How to make a BankSA international transfer. The fees, rates and procedure.

Roberto Efflandrin

Having a trustworthy and affordable way to send money overseas to loved ones is more important than ever in our modern world. BankSA, formerly called the Bank of Southern Australia, provides international money transfer services.

Like most banks, it has its own fees and currency exchange rates⁶ for international money transfers. In this guide, we’ll look at the fees, the exchange rates provided, the transfer time and how to make and receive this type of transfer with BankSA. Let’s jump right in.

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First steps to take to send money abroad with BankSA

To get started sending money overseas, you’ll first need to apply to BankSA by filling a form — to gain access to this feature on your account¹.

Apply to have this service activated on your account

You can apply Online

  • Logon to your Internet Banking using your client ID and password.
  • Complete the request form and submit.

You can also apply using a physical form

  • Print and complete the ‘Internet Banking — Request to Authorise/Cancel Overseas Telegraphic Transfer Access’ form.
  • Send it to BankSA by dropping the form off at your local branch, or sending it directly to Customer Administration by post, fax or email. The address, fax number and email address are at the end of the form².

After the bank gets your application, it usually takes a couple of days to process. Once you’re approved, you’ll be able to** start making overseas telegraphic transfers (TT)** using the BankSA online money transfer system.

How to send money abroad using BankSA's online banking

  • If you haven’t already, you’ll need to apply for access to BankSA’s overseas money transfer services.
  • Gather all of the information the bank needs to know about the recipient (more on that below).
  • Logon to your Internet Banking and select the “Transfers, Payments and BPAY®” menu, then click on “Overseas Transfers”.
  • From there, follow the onscreen prompts to complete the transaction.

You can also send money abroad from a local branch

It’s possible to send money overseas from a branch. Make sure you have all of the relevant information about the recipient (more on that below), then head in to your local BankSA Branch. The teller will be able to help you send money abroad, but be aware that getting their help costs $32.00 AUD³ in fees.

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

To send money overseas you’ll need to know the following information about the recipient⁴.

  • Recipient’s full name
  • Their home address
  • The BIC/SWIFT code of their bank
  • Name of their bank account
  • The bank account number or International Bank Account Number (IBAN)

BankSA fees to send money overseas — vs Wise's

Say for example, you want to send 1000 AUD from your BankSA account to a friend in the UK, in Pounds — here is a breakdown of the fees.

Fees BankSA³ ⁵ Wise
Cost to transfer foreign currency from an AUD denominated account $10.00 per transaction $5.14 pricing here
Cost to transfer AUD from an AUD denominated account $20.00 per transaction N/A
Cost to send from a foreign currency account $10.00 per transaction $5.14
Potential Correspondent/intermediary and/or recipient fees charged Yes, as they use the SWIFT network for international transfers No, Wise receives your AUD locally and pays out the GBP locally to the recipient in the UK

Additional correspondent and/or recipient bank transfer fees

As well as the BankSA fees, it’s possible you’ll be charged intermediary bank processing fees and/or recipient bank fees³. It’s important to keep this in mind because those fees are taken from the amount you sent. This can result in the person getting less money than you wanted them to.

Other transfer service fees

BankSA does offer the option to trace, cancel or amend international transfers¹. Cancel and trace requests can be done through the “Transfers, Payments and BPAY®” menu of your Internet Banking.

You can also contact BankSA staff to help. If the bank is able to trace and recover your funds, they will be returned to your account, minus any fees or loss on the exchange rate.

A transaction amendment can only be done before the bank processes the payment and it needs to be done by a BankSA staff member. You can go into a branch or speak to them over the phone.

Here are the fees for tracing, cancelling or amending an international transfer

Fees BankSA³
1. Trace an international transfer $25 plus any overseas bank charges Branch Staff Assisted $27 plus any overseas bank charges
2. Cancel an international transfer $25 plus any overseas bank charges Branch Staff Assisted $32 plus any overseas bank charges
3. Amend transfer details Call Centre Staff Assisted $15 plus any overseas bank charges Branch Staff Assisted $21 plus any overseas bank charges

BankSA currency exchange rates

The exchange rates used by Wise are the mid-market rates, the same one you'll see on Google.

BankSA doesn't do that, so their rate on this day was over 2 cents below the real exchange rate. When compared to Wise, you’re already down 4.2% with BankSA, before any fees are applied.

BankSA vs Wise — Exchange rate for sending 1000 AUD to GBP

Fees* BankSA⁶ Wise
Exchange rate offered on the 23rd of October, 2021. $1.00 AUD = £0.5199 GBP $1.00 AUD = £0.5429 GBP
How much the recipient receives for this sample transfer. £519.90 GBP (not factoring in the intermediary bank and or recipient bank fees) £542.90 GBP (No intermediary bank fees as recipient account is paid from a local UK Wise bank account)

*Rates checked on the 23rd of October, 2021

BankSA international transfer sending limit

BankSA has a daily limit of $50,000 AUD for transfers to international accounts.¹ Keep in mind this is cumulative, so if you need to send more you’ll have to wait until the next day.

What details do you need to receive money from abroad into your bank account with BankSA

To receive an overseas telegraphic or SWIFT transfer to your BankSA account you will need to give the payer these details.⁷

  • The address for your branch
  • Your nine-digit account number
  • Your account name
  • The BankSA BIC/SWIFT code or US Routing Number (if you are receiving money sent from a US bank).

Depending on the reason for the transaction, you may need to agree on who will pay the transfer fees. For BankSA it is usually a $12 fee³ to receive a telegraphic transfer, plus any additional fees from the intermediary banks.

How long does the international transfer take with BankSA

Usually it takes 1-3 days for your recipient to receive the money from BankSA, but they do warn that it could take longer than that¹. If your transfer is taking longer to reach your recipient, you can get help from BankSA support.

BankSA contact details

For more information:

  • Call BankSA on 13 13 76
  • You can also visit your local branch or
  • Contact them through the BankSA App

Wise as an alternative

One way to avoid the hassle of applying for access and sorting through all of the different bank fees, is to give an international payments specialist a try. Wise makes sending money around the world cheap, fast and hassle-free.

With Wise, you’ll know the exchange rate your money will be converted at, the transfer fees and what your recipient will receive, before you commit to the transfer.

Open your Wise account in minutes 🚀

So if you’re looking for a way to simplify the process, Wise is definitely worth checking out.

Use our pricing calculator below to have an idea of how much you get to save sending money abroad with Wise. 


Sources:
  1. BankSA — Transferring Money
  2. BankSA — Request or Cancel Overseas Telegraphic Transfer Access form here
  3. BankSA — Transaction, Savings and Investment Accounts (Pages 58, 60)
  4. BankSA — Send Money Overseas
  5. BankSA — Foreign Currency Account
  6. BankSA — Currency Converter
  7. BankSA — Receive Money from Overseas

Sources checked on 23 October 2021


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This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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