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Suncorp international money transfers review

Suncorp Bank offers a secure way to send money overseas straight from your Australian bank account.

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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.

How does Suncorp 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 - 20 of 25
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
24 hours
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
Within minutes
Xe has fast transfers with low fees and a range of foreign currency tools.
24 hours
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Within minutes
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
Xe has fast transfers with low fees and a range of foreign currency tools.
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 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
24 hours
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
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.
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.
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
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.
Within minutes
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
24 hours
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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
Earn 1 Qantas Point per every AUD$10 equivalent you transfer into foreign currencies. T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.

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 inNABWestpacSuncorp

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:

  • Cuba
  • Brazil
  • Afghanistan
  • Libya
  • Iraq
  • Kuwait
  • Russia
  • Columbia
  • South Africa
  • Sudan
  • Lebanon
  • North Korea
  • Syria

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

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.

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2 Responses

    Default Gravatar
    BobJune 19, 2018

    Is the Suncorp Cash Passport available for the Chinese Yuan ??

      Default Gravatar
      NikkiJune 19, 2018

      Hi Bob,

      Thanks for getting in touch with finder.

      Suncorp Cash Passport is not available for the Chinese Yuan.
      Hope this helps!


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