Bank of Sydney international money transfers. Fees, rates and transfer time

Roberto Efflandrin

Making international money transfers from Australia is a much easier process these days than in times gone by.

However, with every bank leveraging its own unique set of fees and requirements, some challenges still exist. Due to this, it can be very easy to end up paying added fees and having your transfer cost more than expected.

Ensuring you do your research and understand all the conditions associated with your chosen payment facilitator is the best way to avoid this.

In this guide, we’ll take a closer look at one of these facilitators, the Bank of Sydney (BOS). Learn how international transfers with BOS work, the fees involved, what’s required, whether transfer limits apply, timelines for processing and more.

Let’s dive right in.

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How do Bank of Sydney transfers work?

Also known as wire transfers or telegraphic transfers, international money transfers made with BOS utilise the Society for Worldwide Interbank Financial Telecommunications or SWIFT network.¹

BOS takes the unique SWIFT code for the bank you are sending the funds to alongside the receiver's account information and other details to set up the transfer.

Then, using the SWIFT network, they instigate the payment. SWIFT then instructs and routes the payment order.

If there is no existing relationship between BOS and the bank you are sending to overseas, a correspondent bank or intermediary will process this order. Acting as a middleman, they receive the funds from BOS and deposit them into the receiving bank account on their behalf.

Bank of Sydney international money transfer fees

To make it easier to understand how BOS fees and charges work, let’s imagine we’re sending AUD1000 to a friend in Germany in EUR.

For comparison, we’ll include what this looks like with Wise also.

Fees in AUD Bank of Sydney² Wise
Outgoing international transfer - $10 per transfer in AUD or foreign currency via internet banking

- $20 if in branch for any available currency

$5.21 – If money is paid to Wise via a bank transfer.

This is comprised of a fixed 0.53 fee and 0.47% variable fee

Additional fees While BOS do not levy additional fees, any bank or clearing house involved with the transfer may take a fee. SWIFT fees will also apply. No SWIFT or intermediary bank fees, as the recipient is paid from Wise's local account in the EU. Your recipient gets what you send.

As seen on 10 November 2023

Unfortunately, SWIFT fees and intermediary bank fees are largely unknown until after the transfer has reached its destination.

This is due to variables in how these payments are routed and the potential for them to be handled by several intermediaries before reaching their destination.

For this reason, it is exceedingly difficult to provide an exact figure for how much it will cost to make an international money transfer.

This is the case regardless of whether the transfer is made with BOS or another bank – we’ll look at how these fees are paid and by whom further on.

Should you wish to find out an estimate of what your international transfer will cost, we recommend speaking to BOS directly.

They may be able to provide further guidance based on the currency in question and where you are transferring to.

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Bank of Sydney international money transfers exchange rate

In addition to the above, exchange rates will also play a role in how much of that AUD $1000 is actually received by our friend in EUR.

Again, we will compare with Wise to see how this stacks up.

Bank of Sydney Exchange rate³ Wise
Exchange rate 0.5618 0.595811
Recipient is sent EUR 561.80 EUR 592.71
Type of rate Indicative rate subject to change Mid-market rate

Rates as seen on 10 November 2023

Based on the above it is easy to see how much impact the applied exchange rate has on how much is actually deposited into the recipient's bank account.

In this case, it’s a difference of over EUR30, which is a significant amount.

This margin, while not a fee per se, is another way payment facilitators may make money on an international funds transfer.

Bank of Sydney supported currencies

Currently, Bank of Sydney supports international transfers from Australian Dollars into four currencies, these are³.

  • United States Dollar (USD)
  • Great British Pound (GBP)
  • Euro (EUR) and
  • New Zealand Dollars (NZD)

How to send money internationally with Bank of Sydney

There are two methods available for sending money overseas with the Bank of Sydney.

  1. Online via their internet or mobile banking service⁵
  2. In-person at a BOS branch


  • Ensure you have gathered all relevant information for the recipient bank (detailed below)
  • Login to your internet or mobile banking profile and navigate to ‘International Payments’ – this is located under ‘Payments/Transfers’
  • Input all required transfer details and then confirm your payment
  • You will then receive a text from BOS asking you to verify this transfer request, once done the transfer is initiated


To initiate a transfer in person, you will need to bring all the same information (outlined below) as you would for an online request.

The cashier or teller will then work alongside you to complete this request. Keep in mind that these staff-assisted transfers levy a higher fee than those done online.

What details are needed to send money with Bank of Sydney?

For all international money transfers, you’ll need to supply:

  • The SWIFT code for the recipient bank
  • The International Bank Account Number (IBAN) of the recipient
  • The recipient’s full name and the name of the account if different
  • The home address of the recipient
  • The address of the recipient bank

Transfer limits with Bank of Sydney

Currently, Bank Of Sydney has default a limit of AUD$5000 per day for international transfers made via their online banking facility.⁵

If required, it is possible to instantly raise this limit up to $20,000 via the online banking portal.

For any increases over $20,000, you must send a secure message via Internet Banking with the requested increase. This request will be processed within one business day and will last for a maximum of 48 hours before returning to the default amount.

There is no information available on the BOS website regarding limits for in-person transactions. If in-person is preferred, we suggest calling ahead to confirm if any limit applies and what this amount is.

Bank of Sydney money transfer payment methods — In and Out

Unless you attend a branch in person with cash, the money you send will be withdrawn from your existing BOS account.

All fees involved, whether levied by BOS or an intermediary will be deducted from the payment amount and thereby borne by the recipient.

While BOS does not allow fee-sharing, other banks or transfer facilitators may allow you to alter how these fees are paid – which is helpful when wanting to send an exact amount.

Where these arrangements are not available the recipient should be aware that the amount deposited may be less than expected.

Keep in mind that most banks will also charge a nominal sum to the account holder to receive international deposits – for BOS this is $10.⁶

Pros and cons of sending money with Bank of Sydney

If you’re still unsure whether transferring money internationally with BOS is the right option for you, below are some pros and cons for easier weighing up.

Pros Cons
  • Easily accessible via your existing online banking profile
  • All transfers are regulated for enhanced security and safety
  • Straightforward and smooth transfers
  • Offer online and in-person service
  • SWIFT transfers have the potential to attract additional fees en-route
  • Less competitive exchange rates than some alternative money transfer specialists such as Wise²

How long does an international bank transfer with Bank of Sydney take?

Bank of Sydney advises on its website that most international transfers are completed and funds accessible to the recipient within 2 – 3 banking days.

However, they also stipulate that this timeline can be affected by factors such as where you are sending the funds and when the transfer is made.

Any requests made online over a weekend, public or bank holiday or after the day’s cut-off time will not be processed until the next business day.

Contacting Bank of Sydney

Bank of Sydney can be contacted regarding its international money transfer service Monday to Friday between 9 am and 5 pm AEST on⁷:

  • 13 95 00 within Australia or
  • +61 2 8262 9191 from overseas

Alternatively, you can request information or assistance through your online banking profile.

Send money the Wise way

Send money with Wise and you get the mid-market exchange rate, which means no surprise mark-up on your currency conversions. Fees are clear, shown upfront and secure.

Wise is a specialist in sending large amounts overseas, securely. The added bonus is that with a sliding fee scale, the more you send, the more you save. The exchange rate is always based on the mid-market rate, like the one you’d see on Google.

Safety is super important at Wise, and in Australia, it is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL number 513764).

It’s super easy to arrange a payment with Wise. Once your account is approved, you can set one up in minutes, without the need to visit a physical branch in person.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.


  1. BOS – SWIFT
  2. BOS – Fees
  3. BOS – Exchange rates
  4. BOS – How to guide
  5. BOS – Daily limits
  6. BOS – Receiving money from overseas
  7. BOS – Contact Us

Sources checked on: 10 November 2023 and 15 November 2023

Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

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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