Qantas Business Money review
|Product Name||Qantas Business Money|
|Pay By||Bank transfer, Debit card|
|Receiving Options||Bank account, Mobile wallet|
|Customer Service||Phone, Email, In person|
Qantas teamed up with Melbourne-based Airwallex to branch into the world of international business payments. Qantas Business Money is powered by Airwallex and promises exchange rates up to 70% cheaper than traditional banks. You can earn loyalty points through the Qantas Business Rewards program just by making an international money transfer. While transfer times may be on the slow side, Qantas Business Rewards has a decent reach and low transfer fees.
Why should I consider Qantas Business Money?
- Loyalty points. You can earn 1 Qantas Point on every $10 equivalent converted on foreign currency conversions.
- Competitive rates. Qantas Business Money add a markup ranging from 1.02% to 1.60%, compared to Australian banks that charge a 3-6%.
- Batch transfers. You can bundle transactions into a group, allowing you to make multiple transfers at once.
What do I need to be aware of?
- Limited currencies. While the most popular currencies are covered, Qantas Business Money only supports around 30 currencies.
- Additional fee for CNY. CNY has an additional payout fee and requires additional information.
How much are Qantas Business Money's fees?
Qantas Business Money's fees come in two parts; Qantas' fee and Airwallex's fee. However, as the customer, you will just see the combined fee.
There are different tiers of fees depending on which currency you plan to send:
- 1.02% fee. AUD, USD, HKD, CNY, JPY, EUR, GBP, CAD, CHF, NZD, SGD
- 1.60% fee. MYR, IDR, KRW, PHP, THB, VND, INR, NPR, PKR, BDT, TRY, LKR, SEK, NOK, DKK, HUF, CZK, PLN, HRK, RON
It's also worth noting that payments in CNY are subject to an additional 0.21% fee. Payments made via SWIFT (SHA) have a $10 per payment fee attached, while SWIFT (OUR) payments come with a $30 per payment fee.
How are Qantas Business Money's exchange rates?
Qantas Business Money's exchange rate is determined by live exchange rates from its partners and market data sources. At the weekend and when the markets are closed you may find an additional markup is applied. Overall, Qantas claim businesses can save up to 70% on conversion fees.
How can I earn Qantas Points?
When you create an account with Qantas Business Money you will automatically be signed up for the Qantas Business Rewards program free of charge.
Going forwards, you can earn 1 Qantas Point for every $10 equivalent you convert into foreign currencies.
Qantas Points can be used by yourself or your team on flights, seat upgrades and hotel accommodation.
What are the ways I can send money abroad with Qantas Business Money?
With Qantas Business Money you can make batch transfers or set up a transfer approval mechanism for your company. But first, you will need to register an account.
How to send money transfer with Qantas Business Money
What types of transfers can you make with Qantas Business Money?
Qantas Business Money only supports bank transfers. Just check whether your payment is being made through the Airwallex system or if it is a SWIFT payment - as fees can apply to the latter.
Although it only facilitates bank transfers, Qantas Business Money has a couple of transfer features to help your business:
- Batch transfers. You can bundle transactions to process them in a group or in bulk, allowing you to make multiple transfers at once.
- Transfer approval. Qantas Business Money allows you to put a four-eye mechanism in place that controls which team members can create and approve a transfer.
- Global currency account. These allow you to receive deposits into your account and collect funds from various platforms such as PayPal or Amazon.
How long does an international transfer with Qantas Business Money take?
The amount of time a transfer or exchange takes depends on the currency, the destination country and the receiving country. Once you have initiated your transfer, you can typically expect it to arrive with your recipient within 3 to 5 business days. However, in some cases, this may take longer if there are public holidays or if supporting documents are required.
If Qantas Business Money is able to offer a local payout method to your destination, then payments could arrive within 3 days.
Transfers typically take
Is Qantas Business Money safe to use?
Qantas Business Money is powered by Airwallex, which is regulated by the Australian Securities and Investments Commission (ASIC) under an Australian Financial Service Licence.
Following regulatory guidelines, funds are protected in a ring-fenced account and are kept separate from the company's accounts. All transactions are also encrypted using an RSA key and Secure Socket Layer (SSL) encryption provided by Airwallex.
How does Qantas Business Money compare to other money transfer services?
If you want to see how Qantas Business Money compares to the exchange rates and fees offered by other money transfer services, enter the details of your transaction into the table below.
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