Inrem via PCHC. What is Inward remittance via PCHC?
If you receive money into your Filipino bank account from abroad, you may see the words “Inrem via PCHC” on your account’s transaction history. Ever wonder...
When you are sending money internationally, you should always make it a priority to check that your money is kept safe and secure. Fortunately for customers of banks and other money transfer providers in Australia, there are a range of legal safeguards that protect your money when you are transferring abroad.
However, issues can still arise, so we’ve put together this guide on everything there is to know about the safety of international bank transfers in Australia.
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Yes, international transfers are very safe in Australia. Australian banking customers have many protections in the form of federal laws and enforceable safeguards provided by the banking code of practice.¹
When it comes to international transfers, Australian banks utilise SWIFT – Society for Worldwide Interbank Financial Telecommunication’s network. SWIFT is the world's leading provider of secure financial messaging services.²
Many of the issues that do have an impact on the security and completion of a transfer is from human errors. This can include incorrect or missing details, miscommunications between sender and beneficiary.
Australia has some of the strictest laws in the world for banks and money transfer companies that offer international money transfer services. The authorities that regulate these entities include:
To be able to legally operate and offer foreign money transfer services in Australian, a provider must³:
On top of these regulatory safeguards, there are several security features that are implemented to keep transfers as secure as they can be. Technical safeguards can include:
The level of protection on transfers can vary depending on the type of transfer method used. For example, bank to bank transfers benefit from security guarantees joint collaboration of security measures taken by the banks themselves and the SWIFT corporation.
For example the SWIFT Customer Security Programme (CSP) which helps make sure all member banks network security defences are up to date and effective to protect the global network.⁵
Read more: Wise vs International bank transfers: Which one is better? |
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When making international transfers, there are a few things to watch out for to save yourself from any surprises. You should:
It is always best to check out what to expect before making an international transfer.
If you or your recipient has noticed that a transfer is taking longer than expected, here is what you can do.
Almost all Australian banks, including the big 4 banks may be able to help you trace, recall, amend or cancel your international transfer after it has been sent. However, you may need to pay additional fees to use these services.
For example, requesting to amend or trace a transfer with Commbank incurs fees of $25AUD plus any overseas fees for either service.⁶
With NAB, if you need to cancel a transfer, a fee of $20AUD plus any overseas bank fees will be charged.⁷
Sometimes international transfers can be delayed for reasons outside of you or your bank's control. Reasons include:
Each money transfer company will have a range of estimated transfer times.
Scams are becoming increasingly sophisticated. Here are a few pointers that can help you avoid being scammed in the future with a money transfer.
When making international money transfers, do your own research, ask questions and trust your instinct if something seems too good to be true or feels a bit off.
It is important to choose a money transfer provider that is transparent in providing information on how your money is protected when making international transfers. With Wise, this is exactly what you’ll get.
Safety is super important at Wise and it’s regulated wherever it operates. In Australia, it is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL number 513764). On top of this, Wise has dedicated compliance teams and systems working around the clock to keep our customers’ money safe.
Most of Wise’s transfers don’t even cross a border. Wise receives the money directly in the sender's country, and then pays out the money from an account in the recipient’s country – bypassing the SWIFT network and saving you loads on fees.
Transfer fees at Wise are shown upfront and kept as low as possible, with conversion also calculated using the mid-market rate. Check out how much you can save with Wise on your next international transfer with the calculator below.
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Sources checked on: 29th November 2022
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.
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