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ANZ Bank International Transfers & Exchange Rates
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Published On:
November, 22 2022
Edited On:
March, 20 2023

ANZ Bank International Transfers & Exchange Rates

The multinational Australia and New Zealand (ANZ) Banking Group, headquartered in Melbourne, is the second largest bank in the country by assets. In this review we will be honing in on the bank's international money transfer options, comparing these to specialist remittance service providers and explaining how to get the most out of any cross-border payment.

About ANZ Bank

Founded over 180 years ago, ANZ Bank is one of the top 4 banks in Australia and the leading banking group in New Zealand. Operating from their headquarters in Melbourne, the bank has established far-reaching global relationships across Asia, Europe, America and the Middle East. In the first quarter of 2021, the corporation reported a 54% increase in profit, an impressive feat considering the volatile trading conditions experienced during the COVID-19 pandemic.

ANZ bank serves over 8.5 million retail and business customers. It’s considered a top 50 bank globally with an asset value of over $668 billion.

ANZ international transfers can be done via the digital platform or by visiting the over 1,200 branches globally.

ANZ Bank Exchange Rates and Fees

ANZ Bank seeks to remain ahead of the curve by providing a full suite of international money transfer services. The bank provides two digital options: Internet banking and the ANZ mobile app.

Customers can view the fees and the exchange rate from these two platforms. Here’s what you should know about ANZ exchange rates and fees.

Exchange Rate

ANZ bank exchange rate is available on their website. It’s their official international exchange rate for different currencies. The Bank maintains a margin of about 3.8% between the buy and sell rates.

The bank also provides live indicative mid-market rates. This rate is just for information purposes. The bank typically maintains a 2%-4% margin above this mid-market rate for international transfers. Currencies such as USD and EUR that are popular on high-volume corridors have better rates.

ANZ bank exchange rates are generally better compared to most banks. They should appease many customers who are not bothered to use specialized money transfers. It should be noted that money transfer providers still have the edge over ANZ Bank. Their exchange rates are mainly close to the mid-market rates.

Transfer Fees

ANZ Bank international wire transfer fees are divided into two segments, depending on the transfer mode. Here are the highlights of the fees.

Transactions Below $10,000

LocationsCost
Transactions to the island nations around Australia, such as Fiji and cook island:$7
Payment to all other countries in foreign currency from an AUD account:$9
Payment sent in AUD from an AUD account to other countries:$32
Transfers sent from a foreign account:$32

Transactions Above $10,000

LocationsCost
Payment to all other countries in foreign currency from an AUD account:$0
Payment sent in AUD from an AUD account to other countries:$7
Transfers sent from a foreign account:$7

The company introduced an offer whereby $0 fees are charged for anyone sending or receiving money from Cook Islands, Fiji, French Polynesia, Kiribati, New Caledonia, Papua New Guinea, Samoa, Solomon Islands, Timor Leste, Tonga and Vanuatu. By offering free money transfers ANZ Bank are incentivising cross-border payments to and from these destinations.

Additional Costs

On their website, ANZ is transparent about corresponding bank fees, pointing out that customers are often stung by unexpected charges upon receipt of payments. As a way of side-stepping these off-putting and unwelcome fees, ANZ are offering to cover correspondent bank fees for transfers sent in a foreign currency via phone or internet banking to the following countries: USD to all countries, GBP to United Kingdom, NZD to New Zealand, INR to India, EUR to all countries and other selected currencies/countries in the Pacific.

How Do ANZ Bank Transfer Fees Compare to Using a Money Transfer Provider?

The foreign exchange spread applied to ANZ international bank transfers are very competitive but the transfer fees are not. Starting at $9 per transfer, this flat rate does not meet the same low-cost standards set by money transfer companies: see for yourself by using our comparison engine.

ANZ Bank SWIFT Codes

Banks all around the world partake in the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which identifies different financial institutions through a system of unique bank codes. Here we provide a list of SWIFT codes for X Bank, organised by geographical locations.

BankCountryCity
Australia And New Zealand Banking Group LimitedAustraliaAdelaide
Australia And New Zealand Banking Group LimitedAustraliaAlice Springs
Australia And New Zealand Banking Group LimitedAustraliaBallarat
Australia And New Zealand Banking Group LimitedAustraliaBendigo
Australia And New Zealand Banking Group LimitedAustraliaBrisbane
Australia And New Zealand Banking Group LimitedAustraliaCairns
Australia And New Zealand Banking Group LimitedAustraliaCanberra
Australia And New Zealand Banking Group LimitedAustraliaDarwin
Australia And New Zealand Banking Group LimitedAustraliaFremantle
Australia And New Zealand Banking Group LimitedAustraliaGeelong
Australia And New Zealand Banking Group LimitedAustraliaHobart
Australia And New Zealand Banking Group LimitedAustraliaLaunceston
Australia And New Zealand Banking Group LimitedAustraliaMelbourne
Australia And New Zealand Banking Group LimitedAustraliaNewcastle
Australia And New Zealand Banking Group LimitedAustraliaPerth
Australia And New Zealand Banking Group LimitedAustraliaSurfers Paradise
Australia And New Zealand Banking Group LimitedAustraliaSydney
Australia And New Zealand Banking Group LimitedAustraliaTownsville
Australia And New Zealand Banking Group LimitedAustraliaWollongong
Australia And New Zealand Banking Group Limited Beijing BranchChinaBeijing
Australia And New Zealand Banking Group LtdCook IslandsRarotonga
Australia And New Zealand Banking Group LtdEast TimorDili
Australia And New Zealand Banking Group LimitedFijiSuva
Australia And New Zealand Banking Group Ltd FrankfurtGermanyFrankfurt Am Main
Australia And New Zealand Banking Group LtdHong KongHong Kong
Australia And New Zealand Banking Group LimitedJapanTokyo
Australia And New Zealand Banking Group Png LtdPapua New GuineaPort Moresby
Australia And New Zealand Banking Group LimitedPhilippinesManila
Australia And New Zealand Banking Group LimitedSingaporeSingapore
Australia And New Zealand Banking Group LimitedSolomon IslandsHoniara
Australia And New Zealand Banking Group LimitedSouth KoreaSeoul
Australia And New Zealand Banking Group LimitedThailandBangkok
Australia And New Zealand Banking Group LimitedUnited KingdomLondon
Australia And New Zealand Banking Group LtdUsaNew York Ny

How Do Anz Bank Transfer Fees Compare to Using a Money Transfer Provider?

Here, we compare the rates you’d expect when using ANZ Bank to a specialized money transfer provider. We assume the amount to be sent is $100, the delivery method is bank transfer, and the alternative money transfer provider is Worldremit.

Send Money ToANZ Bank CostMoney Transfer Provider Cost
India$6$2.99
Singapore$13$2.99
United States$6$1.99

Transfer costs by the money transfer service provider are way cheaper. You’re also likely to enjoy offers and discounts from specialized remittance companies.

ANZ Bank Pros and Cons

In this section we will compare and contrast core aspects of the company, to give users a better understanding of what to expect when transferring money overseas with ANZ Bank.

Pros

Long history as a trusted banking authority within Australasia
ANZ make it easy to move money between territories within Australasia and Asia
ANZ’s Buy Ready feature helps customers kick start the process of applies for a home loan
The ANZ App mirrors features typically offered by challenger banks, such as daily spending reports, saving goals, and the PayID service, which facilitates quick and easy peer-to-peer transactions
Seasonal offers such as waived transfer fees for money transfers to and from Asian countries during Lunar New Year
First of the big 4 Australian banks to roll out Apple Pay

Cons

Closed 19 branches in 2020 as customers continue to move online; this is worrying news for those who favour in-person banking
ANZ has been involved in its fair share of scandals, including several court cases over the last few years
Their online reputation has declined, as reflected in online reviews, with a score of 1.4 on ProductReview.com

How to open an account and transfer money with ANZ Bank

Setting up an account and sending money can be done easy and efficiently online with ANZ Bank’s easy to navigate website or through the ANZ App.

Opening an Account Online

  • Step 1: Visit the Apply for a new ANZ account page to see if you are eligible. Proceed to next step if you are

  • Step 2: Select your desired account type and answer all the relevant application questions (this takes approximately 5 minutes)

  • Step 3: Fill in your personal contact information and click “Next”

  • Step 4: Read through the finished application, including the terms and conditions, before accepting and selecting “Submit”

Transferring Money Online

  • Step 1: Choose the relevant account which you wish to transfer money from

  • Step 2: Find the recipient you wish to send money to: this can be done by selecting someone you have sent money to before, by adding new international payees or updating the details of a former recipient

  • Step 3: Select from ANZ's available currencies; these are listed in the “Send” dropdown box. Your money transfer will be sent in this currency

  • Step 4: Enter the amount you want to transfer; this will be displayed in your chosen currency

  • Step 5: Select “Get Rate” to view the estimated transfer rate, total fees and any other additional information. This rate will be available for 10 minutes only, after which time it expires

  • Step 6: Review the terms and conditions and accept if you agree

  • Step 7: Enter the details of the payee/beneficiary; including the address and purpose of the transfer

  • Step 8: Proceed to the “Review and Confirm” page, which should display the previously viewed rate, unless you have taken over 10 minutes to complete the last two steps

  • Step 9: Review all the details and make any necessary changes to your money transfer. If everything looks correct, select “Confirm”

  • Step 10: As long as all the inputted information is correct and sufficient funds are available, you will receive a Lodgement number which confirms your international money transfer has been submitted

What Customer Support Options Are Available?

The ANZ Bank provides various channels for customer support. Here are the details.

Support TypeY/NDetails
Email SupportYSecure email via internet banking
Telephone SupportY0800 269 296
Chat SupportYVia online banking
In-Branch SupportYANZ Bank branch locations

Summary

ANZ Bank offers a variety of diverse accounting options, financial services and banking features to customers of every demographic. Whether you are a business owner, a prospective home owner or frequent traveller, this bank offers financial options for everyone. Further to this, ANZ is a great banking option for any expats migrating to Australia, offering an online switching service when onboarding new customers.

The bank has a strong global presence and encourages international money transfers by offering reasonable rates and transparent flat fees. In comparison to other banks, who in some cases add extremely high, unpredictable mark-ups on foreign exchange, ANZ Bank’s fee structure is favourable. Although one of the better banking options, the overall cost and global coverage of an ANZ Bank international transfer is not as competitive as its rivals in the remittance industry. Find out how ANZ compares to its competitors, by entering the details of your international transfer into our comparison engine.

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April Summers
April Summers
April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.

Answers to key questions about ANZ Bank

As one of the top 4 leading banks in Australasia, ANZ offers diverse and flexible products to customers. From fraud-detection and security devices, to internet banking for businesses, there are many additional services to guarantee customer satisfaction. We review the key areas of banking and address frequently asked questions about ANZ.

Can I open an ANZ Bank account in any country?
Does ANZ Bank have an app?
Are there transfer limits?
How long do transfers take with ANZ Bank?
What customer support options are available?
Can I use ANZ debit card when travelling abroad?
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