Australia and New Zealand Banking Group

ANZ, or the Australia and New Zealand Banking Group, is Australia’s third-largest bank. Offering a range of international money wire options, ANZ is a smart choice for an efficient transfer service.

Fee: ? $12 for less than $10,000; free for $10,000 and above.
Bank Partner: ? N/A
Speed: ? 1-3 days
Country Notes N/A
Local settlement: ? Australia
Transfer methods ? Phone and online transfer services
Regulated By: ? Australian Securities & Investments Commision
General Notes N/A

The pros and cons of using Australia and New Zealand Banking Group

Australia and New Zealand Banking Group

ANZ, or the Australia and New Zealand Banking Group, is Australia’s third-largest bank. It was first set up in the 1830s, and it has a number of subsidiaries. It is headquartered in Melbourne.

As part of its broad banking offer, ANZ offers customers wire transfer and digital money transfer options. These are available to both business and retail customers. With wire transfer fees resting at around $18 or less, it can be cost-effective to choose this bank.

This article will look at exactly how much the bank charges for international money order transactions, and it will also explore how long it may take and what exactly the SWIFT transfer process is.

 

Transfer Fee and Charges

As well as covering the costs of the international exchange rate, customers of ANZ will need to pay additional fees. This fee structure can be competitive, but it is not always simple given that lots of different variables come in to play.

  • The main variable to consider is the amount of money being sent through ANZ. If the sum is under $10,000 and is being sent via phone banking, then it will cost $12 if you’re sending in foreign currency but from an AUD account. If you’re sending Australian dollars from an AUD account, then it will cost $32 – as it also will if you are making a transfer from a foreign currency account.
  • If the sum is over the Australian dollar equivalent of $10,000, however, then the fees may be different. For phone banking customers transferring over this sum, there is no fee to pay if you are using foreign currency but sending it from an AUD account. Other fees remain the same as phone banking transactions would be under this amount.
  • Internet banking transactions under $10,000 will again incur a $12 fee if you’re sending in foreign currency but from an AUD account, and no fees if over $10,000. AUD from an AUD account will cost $18 regardless of the total sum.
  • If you are sending a sum to certain locations in Oceania (including Vanuatu, Samoa, Kiribati and more), then there is a flat fee of $9 no matter the amount or the method – except for sending over $10,000 in a foreign currency from an AUD account, which will be free.

 

Time Duration to Complete Transfer

Sending money abroad doesn’t happen instantly, and it can take a short amount of time for ANZ to organise a transfer.

  • According to the ANZ site, electronic transactions from an ANZ account to a foreign account are completed normally within two working days. 
  • For those who plan to use the phone banking system for transfers, remember that it’s only available at certain times. These are between 8am and 8pm Australian Eastern Standard Time (or Sydney/Melbourne time), and between Monday and Friday. The lines are closed on national holidays.

 

Instruction on How To Arrange Transfer

The process for arranging a transfer with ANZ Bank is outlined on its website. Here’s a summary.

  • Several pieces of information will be needed in order to make a successful international money transfer. These include the designated currency and overall sum that you plan to send, plus the name, address and bank account details of the recipient. You will need either the SWIFT/BIC number or the branch number. If you’re sending cash to the US, then you’ll need the routing number – and for Europe, you’ll need the IBAN.
  • Customers who use the ANZ international money transfer service are protected by a number of security features. You can, for example, download the ANZ Shield app, which provides verification services. Customers are also protected by the ANZ Fraud Money Back Guarantee, which means that you will be reimbursed if you lose money through no fault of your own and let ANZ know as soon as possible.
  • International customers who wish to use the phone banking option need to call a designated international number, which is +613 9683 9999.

 

Conclusion

With ANZ offering a range of international money wire options, consumers from all sectors should consider choosing it as their bank if they plan to transfer money abroad. International wire transfer usually costs around $18 or under with ANZ, for example. In terms of timings, it’s possible for the recipient to receive wire transfer within two working days, and with security features and phone/online options making the transaction process relatively simple, there’s no need to worry about it being too complicated. Overall, ANZ is a smart choice for a modern and efficient money transfer process.

If you need to compare foreign exchange rates, then don’t forget to check out FXCompared.com.

Amount Received £ 10,000.00
£ 0.00 Avg. Saving vs. Banks ?
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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.