Sending money overseas with Australia's big four banks

Sending money internationally has become increasingly important in our connected world, whether you're supporting family overseas or running an international business. Australia's big four banks all offer International Money Transfer (IMT) services, but their features and fees vary significantly. 

Here's what you need to know about making international transfers with the big four.

Big four bank fees

Transfer Fees

• Commonwealth Bank: Offers fee-free transfers through NetBank or the CommBank app for cross-currency transfers.
• Westpac: No transfer fees for foreign currency transfers via online banking or the Westpac app.
• NAB: Zero transfer fees when sending foreign currency through the NAB app or internet banking.
• ANZ: Fee-waived transfers via internet banking and ANZ app, with specific conditions.

Correspondent bank fees

• Commonwealth Bank covers these fees for cross-currency transfers.
• NAB commits to covering overseas bank fees for online transfers.
• ANZ pays correspondent fees for cross-currency transfers.
• Westpac includes this information in their currency converter tool.

Transfer speed

Most transfers are completed within 1-3 business days, though this can vary depending on the destination country and currency. Be aware that weekend and holiday cut-off times may affect processing speeds.

IMT required documentation 

Before starting your international transfer, you'll need to gather several key pieces of information:

• Recipient's full name and residential address
• Complete bank account details
• Bank's SWIFT/BIC code
• IBAN for European transfers.

Having this information ready before starting your transfer will help ensure a smooth process and avoid potential delays or complications.

Online banking features for international transfers

With most international banking going digital, major banks now offer online transfer services. Each bank's platform comes with a few unique features to help manage your international payments:

• Real-time transfer tracking to monitor your payment journey
• Saved payee details for recurring transfers
• Currency calculators with live exchange rates
• Mobile app notifications for transfer status updates.

International transfer security

Each bank has implemented security measures to protect your international transfers. ANZ's Fraud Money Back Guarantee and Westpac's Online Banking Security Guarantee provide peace of mind, while NAB and Commonwealth Bank's real-time payment tracking lets you monitor your transfer at every step. Most banks also offer additional security features like two-factor authentication and biometric login options through mobile apps.

How to save money on international bank transfers

To maximise the value of your international transfers, consider these key strategies:

1. Send money in the recipient's local currency rather than Australian dollars
2. Use online or mobile banking instead of branch services
3. Compare exchange rates between banks using their currency calculators
4. Look for special rates on larger transfer amounts.

While the big four banks provide reliable and secure transfer services, comparing their rates for your specific transfer needs is worthwhile. Exchange rates are updated regularly throughout the day, and you might find better rates during standard business hours. Remember that while fees have largely been eliminated for online foreign currency transfers, branch services often still carry higher charges.

Looking for more International Bank Transfer providers? Head over to our IMT hub page and compare accounts.