Suncorp Bank offers a secure way to send money overseas straight from your Australian bank account.
The money transfer service that Suncorp Bank provides is conducted entirely online straight from your existing bank account. They charge a flat rate for the service, regardless of the transfer amount or destination.
When you transfer money out of Australia using Suncorp, the funds will be converted to the recipient bank's currency based on the current exchange rate. These are posted online, but are subject to change before your transaction is complete. Unlike other banks, you are not locked into the exchange rate at the time you initiate the transfer.
Send money overseas using a Suncorp transaction account
Suncorp exchange rates
You will find a complete list of the countries that Suncorp can transfer money to on the website along with the current exchange rate. These rates fluctuate depending on current market conditions and the bank will update this page daily and without warning. You also have the option of sending the money in Australian dollars and having the recipient bank do the conversion.
The small differences will mean much more in terms of money received when you look at the exchange rate applied to the actual amount of money you are sending. It should be noted that other banks could lock that rate in at the time of the transaction, while for Suncorp it could change in value before the money transfer is complete.
Rates were last updated 5:04pm, 31 October 2014 but are subject to change without notice.
A side by side comparison of Suncorp with other transfer companies is shown in the following chart to give you an idea of how competitive they are in the market. This comparison is based on rates as of 1 November, 2014 and may not be reflective of the market today:
|$1 AUD in||NAB||Westpac||Suncorp|
How much does it cost to transfer money with Suncorp?
There is a flat fee of $20 AUD charged for each transfer. Other banks may charge more for certain countries or increase the fee for higher transfer amounts.
It is important to remember that this is the fee charged by Suncorp for the initiation of the transfer. There may be other charges incurred by the receiving bank. You can call ahead and ask about these fees before sending the money.
Minimum transfer amount and available countries
Suncorp doesn't list a minimum amount that can be sent per transaction, although other banks like NAB have set this at $50. They do have a maximum of $50,000 per transaction, and this must be completed only during normal banking hours. If you are starting your transfer outside of banking hours, the maximum amount you can send is $20,000. You are also not permitted to send more than $100,000 out of your bank account in a 48-hour period.
There are 18 currencies that you send money to using the Suncorp Bank website. In addition to those listed, you can also send money to the United Arab Emirates, China, Indonesia, Malaysia, Taiwan, and Vietnam, but only from a local branch. You can also ask here about sending other exotic currencies.
Suncorp does not allow any transfer to a sanctioned nation. This includes countries such as Iran, where international policy restricts many financial transactions with the nation due to political, economic or other reasons. Other nations which are not listed on their website include:
- South Africa
- North Korea
What types of transfers can you carry out with Suncorp?
If you frequently send large amounts of money to a particular country, you may want to consider entering into a Forward Exchange Contract (FEC) with Suncorp. This is a deal where you are entered into a fixed rate for that currency for an extended period of time. That amount of time will be agreed upon by you and the bank at the start of the contract.
If there is an issue with your transfer or you inadvertently input the wrong information, you can contact Suncorp bank and ask them for a transfer amendment or transfer trace. For either of these services you will be charged $30 AUD.
The registration and transfer process
In order to use the Suncorp money transfer service you will need to be an existing bank account holder. The account you use can be a personal or business account but may not be a loan account or child’s savings account. You will also have to have Suncorp internet banking access and a security token.
Money transfers can be completed online, or you may visit your local branch and pay a higher fee. You are not permitted to make this type of transaction over the telephone.
Once you have your online account set up, you will need to know some information about the recipient bank in order to make a money transfer overseas. This includes their unique International Bank Account Number (IBAN) along with the banking account number. You will enter this information along with the transaction amount. The funds and fees will be deducted directly from your Suncorp bank account.
The amount of time it takes for the money to clear the beneficiary account is between two to five business days. Remember to take into consideration bank closings and holidays in the country that you are sending money to.
Pros and cons of using Suncorp for international money transfers
- Convenience. You can conduct your transfers to most of the available countries right from your own computer.
- Forward contracts. This is type of lock in on an exchange rate allows you to know exactly how much money is received with each transfer. You may lose money if the rates go up, but will also gain if they go down.
- Fixed fee. Other types of transfer services scale the fee based on the amount that you send.
- Pick up options. You are only enabled to make bank to bank overseas transactions, as opposed to cash pick ups.
- Payment method. The transfer amount and fees is withdrawn from your bank account making it impossible to use another bank or form of payment.
What other products and services does Suncorp offer?
If you are a Suncorp Bank customer who likes to travel out of the country, they have some products that you may find useful.
- Cash Passport. The cash passport is a prepaid travel card that can be used to withdraw money and make purchases overseas. It can be used anywhere Mastercard is accepted without incurring any fees accept those that might be charged by the merchant or ATM provider.
- Traveller’s Cheques. These are issued by American Express in either USD, GBP or EUROs. These are easily replaced if lost or stolen and are known for their acceptance around the world.
- Foreign currency cash. You can conduct your currency exchange before you even leave for the airport. Contact your local branch to find out what types of foreign currencies they have for sale and at what rate.
- Inbound cash transfer. You can also have money deposited into your Suncorp Bank account from an overseas financial institution.
FAQs about Suncorp
Is this service available for non-residents?
No, you must be an Australian resident to use this service.
What is the refund/dispute handling process?
If your recipient does not get the transfer, you can contact Suncorp and begin a track transfer. This service is $30. Suncorp will work with the receiving bank to find out what went wrong with the transfer and work on recovering your money for you.
Is there a maximum/minimum amount you can transfer?
The maximum amount you may send in a 48 hour period is $100,000. During normal banking hours you may transfer up to $50,000, or $20,000 during off hours.
Is this service available for small businesses?
Yes, so long as they have a business bank account with Suncorp.
Is BPAY available?
No, payments are only made through your bank account.
How long do transfers take?
Two to five business days is the standard for most transfers.
Is there an app available to conduct transfers?
Suncorp does have a phone app named where transfers can be completed.
Suncorp bank’s long standing good reputation makes them one to consider for your international money transfer needs. Plus, with a variety of products to ease your overseas travel, you will find that Suncorp is an institution interested in your foreign interests.
With international services that go beyond money transfers, Suncorp Bank is one for the frequent traveller to consider. Whether travelling to or from Australia, Suncorp Bank can meet your needs.