Bank of Queensland (BOQ), one of Australia’s leading regional banks, began operations in 1874 as the Brisbane Permanent Benefit Building and Investment Society. In 1887, it converted from a building society to a bank. This financial institution took to its current name in 1970, which was also the year it computerised its operations.
Get started with a BOQ Everyday account
BOQ remains one of the few regional banks still not owned by one of the bigger players in this realm. Over time, BOQ has grown by acquiring a number of businesses. Examples include St Andrew’s Insurance in 2010, Virgin Money Australia in 2013 and Investec Bank (Australia) Limited in 2014.
This bank has over 200 branches across Australia. By market capitalisation, it ranks amongst the top 100 companies on the Australian Securities Exchange.
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 any given transaction takes place. To find out the latest rates, speaking to a BOQ representative over the phone or in person is the way to go.
Since exchange rates are subject to change at any time, the BOQ website provides periodically updated rates. The table below works as a guide to BOQ exchange rates. They are applicable for transactions of up to $25,000.
|Country||Currency||Code||Buy notes||Buy cheques||Drafts||Sell notes||Sell travel card|
|Papua New Guinea||Kina||PGK||2.5283||-||-||1.8916||-|
|United Arab Emirates||Dirham||AED||3.0876||-||-||2.3625||-|
Rates are current as of as of 10am (AET), February 26, 2016.Back to top
How much does it cost to transfer money with Bank of Queensland?
BOQ lets you send money overseas in person or over the Internet. The fees you have to pay depend on the method you choose. What helps is that the bank charges a flat fee for international transfers, where the amount you’re sending or the destination country does not make a difference.
The table below indicates how much BOQ charges for its international money transfer services.
|Online banking transfers||$20|
|In branch transfers||$35|
Minimum transfer amount and available countries
BOQ lets you send money to a number of countries the world over. These include, but don’t limit to, Austria, Bahrain, Bangladesh, Bosnia and Herzegovina, Brunei Darussalam, Cambodia, Croatia, Cuba, Egypt, Fiji, French Polynesia, Israel, Jersey, Lebanon, Malta, Oman, Pakistan, Samoa, Slovenia, 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. The minimum you can transfer is $100.Back to top
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.
|Foreign currency||Cut-off time (AET)|
|All other currencies||5pm|
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.
What other products and services does Bank of Queensland offer?
BOQ provides a range of financial services and products, which include offerings for travellers as well as people who deal in foreign currency.
- Cash Passport Mastercard. You can use this prepaid travel money card at more than 1.9 million Mastercard ATMs and 29 million merchants the world over. It does not link to your bank account. You can add funds in nine different currencies.
- Travel insurance. The travel insurance that BOQ offers provides cover against unlimited cancelled travel and accommodation expenses, overseas medical and dental expenses, unexpected transport and accommodation expenses, loss of or damage to personal baggage, accidental death, and a host of other scenarios.
- Foreign currency accounts. If you make payments in foreign currencies regularly, you can consider opening a BOQ foreign currency account. The minimum balance required is the equivalent of $5,000. To open this account you must have an existing BOQ transaction account in the same name.
- Foreign currency deposits. In case you have a considerable sum of foreign currency that you wish to hold onto for some time, you can consider investing in a BOQ foreign currency term deposit. Terms vary from one week to one year. The minimum you can invest is the equivalent of $100,000.
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.