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Bank of Queensland (BOQ) international money transfers

Find out what it's like to send money overseas with BOQ.

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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.

Telegraphic transfers: What does it mean?

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.

CountryCurrencyCODEBuys ChequesSells DraftsSells Notes
United StatesDollarUSD0.75840.66930.6776
United KingdomPoundsGBP0.6160.54340.5443
EuropeEuroEUR0.69820.61610.6162
CanadaDollarsCAD1.00940.86770.8873
JapanYenJPYN/A84.822586.6413
ChinaYuanCNYN/AN/A4.2801
IndiaRupeeINRN/AN/AN/A
New ZealandDollarNZD1.17291.00831.043

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.

ServiceFee
Sending transfer online$20
In branch transfers$35
International drafts$15
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

Pros

  • 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.

Cons

  • 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

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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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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