Bank of Melbourne International Transfers & Exchange Rates

In this review of Bank of Melbourne we will be conducting a deep dive into the global money transfer services offered by the bank. From total cost to transfer speed, we will be covering the most important aspects, for any customers making cross-border remittances.

About Bank of Melbourne

Bank of Melbourne is a Victorian-based bank headquartered in Melbourne and is part of the Westpac Group along with St.George and BankSA. It offers a comprehensive range of house loans, personal loans, credit cards, accounts, and other financial services.

Customers of Bank of Melbourne have access to the Westpac Global ATM Alliance, which includes over 50,000 international ATMs. The bank provides cash bonuses to new customers who refinance their home loans.

Bank of Melbourne Exchange Rates and Fees

Bank of Melbourne’s foreign currency rates are in effect at the time of the transaction, therefore payments are subject to them. Other fees and charges, such as those imposed by the receiving bank, may apply.

Exchange Rate

It's essential to keep in mind that exchange rates fluctuate often, so the rate you see on Bank of Melbourne's foreign currency site might not be the same as the rate applied to your transaction. However, Bank of Melbourne warns that there will be a 3% conversion fee if your funds are converted from a foreign currency to Australian dollars.

Depending on the kind of transaction, it might potentially be an intermediate bank or the recipient's bank that decides the exchange rate. Intermediary banks usually don't provide you a good price because you're not a direct customer. They can mark up the conversion rate - generally between 4-6% - and pocket the difference to ensure they earn a profit. As a result, the currency rate given may differ significantly from the one shown on the website.

Transfer Fees

In Business Banking Online, Bank of Melbourne imposes a transaction fee for foreign payments: $10 for a foreign currency overseas payment and $20 for an international payment in Australian dollars.

The incoming foreign transfer is free if paid as a pension into a Bank of Melbourne retirement account. Otherwise, depending on the account you have and the manner of completing the transfer, you will be charged A$15 or A$38.

Outgoing international transfers are A$20 for online transfers and A$32 for ‘staff assisted' transactions (in a branch, for example).

Fees and charges may be imposed by foreign banks, and the currency of payment may be converted. The fees, charges, and foreign currency conversions imposed by these companies may be outside the control of Bank of Melbourne.

Additional Costs

An overseas payment may result in extra fees and charges being deducted in addition to the fees imposed by Bank of Melbourne [and any conversion of proceeds], such as:

• The payment recipient's bank; and/or

• One or more other foreign banks participating in the international payment (an "Other Banks Fee").

• Cancellation and refund of funds costs A$25 or A$32 plus international bank fees

• Tracing of telegraphic transfers costs A$25 or A$27 plus international bank fees

• Modifications to payment details costs A$21 (staff-assisted) or A$15 for call center assistance plus international bank fees

• 3% conversion of foreign currencies

How Do Bank of Melbourne Transfer Fees Compare to Using Other Money Transfer Providers?

Not only are the costs levied by Bank of Melbourne and intermediate institutions likely to catch you off guard when making an overseas transfer, but the bank's poor exchange rates add to the problem. In reality, your Bank of Melbourne may not be able to provide you with the greatest price.

Using a specialist money transfer service is a great alternative. They provide quick and safe international money transfers using the real exchange rate and a low, transparent transfer fee. Your money will not cross borders since they connect people all around the world with a series of local bank accounts. You also won't be hit with any unexpected intermediary or recipient bank fees.

Bank of Melbourne Pros and Cons

Like all other online banks, Bank of Melbourne has its own set of advantages and disadvantages.

How to Open an Account and Transfer Money With Bank of Melbourne

In less than 10 minutes, you may apply for a new Bank of Melbourne account online. Before you begin your application, be sure you satisfy the eligibility requirements and have all of the required documentation on hand.

Opening an Account

Most forms may be downloaded and prepared ahead of time. Customers under the age of 14 are not permitted to open bank accounts online. These accounts may be created by bringing your identification to any Bank of Melbourne branch or calling 13 22 66 and stating "New Account" when requested.

You have the option of opening a Bank of Melbourne account in one of the following ways:

• It simply takes 5-10 minutes to open online. Choose from Savings, Transaction, or Term Deposit accounts.

• Use your smartphone to create an account from anywhere, at any time. Simply select one of the choices below:

• Go to m.bankofmelbourne.com.au and click "Products"

• Go to the Bank of Melbourne App and select "Open an account"

• Open Mobile Banking and select the 'New Accounts' option.

• Dial 13 22 66 and, when requested, state "New Account."

• Go to any Bank of Melbourne location.

Transferring Money

Using the 'Transfer to an Account in Australia' feature in the Transfers, Payments & BPAY menu, you can transfer to other banks or to someone else's Bank of Melbourne account. You'll need bank details such as the BSB, Account Number, and Account Name.

You may keep these account information for future use in your Internet Banking account, and they'll be there whenever you need to transfer money to that account again. Any account you create and save in Internet Banking will be available the next day through Phone Banking.

Using the 'Overseas Transfers' feature in the Transfers, Payments & BPAY menu, you may transfer to an international bank account. To get started, go to Internet Banking and request access to the service, or fill out the Internet Banking - Request to Authorize/Cancel Overseas Telegraphic Transfer Access form.

Customer Service Details for Users of Bank of Melbourne

• Personal Banking: 13 22 66 - Mon-Sat 8am–8pm (EST) (excluding public holidays); or +61 3 8536 7870 (from overseas)

• Phone Banking: 13 33 22 - 24/7; or +61 3 8536 7870 (from overseas)

• Business Banking: 13 82 66 - Mon-Fri 8am–6pm (EST); or+61 3 8536 7870 (from overseas)

• Business Banking Online Helpdesk: 1300 608 266 - Mon-Fri 8am-8pm (EST); or +61 3 8536 7871 (from overseas)

• Internet & Phone Banking Helpdesk: 13 22 66 - 24/7; or +61 3 8536 7870 (from overseas)

Summary

Bank of Melbourne provides a variety of banking options, such as internet and mobile banking, and contactless payment options. Students, retirees, and companies can all benefit from a variety of bank accounts offered by the bank.

Whether you're making a one-time transfer to pay for a vacation or receiving a regular paycheck from a company in another country, you'll need to understand how Bank of Melbourne handles telegraphic transfers.

Depending on where your money is going, transactions function differently. Costs, deadlines, and processing timeframes differ depending on the destination. Because a single transaction might involve multiple distinct companies, you may find that your transaction is routed via banks other than Bank of Melbourne. Unfortunately, this also implies that other banks may tack on additional charges.

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