Have you ever wondered about the safety behind sending money abroad? Well depending on which provider you choose can vary how safe your money and account will...
Beyond Bank is a customer-owned bank based in South Australia, offering a range of personal and business banking services.
But what’s Beyond Bank like for international transfers? We’ll cover everything you need to know in this guide, from fees to exchange rates. So if you need to send money overseas, you’ll be all set.
|💰 Wise provides you the real exchange rate and low transparent transfer fees shown upfront.
Let’s start with the important stuff — how much it costs to make international transfers with Beyond Bank.
Beyond uses Western Union Business Solutions to facilitate its international transfers. To give you an idea of fees, let’s compare Beyond Bank/Western Union with another provider such as Wise.
|Beyond Bank/Western Union
|Cost to transfer if staff assisted at branch or contact center
|Cost to transfer if sent online or using the App
|5.14 AUD⁴ See pricing here
|Potential Correspondent and/or recipient fees charged
|Western Union may use corresponden banks² — so additional fees may apply³.
|None. Wise receives your AUD locally and pays out the GBP locally to the recipient in the UK
* Fees as checked on 19 November 2021
Now let’s take a quick look at fees for receiving international transfers with Beyond Bank:
|Receiving an international transfer via Western Union
|Receiving an international transfer via SWIFT international transfer
Western Union facilitates international payments for Beyond Bank, and they may use a network of correspondent or intermediary banks⁵ to do so, depending on the currency.
Using this network, your payment may not go directly to the recipient’s bank. Instead, it could follow a route involving a number of different intermediary banks. Each of these could charge their own handling fee.
Ready to send money overseas? Let’s find out how to do it.
With Beyond Bank, you can make what it calls an International (Telegraphic) Transfer through two different methods⁵. These are online/mobile banking, and person at a bank branch.
To make an international payment via online banking with Beyond Bank, follow these steps⁵:
- Log into internet banking
- Select ‘Transfer/Pay’ and then ‘International Transfer’
- Read and accept the terms and conditions
- Select ‘Create Transfer’
- Enter the amount you’d like to send and the currency
- Select ‘Request Quote’ to see the fees and exchange rates for the transfer
- Choose the Beyond Bank account you’d like the payment to come from
- Enter the recipient’s personal and bank details
- Review the details and finalise the payment.
You can also send money overseas using the Beyond Bank mobile banking app. It’s simple to do — you just need to select the ‘Pay’ menu, click ‘International’⁶ and follow the on-screen instructions.
If you prefer, you can also visit your local Beyond Bank branch to set up your transfer. You’ll need to have the recipient’s bank account details with you (we’ll cover what you need in just a moment).
Remember that there will be a fee to pay for staff-assisted transfers, while online/mobile banking payments are free.
Beyond Bank uses exchange rates provided by Western Union, and these tend to be different to the mid-market rate shown on Google. This is because the exchange rates include a margin added on top². Ultimately though, this can make your transfer more expensive.
Western Union state in their terms of service:
In addition to the transfer fee, western union also makes money when it changes your australian dollars into foreign currency¹³
Let’s compare the indicative rates to Wise’s mid-market rate.
* Indicative rate as provided on 19th November 2021
You can only transfer a maximum of 5,000 AUD⁹ a day with Beyond Bank. However, there is the potential to increase this to an upper limit of 10,050 AUD⁹.
You’ll need to visit a branch or call Beyond on 13 25 85 to request this.
To set up a transfer, make sure you have the following details to hand⁹:
- Recipient name and full street address
- The name and full address of the recipient’s bank
- Their account number and IBAN (International Bank Account Number)
- Bank sort code/SWIFT address/chips/routing number
Now, what about receiving an international transfer? Here are the details you’ll need to provide¹⁰:
- Your name and full street address
- Your account number
- Your Beyond Bank branch/agency name and address
- Your email address.
Because the money will be received through Western Union, you’ll need to fill this form to receive money into your Beyond Bank account from overseas. Western Union will provide you bank details your sender can transfer into, to be passed on to your Beyond Bank account.
International payments processed by Western Union on behalf of Beyond Bank can take as little as 2-3 days to arrive, but it can depend on the country, currency and recipient’s bank.
In some cases, beneficiary banks can take up to 5 working days to release funds. And for what WU terms ‘exotic currencies’ — it can potentially take up to 10 days.
Have a question or need help with an international transfer? Here’s how to contact Beyond Bank¹¹:
- Live Chat at the Beyond Bank website
- Email using the website contact form¹²
- Call 13 25 85 (8am to 8pm, Mon to Fri. 9am to 3pm on Sat)
- From overseas, call +61 8 7201 2400.
After reading this guide, you should have a good idea of how to send money overseas with Beyond Bank — and how much it costs.
Beyond doesn’t charge transfer fees for payments made with online banking, which is great. But Western Union adds a mark-up to the exchange rate and Beyond Bank may get a share of that ⁸ ¹³. This can make your transfer more expensive than it needs to be.
Check out how much you could save on your next transfer using our calculator below.
You could save money with an alternative solution such as Wise, which only charges tiny fees and guarantees the mid-market exchange rate. There are no correspondent bank fees, and transfers are both quick and secure.
- Beyond Bank fees and charges PDF — Page 18
- Beyond Bank terms and conditions outlining how payments are made using correspondent/intermediary banks
- Details of Beyond Bank’s international payment services, explaining that intermediary bank fees may apply
- Wise fees
- Beyond bank international transfer
- Beyond bank mobile banking
- Beyond bank cancellation info
- Beyond Bank transfer calculator
- Beyond Bank how do I transfer money overseas
- Western Union form to receive payments into your Beyond bank account
- Beyond Bank contact us details
- XE currency converter
- Western Union Terms and Conditions
Sources checked on: 19 November 2021
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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