International money transfer limits with Australia banks. An overview
Check out our overview of the international transfer limits you get with the top Australia banks.
Being one of Australia’s largest banks, based in Queensland, Suncorp has many options for making transfers internationally. However, when banking with any kind of traditional bank, international transfers can be complicated and riddled with hidden fees and exchange rates that are marked up by intermediary banks.
In this guide, we’ll look into how sending money overseas with Suncorp bank works, what the fees are and important need-to-knows. Let’s jump in.
💰 Wise provides you the real exchange rate and low transparent transfer fees shown upfront. |
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Let’s jump right into what it will cost to send money abroad with this bank. Fees for international transfers are made up of:
We’ll compare Suncorp bank to Wise for a theoretical online bank transfer sending AU$1000 from Australia to a pound sterling bank account in the UK.
Provider | Fee | Exchange Rate | Total Cost |
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Suncorp (Australia)¹ | Free Online or $30 AUD in-branch | Exchange rate + possible markup | Free + possible exchange rate markup + likely fees from intermediary and recipient banks |
Wise | $5.14 AUD | The real exchange rate - the same one you find on Google | $5.14 AUD |
It seems clear that Suncorp’s fees are lower when compared to Wise’s upfront total transfer fee. Though Suncorp state that additional intermediary/recipient bank fees may be charged, let’s take a look at the exchange rate used and check if it is fair.
Suncorp bank state on their website that³:
The exchange rates provided are for foreign exchange transactions and are intended as a guide only. The rates are subject to change at any time without notice._
Which may mean that the exchange rate you see online may not be the exchange rate you get for your payment. Before you make a decision, and your payment, it’s a good idea to double check the exchange rate with Suncorp.
Here is an example from the Suncorp’s international transfer exchange rate calculator³:
You’ll need to convert 924.39 AUD to buy 500 GBP with Suncorp bank. This means you get a rate of 1 AUD = 0.5409 GBP*
The mid market rate on Wise at the same time of checking was 1 AUD = 0.56666 GBP and that means you only need to convert 882.36 AUD to get the same 500GBP with Wise.
This is an instant saving of 42.02 AUD to get the same amount sent to the recipient with Wise.
*Rates as seen on 5 Jul 2022
💡 Eye on the exchange rate |
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Exchange rates are a very important part of the international transfer fee system and it’s where most providers make their money. Irrespective of the initial transfer fee amount, which for Suncorp bank is free, if sent online. |
It's clear to see a transparent transfer service like Wise is the way to go if you want to save big.
An international money transfer is an electronic transfer of funds to an overseas bank account. It’s also sometimes called a TT or T/T for telegraphic transfer. Regardless of what it’s called, Suncorp offers 2 different ways to make one:
Read more: Suncorp internet banking: The lowdown |
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If you want to make an international money transfer with Suncorp you need the following information¹:
Suncorp Bank allows you to receive funds from 19 different currencies plus AUD from international banks.
The currencies that are available in global payments are: AUD, CAD, CHF, CNY, DKK, EUR, FJD, GBP, HKD, INR, JPY, NOK, NZD, PGK, PHP, SEK, SGD, THB, USD, ZAR
To receive funds into your Suncorp account, you’ll need the following information²:
Suncorp states that International transfers can take up to 5 business days, depending on the receiving bank and if there is any intermediary bank.¹ It’s important to provide all needed information correctly when setting up the transfer to avoid delays.
When you want to make an international payment in a Suncorp branch, there’s no limit to the amount you can transfer.
If you decide to send money online with Suncorp, you should keep in mind that there are limits to the amounts you can send¹.
Via an online payment you can send a maximum of¹:
Here are some additional fees charged by Suncorp bank for the services listed below.⁴
Service | Additional fees |
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Sending/recipient bank and/or intermediary bank(s) | Suncorp states that there will be intermediary banks involved. In SWIFT transfers there are generally 1-3 intermediary banks involved, and they almost always charge a flat fee for processing the transfer. |
Amendment of an international payment | $30.00 plus other bank’s costs |
Recall of an international payment | $30.00 plus other bank’s costs |
Trace request of an international payment | $30.00 plus other bank’s costs |
In-branch/Staff assistance on sending telegraphic transfer | A$30 |
Suncorp cannot guarantee the receiving time frame due to circumstances beyond Suncorp Bank’s control such as public holidays, payment routing and destination. They don’t offer any ways to make a faster transfer for an additional fee.
You can reach out to Suncorp bank via the options provided on their contact page.
For years, Wise has been saving customers money in hidden fees when they transfer money abroad. How does it work? Wise works from one local bank account in one country to another local bank account, so the money never crosses borders.
When a sender transfers money to Wise, they make a local bank transfer or pay with a local debit or credit card. You miss the international sending fees you get through international SWIFT bank transfers, and there are no unexpected exchange rates: Wise gives you the actual mid-market exchange rate that you’d find on Google.
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The Wise multi-currency account is a new option in many countries, it allows you to send and manage money in a number of different global currencies all at once. You can even get local, local account details in global currencies like AUD, NZD, EUR, USD, GBP... which means that you can receive money like a local in the countries where these currencies are used.
Want to find out more? Send money now with Wise and see for yourself what you save using our calculator below.
Sources:
Sources checked on the 5 July 2022.
*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.
Check out our overview of the international transfer limits you get with the top Australia banks.
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