Rabobank Australia international transfer. The fees, rates and transfer time

Rabobank Australia is an agribusiness bank and supports farmers and agribusinesses involved in producing our food. For those interested in making international money transfers with Rabobank, this article will go into the specifics of the process, covering the costs involved, how the transfers work, and the typical time frames you can expect. Let’s get started.

💰 Wise provides you the mid-market exchange rate and transparent transfer fees shown upfront.

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How do Rabobank Australia transfers work

Rabobank calls their international transfers Telegraphic Transfers. Telegraphic transfers use the SWIFT network to send money from a sender to a recipient bank account. This can sometimes involve intermediary banks, also called correspondent banks.

Rabobank international money transfers fees

Here are the fees Rabobank charges for their telegraphic transfers. To make it easier to understand how Rabobank fees and charges work, let’s imagine we’re sending AUD $1000 to a friend in Italy in EUR.

For comparison, we’ll include what this looks like with Wise also.

Fees in AUD	Rabobank Australia¹	Wise
Outgoing international transfer	$30 AUD	Total fee if transfer is paid to Wise by bank transfer is $4.86 AUD See fee calculation here
Additional fees	Beneficiary and intermediary banks may charge fees which will reduce the amount your recipient receives into their account	None. Wise pays out your recipient from a bank in the EU

As seen on 29 September 2024

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

As you can see from the example above, Wise turns out to be the cheaper option.⁴ Your recipient receives the amount shown to you when you set up and send your transfer.

Rabobank international money transfers exchange rate

Rabobank applies margin rates to their currency conversion.¹ How much that margin affects your transfer can be seen by comparing the amount the Rabobank transfer setup page shows you to what you get when you do a currency calculation on Google.

Wise uses the mid-market exchange rate. This means no margins.

How to send money internationally with Rabobank

You can send

• Select the account you want to send the transfer from¹
• Select the Foreign currency (3 letter currency code e.g. USD, NZD, EUR)
• Choose the payment amount in the Foreign currency amount or AUD amount
• Provide a Reason for payment
• Insert the Beneficiary and their bank account details
• Click 'View terms and conditions' to review the International transfer terms and conditions
• Accept the “Rabobank Internet Banking conditions of International Funds Transfer” and click continue
• Review the transfer details and 'Confirm'

What details are needed to send money with Rabobank

To make an international transfer with Rabobank, you’ll need:

• BIC/SWIFT code of the recipient
• IBAN or account number of the recipient
• Recipient’s full name and account name if it’s different
• Recipient’s home address
• Recipient bank’s address

Pros and cons of sending money with Rabobank

Table breaking it down in bullet list format inside a table

Pros	Cons
Easy to send transfers directly from your Internet banking	Intermediary and/or beneficiary bank fees may be charged Margin applied to the exchange rate

How long does an international bank transfer with Rabobank take?

If transferring funds to an external bank account before 6pm (AEST/AEDT), the funds will usually appear in that account within 1 – 2 business days.²

However, keep in mind that this timeline can be affected by factors such as where you are sending the funds and when the transfer is made.

Trace, recall fees in case of incorrect payment

Rabobank charges AUD $60 to initiate a trace and recall in case you send an incorrect payment. It can take up to 6 weeks to get a response from the other institution where the payment was sent.

Contacting Rabobank

You can reach out to Rabobank using the info below, depending on your account type.

Rabobank Australia – Farm & Agribusiness

• From Australia 1800 025 484 Monday – Friday 6am - 8pm (Sydney time)
• From Overseas, call +61 2 8268 4511

Rabobank Online Savings – RaboDirect

• From Australia 1800 445 445 Monday – Friday 6am - 8pm (Sydney time)
• From overseas, call +61 2 8268 4513

Transfer money the Wise way

Sending money with Wise is safe and easy. You can send money to 160+ countries, at the mid-market rate and with transparent fees shown upfront.

With the Wise Account, you can get your own local AUD account details (with other popular currency account details too). This makes it easy to be sent money from home, or convert and send your money back home as well.

You can also order your own Wise debit card to be linked to your account, so that you can spend your hard earned cash anywhere Visa is accepted.

Join over 16 million customers currently using Wise. It’ll only take a few minutes to register and see what’s inside.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

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Sources:

1. Rabobank international transfer fee
2. Transfer times
3. Rabobank trace and recall
4. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information

Sources checked on: 29 September 2024