Macquarie Bank International money transfers
|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?
Pros and cons
- 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.
- 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?
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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