Suncorp international transfer: Fees, rates and transfer time

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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Suncorp Bank international transfer fees

Let’s jump right into what it will cost to send money abroad with this bank. Fees for international transfers are made up of:

• The ones the bank charges you to send the money
• In case of SWIFT transfers, the fees charged by intermediary banks used to forward the money to your bank and
• The potential fees your recipient's bank may charge to receive and credit your recipient that payment.

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
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 exchange rates

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.

Suncorp currency conversion rate vs Wise

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
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.

How do you make an international money transfer (telegraphic transfer) with Suncorp?

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:

• via online banking
• through a local branch

Online transfers

• Get access to the Suncorp online banking feature. If you’ve already done this, you’ll have been sent a security token to allow you to log in. If you don’t have this feature, you can set up the Suncorp Secured App to get a free token on your mobile phone.
• Log in to Internet Banking and select the ‘International Money Transfer’ option under ‘International Services.’
• You’ll need to have sufficient funds in your bank account to cover the requested transfer amount.
• You should note that Suncorp sets amount limitations on online transactions. Limits are discussed below.

Read more: Suncorp internet banking: The lowdown

In person at a local branch

• Find your nearest local branch.
• You’ll be asked to sign a document to confirm the details of the transfer.
• It might be helpful to note that it costs more to make a transfer in person. There’s a A$30 fee for international money transfers made at a bank branch.
• There are no amount limits set on transfers made in person at a branch⁶.

What do I need in order to make an international money transfer?

If you want to make an international money transfer with Suncorp you need the following information¹:

• The details of your Suncorp personal or business transaction account
• The beneficiary’s name, full address, phone number and account details (including the International Banking Account Number (IBAN) for transfers to Europe and UK)
• Overseas bank details:
  • SWIFT code (check the BIC/SWIFT code online)
  • Fedwire/routing number for US banks
  • Sort code/bank code
  • The bank address of the recipient

What do I need to give to the sender in order to receive an international bank transfer?

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’s SWIFT code (METWAU4B), Suncorp’s BSB code and address: Suncorp-Metway Ltd, 266 George St, Brisbane, QLD 4000, Australia
• The intermediary bank details for the currency that you’re transferring from; the bank’s website will show you the full list of currencies and intermediary bank details
• Beneficiary’s account name and 9-digit Suncorp account number
• Sender’s full name, account number and full address
• The full amount and the currency the payment will be made in

How long do Suncorp Bank international transfers take?

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.

What are the international transfer limits with Suncorp Bank

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:

• $20,000 per transfer - between 6pm and 8am AEST from Monday to Friday (not on public holidays)
• Up to $50,000 per day
• Up to $100,000 within a 48 hour period

Suncorp IMT Additional service fees

Here are some additional fees charged by Suncorp bank for the services listed below.⁴

Service	Additional fees
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

Is there any way to make a faster transfer for an extra fee?

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.

How to contact Suncorp Bank

You can reach out to Suncorp bank via the options provided on their contact page.

• Find your local Suncorp branch
• Call Suncorp locally on 13 11 55 — International number: +61 7 3362 1712

A cheap and transparent alternative: Wise

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.

Open your Wise account in minutes 🚀

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.

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Sources:

1. 1. Suncorp overseas bank payment page - 2 tabs
2. Suncorp receiving money from overseas
3. Suncorp bank exchange rate
4. Suncorp Bank Fee schedule PDF Page 6-7

Sources checked on the 5 July 2022.