IMB Bank international transfer. The fees, rates and transfer times.

IMB Bank — formerly Illawarra Mutual Building Society — is one of the largest building societies in Australia and provides international money transfer services to its customers through its Western Union Business Solutions integration.

In this guide, we’ll explore the fees, the transfer time and provide you with a step-by-step guide for sending an international money transfer with IMB bank. You’ll also learn about a cheaper, hassle-free alternative. Let’s begin.

💰 Wise provides you the real exchange rate and low transparent transfer fees shown upfront.

Learn more about Wise money transfers

IMB Bank fees to send money overseas

On behalf of their customers, IMB Bank sends money abroad using Western Union (WU) Business Solutions². Through this partnership, IMB has access to WU's extensive global network of partnered institutions when making international payments⁶.

To understand the fees involved in a transfer with IMB, let's say you want to send 1000 AUD from your IMB bank account to a friend's UK GBP account. We’ll compare these fees to using Wise instead.

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

Fees*	IMB Bank1	Wise
Cost to transfer from an AUD denominated account	Max service fee of $51.00 (unspecified minimum)	$5.14 (see pricing here)

*Indicative fees as shown on 23 November 2021

IMB banks state in their fee schedule that there is a max amount of AU $51 for a telegraphic transfer which partly or wholly includes fees charged by third party processors.

Wise shows you the fees upfront so you know exactly how much your recipient will get and how much it will cost you to send the money.

IMB Bank steps to take to send money abroad

To make an international transfer with IMB, you’ll need to get in contact with the bank directly to arrange this. It is not possible to do this online.

In person at a local branch (preferred)

1. Fill out the dedicated form provided in branch
2. Have your bank account details and identification documents ready
3. Make sure you have enough money in your account to cover the international transfer and all associated fees
4. Have the receiver's bank account details ready which can differ based on the recipient's bank country¹⁰.
5. Also have handy the recipients first and last name, address, IBAN number and SWIFT/BIC code (just in case).

By phone

1. Call 133 462
2. Process and requirements are similar to visiting a branch, but you may be subject to further IMB security checks to confirm your identity over the phone, so have your bank details and ID’s ready to go.

IMB Bank / Western Union exchange rates

Currency exchange rates change frequently, and actual rates offered vary dependent on the exchange vendor. For international transfers, IMB Bank relies on the exchange rates set by Western Union and can differ from the rate shown on Google. This is because WU makes money from the currency exchange⁹.

They 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 currency

So for our 1000 AUD to GBP example shown earlier, lets see the exchange rate and how much your recipient will receive.

IMB Bank Western Union vs Wise — Exchange rate for 1000 AUD to GBP

Fees*	IMB Bank/WU⁵	Wise
Exchange rate offered on the 23rd November, 2021	$1.00 AUD = 0.5271 GBP	$1.00 AUD =£0.5403 GBP
What the recipient receives for this sample transfer	£527.12 GBP (not including IMB Banks service fee or any other intermediary bank fees)	£537.60 (inclusive of $5.14 AUD transfer fees and no other intermediary fees)

*Indicative Exchange rates checked on the 23rd November, 2021

As shown above, your recipient will receive less money if you send the transfer using IMB bank and Western Union. The exchange rate is an important factor in international transfers and this is how providers make more money and your recipient receives less.

Wise gives you the real exchange rate, just like the one you see on Google. Wise also saves you from any hidden fees and commissions when sending money overseas by showing you all you need to pay, upfront.

IMB Bank international transfer limit

IMB Bank does not directly disclose the international transfer limits using IMB telegraphic transfers⁴. However, IMB Bank has a daily online banking transfer limit of $5000¹.

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

To make an IMB overseas money transfer, you'll have to have handy a number of specific details so IMB Bank can make the transfer for you. These can include:

1. Your name and IMB account details you want the transfer made from
2. The recipients first and last name
3. Recipients address, and account type (savings, checking, current etc.)
4. Recipients account number (country specific and subject to Western Union’s terms⁸) or IBAN number (International Bank Number)
5. The recipients SWIFT/BIC code (online SWIFT/BIC code finder)

How long does the international transfer take with IMB Bank

IMB telegraphic transfer times are subject to WU estimated transfer times and are dependent on the recipients bank and country⁸. Western Union estimates up to 5 business days for account-based transfer, though the payment may reach the recipient sooner.⁹

IMB Bank contact details

For more information, you can reach out to IMB bank directly using these contact details:¹⁰

• Call Toll Free at 133 462
• Call from an International number at +61 2 4298 0111
• Email via this form
• Write to IMB at PO Box 2077, Wollongong, NSW, 2500

Wise as an alternative

Unlike IMB Bank, Wise takes the guesswork and hassle out of transferring money overseas. With Wise, you’ll know exactly what it costs with real exchange rates, the transfer fee and the amount the recipient gets all before you commit to the transfer. This can also be done from anywhere your computer or mobile device is with an active internet connection. How good is that?

To give you an idea of just how much you will save sending money abroad with Wise, why not give our pricing calculator a go.

There is no doubt you’ll be pleasantly surprised just how cheap, fast and stress-free sending money overseas can be with Wise.

Open your Wise account in minutes 🚀

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Sources

1. IMB Bank IMB Bank PDF fees & charges(page 20)
2. IMB Bank IMB Foreign Cash transfers
3. IMB Bank Services available through internet/mobile banking (53.3)
4. IMB Bank internet banking transaction limits terms (53.9)
5. Western Union -currency converter
6. Western Union Business Solutions — for financial institutions
7. Western Union Legal info on currency exchanges
8. Western Union transfer times and bank details required from AU
9. Western Union Terms and Conditions
10. IMB Bank contact methods
    Sources checked on date: 23 November, 2021