amount and available countries
BOQ lets you send money to a number of countries over the world. These include, but don’t limit to Bahrain, Bangladesh, Brunei, Cambodia, Croatia, Egypt, Fiji, French Polynesia, Israel, Jersey, Malta, Oman, Pakistan, Samoa, Turkey, UAE and Vanuatu.
If you don’t find a country you wish to send money to on the list given on the BOQ website, check with a bank representative to find out if you can go forward with the desired transfer.
While it lets you choose from 28 currencies if you wish to carry out a telegraphic transfer, it offers international drafts in 13 currencies and the minimum transfer is $100.
What types of transfers can you carry out with Bank of Queensland?
BOQ lets you transfer money overseas in different ways.
- Telegraphic transfers. Through online and in branch telegraphic transfers you can send money in 28 currencies, where the funds transfer to the recipient’s bank account directly. The Internet Banking Security Token system makes sending money online safe and secure. With the online system, you have the option of saving payment templates that you can reuse later.
- Drafts. A draft is essentially a bank-issued cheque in a foreign currency. You can order a draft by visiting any BOQ branch. Once you get the draft you simply have to mail it across.
- Forward exchange contracts. As a BOQ business customer you can buy forward contracts, where you agree to purchase a fixed amount of foreign currency on an agreed upon date at a fixed exchange rate, which can be in line with a payment you have to make.
The registration and transfer process
BOQ’s international money transfer service is only available to existing BOQ customers. You can become a BOQ customer by opening a transaction or savings account, which you can also use to transfer funds.
While you can initiate a transfer by visiting your closest BOQ branch, you can do this using its online banking system as well. The bank sets the exchange rate at the time you authorise the transfer, so you get the most up to date rate available. Most international money transfers made through BOQ process within 48 hours.
The cut-off time for same day international money transfers depends on the currency you’re sending.
Both sides of the story when using Bank of Queensland
- Customer service. When you deal with BOQ, you know you can get in touch with a bank representative over the phone, online and in person.
- Flat fee structure. The transfer fee you have to pay does not depend on the amount you wish to send, so you don’t have to end up paying hefty fees when transferring large sums.
- Processing time. If you’re in a hurry to send money overseas, waiting for two to three days might seem like much, especially when you can find money transfer companies that process these transfers within a day.
- Fees. The fee you have to pay can work as a drawback, given that some money transfer companies offer fee-free services.
Find cheaper alternatives to Bank of Queensland
Frequently asked questions about Bank of Queensland
While you can use the services of Bank of Queensland to send money overseas, you get a number of other options to choose from, so compare a few before deciding.
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