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Macquarie Bank International money transfers

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Macquarie Bank

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Summary

Macquarie Bank offers a personalised international money transfer service powered by OFX, so you know you’re getting a competitive rate.

In this guide

  • Review
  • Details
    • Product details
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Details

Product details

Product Name Macquarie Bank
Pay By Phone banking
Receiving Options Bank account
Customer Service Phone, Live chat
Maximum Transfer Amount $100,000

Available for both personal and corporate customers, you may want to consider using Macquarie Bank if you’d like the security of a bank, but the competitive exchange of a dedicated money transfer service.

A leading provider of banking, financial, investment advice and funds management, Macquarie Bank has now tapped into the international money transfer market. With their area of expertise, Macquarie tends to focus on the investment aspect of currency exchange, such as forward contracts and limit orders. These are handy for businesses that operate overseas, or a foreign investor.

Macquarie Bank actually owns a large stake in OFX, so the transfers are powered by OFX and offer support for over 50 currencies including many exotic ones.

Macquarie Bank exchange rates

Macquarie Bank's exchange rates are competitive as they use OFX to provide the service. As a result, Macquarie Bank adds a 0.4% to 1.5% markup to the mid-market exchange rate, making them cheaper than other Australian banks. Typically, banks add a 3% to 5% markup to rates.

How much does it cost to transfer money with Macquarie Bank?

A transaction fee of up to AUD $15.00 or the foreign currency equivalent will apply to transactions under AUD $10,000. There is no fee for transactions over AUD $10,000.

Please note that extra fees and charges may apply if there is more than one beneficiary involved. For example, if an amount of AUD $10,000 is being sent to more than one beneficiary, then separate fees would be charged.

What currencies are available?

Standard currencies

AUDGBPCADDKK
EURFJDHKDJPY
MXNNZDNOKPGK
PLNSGDZARSEK
CHFTHBAEDUSD

Exotic currencies

BHDBNDXPFXOF
CNYCZKHUFINR
IDRILSKWDOMR
MGAMYRMADMGA
MYRMADPKRPEN
PHPWSTSARSCR
SBDKRWLKRTWD
TOPTRYVUVVND

Pros and cons

Pros

  • Competitive exchange rates. Macquarie Bank uses OFX's exchange rates, which are generally considered as some of the most competitive in the market.
  • Speedy transactions. Macquarie can help you send money quickly.
  • Safe and secure. All transfers are handled securely and client funds are never paid until before receiving the funds.
  • Track your transfer. You can check how your transfer has progressed, from your first quote until it's been transferred.

Cons

  • No cash pickups available. You can't send funds overseas to be picked up as cash by your recipient.
  • Not suitable for smaller transfers. Macquarie Bank isn't as competitive when moving under $5,000. In this case Wise and Xe would be a better option.

What types of transfers can you carry out with Macquarie Bank?

Macquarie Bank offers the following products and services regarding foreign exchange:

  • Spot contracts with a two day settlement
  • Forward contracts (up to 12 months) - You can lock in today’s exchange rate for a transaction in the future
  • Limit orders - You can choose a target rate for your international transfer, and Macquarie will keep an eye on the market to achieve it for you
  • Foreign exchange options
  • Deposit and payment products that are limited to non-cash payment products
  • Automated transfers - You can choose from fortnightly, monthly or quarterly payments in 17 currencies.

You can also speak to a Macquarie foreign exchange dealer between Monday 7am Sydney time, and Friday 5pm New York time, which is around 8am Sydney time. This is essentially a 24-hour service from Monday to Friday.


The registration and transfer process

This service is open to anyone (whether it’s for personal or business) who wishes to send currency to a bank in another country.

  • You’ll need to choose a username or password, give some information about yourself and fill in your contact details
  • Once an account has been created for you, you’ll need to log into your account on the official Macquarie site. From here, you can request an exchange rate that you’d like to transact in
  • Confirm your recipient details, your exchange rate and the amount
  • Transfer the payment
  • Macquarie Bank will then move the funds to your recipient.

What other products and services does Macquarie Bank offer?

  • Help your clients. Macquarie Bank also lets you help your clients find a better exchange. Foreign payments provide the opportunity to expand their business overseas, or could help invest across borders.
  • Other financial products. Macquarie Bank also offers credit cards, SMSFs, insurance, home loans, savings accounts and business products.

How does Macquarie Bank compare to other providers?

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.
1 - 25 of 25
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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FAQs

Macquarie Bank’s international money transfers are powered by OFX, a money transfer service that prides itself in offering competitive exchange rates compared to the banks. If you’d prefer a 24-hour service with a large choice of currencies backed by the security of a bank, you might find Macquarie’s services helpful.

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