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 you need to make a one-off transfer overseas to pay for a holiday, or you’re being paid a regular salary from a business abroad, you’ll need to know a bit about how Bank of Melbourne will process your international money transfers - what they often call telegraphic transfers.
This can be a little tricky to understand, because transactions work differently, depending on where your money is going. Costs, cut off times, and processing time vary according to the destination. You might even find that your transaction is routed via banks other than Bank of Melbourne, as there can be several different organisations involved in a single transaction. Here’s a handy guide to making an international transfer with Bank of Melbourne.
|💰 Wise provides you the real exchange rate and low transparent transfer fees shown upfront.
Before you start, it’s a good plan to understand the fees involved when making an international transfer with Bank of Melbourne.
|Fees¹ in AUD
|Outgoing international transfer
|Incoming international transfer
Depending on the type of account you hold, you might find that there are different charges applied.
However, don’t forget that there may be additional charges added by the recipient bank, or any intermediary banks who handle the transaction along the way. See “Additional fees” section.
As well as any flat fees applied, the other important thing to understand is the exchange rate that’ll be used for your transfer. It’s important to remember that the rates change constantly so the rate you see online on Bank of Melbourne’s foreign exchange site is just indicative and might not be exactly the same as the one applied to your transaction.
To better understand the effect of exchange rates on your transfer, let’s make a sample online transfer for 1000 AUD sent to a friend’s GBP account in the UK. Lets see the exchange rate and how much your recipient will receive.
|Bank of Melbourne²
|Exchange rate offered on the 30 March, 2022
|$1.00 AUD = 0.5498 GBP
|$1.00 AUD =£0.5715
|What the recipient receives for this sample transfer
|£539.8 GBP (including BOM $10 transfer fee, excluding any other intermediary bank fees)
|£569.03 (inclusive of $4.38 AUD transfer fees and no other intermediary fees)
*Indicative Exchange rates checked on the 30 March, 2022
As shown above, your recipient will receive roughly 30 GBP less if you used BOM, based on the indicative rates they provide. 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.
As a BOM customer, you can make international money transfers online at a lower fee than transactions processed in a branch - but you’ll first have to register your account for internet banking.
Once you have access to internet banking, you will find the service using the 'Overseas Transfers' function, located within the Transfers, Payments & BPAY menu.³
However, you can also phone the customer service advisors, or call into a branch if you’re in a hurry or you’d rather talk to a member of staff about your transaction.
To make your international money transfer, you’ll need some details about where your money is headed. You can expect to be asked for the following:
- The transfer amount and currency
- The full name, address and account number of the person you’re sending the money to, as written on the account
- The full name and address of the bank you’re sending money to
- The recipient’s IBAN if you’re sending money to a European account
- The SWIFT/BIC code
What do I need or what should I give to the sender in order to receive an international bank transfer?
You’ll need to give the sender the following to receive an international money transfer with Bank of Melbourne:
- Your full name and address,and that of your bank
- Your bank account number
- The correct SWIFT/BIC code — Bank of Melbourne SWIFT code/SWIFT BIC Address is: SGBLAU2S.
- If you are receiving money from a US Bank, provide your payer the BOM routing Number: 021 000 021.
You also need to agree with the sender, who’ll pay the charges associated with the transfer. Otherwise you might get less than you expected, because often the costs are removed from the cash transferred, meaning that you receive the transfer minus any fees.
It’s good to be aware that you might need to pay charges that aren’t actually set by Bank of Melbourne. That’s because international money transfers are usually processed using the SWIFT system, and there can be as many as 3 banks involved in the process.
These intermediary banks or even the recipient’s bank might add their own fees to the transaction on top of anything Bank of Melbourne apply. Worst of all, Bank of Melbourne won’t be able to tell you exactly what other fees could apply before you place your transaction as these are decided by other banks involved.
|International Transfer Service
|Intermediary + Sending/Recipient bank(s)
|Bank of Melbourne makes it clear that there will be additional bank(s) that may levy charges.
|Cancellation and return of funds
|$25 plus any overseas bank charges
|Trace on the telegraphic transfer
|$25 plus any overseas bank charges
|Amendment to transfer details
|$15 plus any overseas bank charges.
How long your transaction will take depends on where it’s headed to, and how long the recipient’s bank takes to process the transfer on their end. Bank Of Melbourne states “Payments are typically processed within 1-3 business days but may take longer”.⁴
The bank doesn’t offer a way to speed up payments.
There is a cumulative daily limit of A$50,000 for transfers to accounts based overseas.⁴
If you have specific questions about your transfer, you can always talk to Bank of Melbourne:
- Find your nearest branch to get help in person
- Call - 13 22 66 within Australia or +61 3 8536 7870 (from overseas)
- See their contact us page for additional support options
You certainly don’t want to pay more than you have to, when it comes to moving your money around. International money transfers are fairly straightforward to arrange, but they can be expensive. Because there are potential pitfalls and hidden fees, it’s worth doing your research in advance so you can choose the best service for your needs.
Not only do the fees charged by intermediary banks mean you may get a nasty surprise when you place an international transfer, but the poor exchange rates often offered by banks compound the issue. In fact, your regular bank might not offer you the best deal at all.
A great alternative is to use a specialist service like Wise. Wise offers fast and secure international money transfers, with only a small transparent transfer fee shown upfront.
With Wise, you’ll know the exchange rate your money will be converted at, the transfer fees and what your recipient will receive, before you commit to the transfer.
So if you’re looking for a way to simplify the process, Wise is definitely worth checking out.
Use our pricing calculator below to have an idea of how much you get to save sending money abroad with Wise.
- BOM T&C Fees and Charges Pg.49 & Pg.51
- BOM Exchange rate calculator
- BOM Overseas transfers info
- BOM International accounts transfer FAQ
Sources checked on 30 March 2022
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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