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ANZ Bank International Transfers

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.
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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 exchange rates and fees

In the interest of coordinating the financial needs of their global customer base, ANZ offers flexible and appealing deals to encourage international trading and relations. These include useful features like the ability to lock-in foreign currency rates, over 99 supported countries, and the innovative Currency by ANZ mobile app; “a must-have app for currency conversion and foreign exchange information.” These offerings are designed to encourage ANZ customers to utilise their bank’s international money transfer services, instead of looking elsewhere.

Exchange rate

Banks often add big markups to their exchange rates, but ANZ markups for major currencies range between 0.1 – 0.5%. By utilising the ANZ Foreign Exchange calculator, customers can review any accompanying costs, before confirming their international money transfer.

Transfer fees

Transactions under $10,000 AUD incur the following fixed fees:

  • $9 AUD transfer fee for money transfers sent in foreign currency from an AUD account
  • $32 AUD transfer fee for money transfers sent from an AUD account or a foreign currency account

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 X 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

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

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?

No, you must be a resident of Australia or New Zealand to open an ANZ bank account.

Does ANZ Bank have an app?

Yes, ANZ Bank have developed a mobile app which is available to download for free on iPhone and Android. It can be used for numerous purposes, including:

  • Activating new bank cards
  • Receiving spending notifications and transaction details in real time
  • Temporarily blocking and unblocking misplaced bank cards
  • Peer-to-peer payments using ANZ PayID
  • Currency by ANZ app is available for those tracking live mid-market rates and currency conversions

Are there transfer limits?

Yes, for individuals the limit for an international money transfer is 100,000 AUD/NZD. For ANZ Internet Banking for Business customers, the maximum amount that can be transferred overseas is $150,000 (AUD/NZD) even if the daily limit amount assigned to your profile is higher than this. Transfers greater than this amount must be completed in one of the ANZ branches. When sending money overseas with ANZ Bank all funds must be available in your ANZ account.

How long do transfers take with ANZ Bank?

If initiated during the working week, international money transfers are processed overnight, within 1 business day. The corresponding banking institutions involved in the process determines the time it takes for the funds to reach the international payee’s account.

What customer support options are available?

The ANZ Support Centre can be found on the bank’s website, detailing the various channels to reach customer service representatives. Calls can be made to the ANZ International Support Centre, which is open 24 hours a day, 7 days a week. Further to this, the ANZ App has a comprehensive FAQs page as well as a Support section.

Can I use ANZ debit card when travelling abroad? 

Yes, they can be used overseas, but ANZ advises notifying the bank when travelling to foreign destinations, to ensure card usage isn’t flagged as suspicious. There is no charge for withdrawing money from an ATM while overseas.

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

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.

Artiom
Written by
Artiom

Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in PR and Outreach but he has a broad knowledge of search engine optimisation and all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team manages and creates unique marketing tactics, and generally supports the overall growth of the website.