Bank Australia international transfers: The fees, rates and transfer time.

Roberto Efflandrin

Customers of Bank Australia can send international transfers online on the web or app. The transfers are handled by Western Union Business Solutions. This article walks you through everything you need to know about sending money overseas using Bank Australia. Let's jump right in.

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What are the fees for an international transfer with Bank Australia?

Bank Australia partners with Western Union business solutions for its international transfer service. Here is the breakdown of the transfer fees Bank Australia charges if you send AUD to a friend in the UK in GBP.

Bank Australia vs Wise transfer fees for a sample of 1000 AUD to GBP

Below are the fees incurred if you sent AUD 1000 to a friend in the UK. This considers the transfer was funded using a bank transfer or your Bank Australia account debit as your payment method.

Fees Bank Australia² Wise
Cost to transfer of staff assisted at branch or contact centre AUD 30 Flat fee N/A
Cost to transfer if sent online or using the App AUD 10 Flat fee AUD 5.14 pricing here

Bank Australia — Western Union business solutions exchange rates:

Western Union makes the currency conversion and sends the international transfer on behalf of Bank Australia. The exchange rate you get will be Western Union’s.

Here’s what Western Union say in the Send Money Online page footnotes³, relating to international transfers:

Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. Fees and rates subject to change without notice.

It’s clear to see Western Union uses a marked up rate that makes them money. You should factor the exchange rate in your decision to use a money transfer provider as the rate difference does add up.

A sample calculation done on Western Union’s website on 16 November 2021 showed you’ll get 0.5384 GBP for each 1 AUD you send.³

Let’s compare that to the real exchange rate Wise uses for international transfers.

Bank Australia vs Wise — Exchange rate for 1000 AUD to GBP

Rates* Bank Australia/Western Union Wise:
Exchange rate offered on the date you wrote the article. Source, superscript and screenshot please. AUD 1 = 0.5384 GBP AUD 1 = 0.54516 GBP
How much the recipient receives for this sample transfer 538.42 GBP 545.16 GBP — Your recipient gets 6.74 GBP more and you also pay less in bank fees to send this transfer.

*Checked on 16th of November 2021

Simply based on the exchange rate in this sample transfer, your recipient will get 6.74 GBP more for this transfer sent with Wise.

Remember, you also pay almost half the price of Bank Australia’s transfer fees to send this payment with Wise.

Bank Australia steps to take to send money abroad

Let’s get to grips with how to make an international transfer using Bank Australia.

Bank Australia states you must send the payment to a foreign currency¹. So, for example, you cannot send AUD to an account in the UK denominated in AUD.

You can only send an international transfer that involves a conversion of currency.

Transfer methods

Bank Australia offers customers multiple ways to send international transfers that are all easy to do. Here they are:

Send international transfers using online banking or your mobile app.

You can send an international transfer by logging into your account online and selecting ‘international transfers’.

Then, all you need to do is:

  • Validate your factor two authorisation (like a token or secure SMS).
  • Choose the country you are sending the transfer to, then selecting the currency you want to send the payment in.
  • Select the account you want the money to be paid from and complete the required fields.
  • When ready, click ‘next’, review the information, and then click ‘pay now’. Done.

Send international transfers using in person at a Branch

You can send your transfer at a Bank Australia branch. All you have to do is:

  • Walk into a branch and ask to make an international transfer.
  • Tell them how much you would like to send and provide the recipient's bank account information.
  • The bank clerk should then be able to process the international transfer for you. Simple!

Send international transfers using the Bank Australia Contact Centre:

You can initiate your international transfer on the phone as well. You’ll need contact Bank Australia phone support.

  • All you need to do is call 132 888. +61 3 9854 4666 if you are outside Australia
  • After you’ve passed security, ask to make an international transfer.
  • Tell the call-handler how much you would like to send and then provide the recipient's bank details.

How long does the international transfer take with Bank Australia?

Delivery times for international transfer depend on the Western Union transfer time for your recipient’s bank account country and may vary. It could take up to 5 working days for the money to reach your recipient’s account⁴.

Additional international service fees

Here are the fees charged by Bank Australia for additional services related to your international transfer.²

Bank Australia international transfer cancellation fee:

If you’d like to cancel an international transfer or stop its debiting, then you’ll need to pay a A$25 fee.

Bank Australia international transfer trace fee:

Should your transfer not reach the recipient in time, you can request for it to be traced by the bank. The cost is A$25.

Bank Australia international transfer limit

There is a daily transfer limit of AU $2000 with Bank Australia. However, you can reach out to them directly if you wish to send more than AU $2000 worth of currency in an international transfer per day.¹

What recipient details do you need to make an international transfer with Bank Australia

To make an international transfer with Bank Australia, you’ll need the following information¹:

  • The recipient's account name, address, and account number or IBAN
  • The recipient's bank account name, address, and bank codes.

The details you’ll need depends on the country you’re sending a payment to. For example, not all countries use the IBAN system.

How do you receive money from abroad into your account with Bank Australia?

All you need to do is follow these steps:⁵

  • Click ‘Transfer/Pay’ and select ‘International Transfers’.
  • Select ‘receive money from overseas’ and then follow the prompts to receive payment instructions for the sender.
  • Let the person know what they need to do, i.e. how much money to send and in what currency.
  • Then, forward the payment details they received from their bank transferring the money over to you.
  • If possible, email Western Union the transfer receipt from the sending bank once payment is received⁵.

Need help? Here are Bank Australia’s Contact Details.

Bank Australia offers a few different ways to get in touch if you need help⁷.

  • You can email.
  • Visit a branch in-person.
  • If you’re in Australia, you can call on 132 888. +61 3 9854 4666 if you are outside Australia

Wise is the smart, new way to send money abroad.

Bank Australia makes sending money overseas easy. But given that it uses Western Union, you should take into account the marked up exchange rate.

Wise is a smart, modern, and trusted alternative to send money overseas. Its low fees and real exchange rate mean your money goes further when making international transfers.

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Sources:

  1. Bank Australia Sending An International Transfer
  2. Bank Australia Fees, Charges, & TransactionsPage 12.
  3. Western Union Send Money
  4. Western Union bank transfer details
  5. Bank Australia Receiving An International Transfer
  6. Bank Australia Transactions and Times.
  7. Bank Australia Support.

Sources checked on 17 November 2021


This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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