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...
Whether it’s because you’re a jet-setting world traveler, a foreign exchange student, an expat or an international entrepreneur, many people need to move money internationally every single day.
If you need to receive a transfer from overseas, you may be a little lost in all the policies and procedures. Every bank is a little different, but they all have one thing in common: fees. Unfortunately, those fees aren’t the same across the board. Some banks are simply more budget-friendly than others. If that’s what you’re looking for, you’ve come to the right place.
Need the cheapest way to receive an international money transfer? We’ve got you covered. Read on.
When it comes to how international transfers work, things are a little different depending on the bank or money transfer service you use. Below, check out some similarities and differences between a few major banks and Wise, one of the leading alternative methods to move money quickly, safely and cheaply across borders.
Check the most important information in the table below, and if you want to learn more about one of the specific banks, just click on their name and you’ll be redirected to a more indepth article about that bank.
|How you can receive money||Fees||How long does it take?|
|Wise||$0||Typically 1-3 business days, but dependent on factors including:|
|Westpac||Westpac doesn’t guarantee any transfer times, so like any other SWIFT transfer, you can expect it to take around 3-5 business days.|
|NAB||NAB doesn’t guarantee any transfer times, but usually processes incoming transfers on the same day if they arrive on a business day before the cutoff time. Cutoff times differ per currency.|
|ANZ||ANZ doesn’t make any guarantees about transfer times, and doesn’t offer any cutoff times online, so stick with the standard for SWIFT transfers and assume your transfer should arrive in 3-5 business days, provided nothing happens to delay it.|
|CommBank||Commbank has cut of times, which differ per currency. If they receive the money after the cut of time, they’ll process the payment on the next business days. The sender can ask their bank when the approximate time will be that the money should be with Commbank, so you have an estimate.|
You saw the receiving fees charged by all those banks above, but that’s not the only cost associated with receiving an international transfer at a bank.
In addition to the fixed receiving fees charged by many banks, you may have to pay some intermediary fees charged by banks that handle your transfer on its way to your bank. You generally have the option of having the sender pay all those fees, having the recipient pay them, or sharing them between the sender and the recipient. The sender of the payment can decide how the fees will be shared, so make sure to discuss this with them before they make the payment.
With Wise, there are no fees to receive a transfer, and no intermediary bank fees. There’s just one sending fee that you see upfront — that’s it.
When you convert currency at a bank, you generally don’t get the actual exchange rate, or the mid-market rate. Most banks mark it up by an average of 3-5% in order to make an extra profit on your transfer. With Wise, you always get the mid-market rate, guaranteed. Because it’s the only real exchange rate there is.
As you saw above, there are generally no guarantees when it comes to processing times for international transfers. A lot of factors can influence the time it takes for funds to become available, and most of them have to do with anti-fraud laws and keeping your money secure. On average, bank transfers can take 3-5 business days using the SWIFT system. If somebody sends you the money via check, it can take a lot longer, sometimes even a few weeks. Wise will most likely be faster.
As you can see, you have a lot of options for moving money across international borders. As for which one is the cheapest? In this case, it appears to be Wise, which uses the mid-market exchange rate and doesn’t charge any receiving fees. No matter which method you go with, best of luck!
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 TransferWise 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.
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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