Bank transfer and international wire fees in Australia

You can send money overseas straight out of your bank account, but often there are high fees attached to this convenience. To help you understand the costs, we've pulled together the online wire transfer fees of some of the top banks in Australia to show how they compare against one another and against independent money transfer services.

What does an international money transfer cost?

Generally, it's much cheaper to send money domestically because fewer financial systems are involved. However, international transfers are different and involve banks and wire processing services for each country. With more banks come more fees.

We've put together the current wire transfer fees you can expect to pay when sending or receiving an international money transfer online with some of the major banks in Australia:

Bank	Sending fees (online payments)	Receiving fees
NAB	Up to $35	Up to $30
ANZ	Up to $9	Up to $15
Commonwealth Bank	$0-$30	Up to $11
Westpac	$0–$32	$0-$12
Macquarie Bank	Up to $15	$0 (overseas bank charges may apply)
BOQ	$20	$10
Bendigo Bank	Up to $30	$2–$10
HSBC	$0-$20	$10
Suncorp	$0-$30	$0 (overseas bank charges may apply)
St.George Bank	$0–$20	Up to $12
Bankwest	$15-$35	$10

This table was updated with the latest banking data on 14 August 2024.

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What bank fees to expect for international money transfers

The fees your bank charges depend on a number of factors. We've compiled a list of all the fees that might apply when sending or receiving an international money transfer:

• Originator bank fees. The "originator" is the bank from which you initiate the international transfer. Some banks charge more depending on how you initiate the wire transfer: online, via mobile banking or in person. Costs typically increase when visiting a branch so it's best to check these against the fees for initiating a transfer online.
• Intermediary bank fees. Intermediary banks facilitate international money transfers. They help you get your Australian funds to your recipient in another country and act as the go-between bank or institution. The fees these intermediary banks charge vary between countries. And the fees also tend to be hidden until right before you initiate a wire transfer.
• Beneficiary bank fees. This is your recipient's bank which might charge a fee to receive an international money transfer. Fees will vary depending on the country and the amount being received.
• Exchange rate margin. An exchange rate shows how much one currency is worth in another. Nearly all banks skew the published exchange rate for a profit and aren't always forthcoming about the added margin. You may need to call your bank or initiate a transfer online to see the best exchange rate offered. In Australia, banks can add a margin of 3–6% while the margin added by online money transfer providers ranges from 0.5% to 4%.

How to choose a money transfer platform

When trying to find a money transfer service to use, you'll need to look at the features offered and see if they closely match your transfer needs. Consider the following:

• Transfer fees. This is the charge for carrying out the transfer and will vary between providers. Some may charge a fee to transfer your funds to another country while others may offer fee-free transfers. Compare which is better by comparing the overall amount that your recipient will receive with each provider.
• Exchange rate margin. Ideally, you want your recipient to receive the most out of the Australian dollars (AUD) you send. This depends on the exchange rate between your AUD and your recipient's local currency and any margin added by the transfer service. The stronger the exchange rate, the more your recipient will receive.
• Recurring vs one-time transfer fees. If you need to send regular international money transfers to the same recipient, does the transfer service offer any savings for setting up recurring wire transfers?
• Transfer speed. Online money transfer services often use the latest financial technology to get your money where it needs to go fast. If time is of the essence, consider providers that offer quick transfers. Fees for faster or instant transfers can sometimes be higher than transfers that reach your recipient the next day. Check that you're happy with the fees before initiating the transfer.

Compare banks to independent money transfer services

Bottom line

Banks offer a secure and familiar way to complete wire transfers with friends, family members and merchants. However, you can expect to pay high transfer fees on top of weaker exchange rates than you would get by using an online money transfer service.

There are more ways than just your bank to send money domestically and internationally. Compare your options before paying high fees.

Frequently asked questions

• What information do I need to send a wire transfer?

  To send a wire transfer, you'll need your recipient's full personal and banking information, including their bank's name and SWIFT code (if international) and their account information.

• What is a SWIFT code?

  Short for Society for Worldwide Interbank Financial Telecommunication, a SWIFT code is an international bank code used for incoming transfers. Every bank has a unique SWIFT code that can be used to identify it in a global financial transaction such as an international money transfer.

• Should I wire money in Australian dollars or foreign currency?

  For international money transfers, it's better to send money in your recipient's currency. This takes the burden of converting the currency away from your recipient. It's often cheaper to wire in a foreign currency too.

• How long does a wire transfer take?

  The processing time for a wire transfer varies between providers and depends on several factors, such as whether the wire transfer is domestic or international. Some wire transfers can be processed within the same day if requested before the bank's cut-off time. Others can take up to 5 business days.