ANZ International Transfers

If you’re already an ANZ Bank customer, are they a smart choice for international money transfers? International money transfers are often unnecessarily confusing, with crucial details buried deep in small print, or not stated at all. 

This guide aims to simplify this process for you, providing clear and direct answers to the most common questions. We’ll explain ANZ’s exchange rate and fees, ANZ’s online transfer limits and how long ANZ overseas transfers can take. By the end, you’ll have a good idea of how ANZ compares and whether or not they’re a good route for sending your money abroad. 

Should you use ANZ for your international transfer?

How much does ANZ Bank charge for international transfers?

Regardless of which bank or alternative provider you choose to send your money overseas, there are two types of cost you need to look out for: 

  • Transfer fees
  • Exchange rate markup

Let’s break these costs down and see what ANZ charges for each. 

ANZ Bank transfer fees

The majority of banks will charge a nominal fee each time you make an international transfer, the total of which depends on a number of variables. ANZ does not have a particularly simple fee structure, but they do advertise these clearly on their website. 

We’ve included a summary of these costs below:

Transactions less than $10,000 (AUD equivalent)
 sent in a foreign currency from an AUD accountsent in AUD from an AUD accountsent from a foreign currency account
 to select countriesto all other countriesto select countriesto all other countriesto select countriesto all other countries
ANZ Phone Banking$7$9$7$32$7$32
ANZ Internet Banking$0$9$7$18

‘Select countries’ is inclusive of payments to: Cook Islands, Fiji, French Polynesia, Guam, Kiribati, New Caledonia, Papua New Guinea, Samoa, Solomon Islands, Timor Leste, Tonga and Vanuatu

They charge differently for transactions above $10,000 AUD:

Transactions more than $10,000 (AUD equivalent)
 sent in a foreign currency from an AUD accountsent in AUD from an AUD accountsent from a foreign currency account
 to select countriesto all other countriesto select countriesto all other countriesto select countriesto all other countries
ANZ Phone Banking$0$0$7$32$7$32
ANZ Internet Banking$0$0$7$18

In most instances, providing there is a currency conversion, ANZ does not charge transfer fees. This is good, they’re unnecessary fees that customers shouldn’t have to pay.

But, transfer fees are just a small part of the equation. Some banks, like ANZ, lure you in with ‘zero fee international transfers’. 

However, a key point to note here is that ‘zero fee’ does not mean ‘free’. That’s where the exchange rate markup comes in. 

ANZ Bank exchange rates

By far the biggest cost associated with sending money overseas is in the markup included in the exchange rate that you’re offered.

Banks buy currency at the ‘interbank exchange rate’. They then sell you the currency at a rate which is worse than this. This difference is known as an ‘fx markup’ or ‘margin’. Put simply, the higher the margin, the more the bank makes in profit. Banks are infamous for charging notably high markups, which is a large reason why so many cheaper bank alternatives exist today. 

ANZ has a currency converter that clearly states their offered rate, any associated fees, and an estimated beneficiary total in the receiving currency. What they don’t advertise of course, is the fx margin. Which, by our calculations, is just over 3.75%. 

But what does that mean in dollars and cents? 

Well, for a $50,000 AUD to GBP transfer, that margin would cost you AU$1,875. A huge cost that dwarfs any of the transfer fees we outlined. This markup is fairly normal for a large Australian bank. Generally speaking, all of Australia’s ‘big five’ banks charge a margin somewhere in the region of 2.5% to 5%. We can confidently say that banks, including ANZ, are among the most expensive methods available for international money transfers. 

How do ANZ Bank international transfer costs compare to other providers?

The harsh reality for ANZ or any other major Australian bank, is they simply can’t compete with alternative money transfer providers on cost. Or service for that matter, but let’s stick on the topic of cost for the time being. 

Many currency dealers and specialist money transfer providers do not publicly advertise their exchange rates. Thankfully, some of the leaders in this space have amassed tens of thousands of verified reviews, so we can gain insight from these. Customers of leading currency dealers like OFX and TorFX, report margin savings of 2% to 3% compared to the exchange rates offered by banks. 

Money Transfer ProviderGuideline Margin
ANZ3.75%
OFX0.35% – 2%
TorFX0.15% – 2%

As we’ve just outlined, 2-3% can easily equate to thousands of dollars, meaning there are huge savings to be had by choosing a bank alternative. This is, of course, only a guideline to how much one can save, as it’s not easy to be specific given that so many factors can affect what rate a provider offers their customer. For example, if a private customer makes a one-off transaction converting AUD to an exotic currency, the cheapest provider may offer a total cost equivalent to 1%. 

However, if you need to transfer much larger sums into a common currency, it’s possible to secure an fx markup as low as 0.2%. This is more than 10 times cheaper than the average markup of a major bank like ANZ!   
Use the ANZ calculator to see how much you’ll be charged

How long does an ANZ Bank international transfer take?

All ANZ international transfers are processed overnight on bank business days. Beyond this, ANZ does not provide any further specifics about processing times. They simply state the time it takes for the payee’s account to receive the funds will vary based on the systems and policies of the recipient’s bank. 

Most banks or money transfer providers normally include a similar note to cover themselves, but will at least provide some guideline time frames. It’s somewhat common for international payments to have a deadline if a user is sending money to a business or merchant.

It’s not particularly reassuring that ANZ Bank is so vague in this area, as they don’t even provide details on cut off times for their overnight processing. 

What is the maximum amount I can transfer internationally using ANZ Bank?

The maximum transfer limit varies depending on whether you are transferring by phone or internet banking. 

For ANZ Phone Banking, there is no transaction limit, although it is worth noting that with ANZ Phone Banking, you cannot use a credit card for international money transfers. 

For internet banking, a personal user’s daily payment limit also applies to all international payments, though this limit may vary depending on the customer’s circumstances. 

By default, a daily limit of $25,000 applies to personal banking customers. This can be increased up to $50,000 for those using ANZ shield, a security app that verifies your ANZ Internet Banking activity

Business customers using internet banking are subject to a maximum daily limit of $150,000 for international transfers. This is irrespective of whether their daily limit for standard transactions is higher, which can be set up to $1,000,000. 

ANZ’s transfer limit can be increased to $50,000 with ANZ shield (2FA)

Can you make international transfers from the ANZ Bank app?

As it stands, you can’t use the ANZ app to make an overseas transfer.

This is somewhat contradictory to screenshots we’ve seen of the app, that include a selectable ‘International Money Transfer’ button when setting up a new payee. Not-so-good to leave you feeling confident in ANZ’s international capabilities.

ANZ has clearly invested a lot into its mobile app, which is available on both Google Play and the App Store. Used by more than 4 million customers, the ANZ Bank app has received fairly high reviews across both platforms. Given they also heavily advertise and provide resources for international money transfers, we would not be surprised to see ANZ adding an international payments feature to their mobile app sometime in the future. 

Is ANZ Bank a good option for international money transfers?

Like many of the major banks, at first glance, ANZ may seem like a good option for transferring your money overseas. They have a large array of video resources and support dedicated to international transfers on their website. Their public currency converter also gives the impression of being very transparent about their exchange rates and fees.  

However, when you stop to assess the true cost and practicalities of their services, it quickly becomes apparent that ANZ is not a good option for international money transfers

The biggest factor in this conclusion is cost. 

ANZ’s exchange rates include a very high markup to the interbank rate. This results in customers spending thousands more than if they were to choose a leading alternate provider. Aside from cost, ANZ also has some restrictive transfer limits, which will quickly become problematic for those with a need to transfer larger amounts. 

By choosing a bank like ANZ, those looking to send larger sums abroad also miss out on working closely with a dedicated account manager. Most leading currency dealers assign you an fx expert to act as your dedicated point of contact, helping guide you through the process of a large international transfer. Their guidance on the timing of your trade and leveraging other fx tools where appropriate can lead to even greater savings. If your requirement is for large international transfers then it’s a no brainer, make the smart choice of working with a currency dealer. 

Even for smaller amounts, you can’t use the ANZ app. If you’re looking to send under AU$20k, you should still skip the banks and choose a leading money transfer app like ‘Wise’ for the best exchange rates in the industry. 

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