Whether you’re paying friends or family in other countries — sending money across the globe shouldn’t be a complicated process.
Macquarie Bank Limited, part of the assets and investment giant, Macquarie Group, provides everyday banking services which include international money transfers.
This, however, is done through their partnership with currency exchange provider OFX.¹ This guide will break down how to send international bank transfers with Macquarie Bank and a great hassle-free alternative called Wise. Let’s jump right in.
|💰 Wise provides you the real exchange rate and low transparent transfer fees shown upfront.|
To simplify this, say you wish to send 1000 AUD to a friends GBP account in the UK, you can check out the OFX fees compared to Wise’s below:
|Cost to transfer if sent online or using the App||AUD 15 flat when sending under AUD 15,0002||AUD 5.143 (See pricing here)|
|Potential Correspondent/intermediary and/or recipient fees charged||Yes, when SWIFT network is used for international transfers2||No, Wise receives your AUD locally and pays out the GBP locally to the recipient in the UK|
OFX states that a AU$15 fee applies to a single beneficiary/transfer and if multiple transfers are made, a separate fee applies for each one.
It’s worth noting that if the money transfer is routed through multiple banks for any reason, these intermediary banks may also charge a fee2.
It’s clear to see OFX is not convenient for small amount transfers. With Wise, you get cheaper fees, avoid the SWIFT network and other correspondent bank fees.
To get started, you must first set up an account with OFX. This can be done either by selecting the ‘international transfers’ section of your Macquarie online banking page, or directly on OFX’s website¹.
All you need to do is sign-up for an account with OFX. You’ll be requested to provide your details and verify your Identity.
- Once you’re verified, log in to your OFX account and begin the transfer set up process
- Add a beneficiary by inputting the requested details and bank account information
- Choose the currency pair and amount you wish to transfer.
- Once you’ve chosen the currency pair you want to change, you’ll be given OFX’s exchange rate. If you’re happy with this, you can continue by following the steps on the screen
- OFX will provide their bank account details to make a payment.
- Use these OFX bank details to make a bank transfer payment from your Macquarie bank account.
You can send an international transfer by sending a filled telegraphic form that you can find here.
In this case, you can only send an AUD transfer abroad to an AUD denominated account. A no currency conversion transfer.
|Exchange rate||Indicative rate of 0.5286 based on OFX’s external calculator.||0.539743|
|Recipient receives, not factoring in the intermediary bank fees.||Recipient receives £528.60 for 1000 AUD.||Recipient receives £537.44 for 1000 AUD⁷|
* Indicative rate checked on 22 November 2021
So, in this case your recipient in the UK would receive £528.60 for a transfer of 1000 AUD. But if they transferred with Wise, they’d receive £537.44.
Plus, they’d only have been charged a basic transfer fee of 5.14 AUD with Wise, instead of Macquarie Bank and OFX’s fee of 15 AUD.
OFX claims their International money transfers typically complete within 1 – 2 business days once they’ve been sent¹¹.
Macquarie Bank requires you to download a Macquarie Authenticator app to send more than 5000 AUD per day.
With the app, your daily transfer limit is 100,000 AUD9. There is a $250 minimum transaction with OFX10.
You need some information to make an international transfer with Macquarie Bank first¹¹. These are:
- Your banking details
- Recipient details, such as recipient’s name, account number, and SWIFT or BSC code, depending upon your recipient’s location.
- Your bank’s name
- Your bank’s address
- Your bank’s SWIFT number (Macquarie’s is MACQAU2S)
- Your account name and number
- Your account BSB number.
Remember, your BSB number is a 6-digit code that represents your bank, state, and branch location.
|Read more: Receive international transfer with Macquarie Bank|
Macquarie Bank can be contacted using the details below.
- For general inquiries, contact 1800 806 310 (Monday to Friday 8am – 6pm — Sydney time)
- You can reach out to them on their social media via Facebook or Twitter.
- You can also access the Macquarie help centre online¹².
Wise is a great alternative when you’re thinking about sending money overseas. At Wise, you’ll pay low fees shown upfront and get the mid-market rate for your transfers.
Plus, you don’t need to bother with filling in forms and waiting around for third parties to send your transfer. Wise pays out from a bank in the recipient country for most of our transfers. Meaning you get your transfers quickly and know exactly how much the recipient will receive.
- Macquarie Bank — How do I make international transfers?
- OFX transfer fees
- Wise transfer fees
- OFX Can I Cancel My Transfer?
- OFX How Can I Track My Transfer?
- Wise exchange rate. Checked 23/11/2021
- OFX exchange rate.
- Transfer time OFX
- Macquarie Bank transfer limits
- OFX minimum transfer
- OFX What Do I Need To Make An International Transfer?
- Macquarie Bank contact us
Sources checked on 19 November 2021
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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