Ranked as Australia’s top 100 companies by market capitalization, Bank of Queensland has more than 160 branches throughout the country. With headquarters in Brisbane, the Bank of Queensland is one of the oldest banks in Australia, dating back in 1874 where it begun as a building and investment society. It has grown to operate on an international level, allowing more than 140 currencies across the globe.
BOQ is a renowned, reputable bank established in 1874 as a building society. It then quickly transformed into a bank ten years later.
It wasn’t until 1970 when the bank changed its name from Brisbane Permanent Bank to Bank of Queensland.Over the years, BoQ has managed to expand and become one of the leading banks in Australia, with more than 190 locations across the country.
Since it’s a bank, the BoQ fees and rates for international transfers are dependent on circumstances of the transfer, the country being transferred to, and the recipient bank.
Compared to money transfer platforms like Wise, WorldRemit and XE, banks are expected to charge higher fees. That’s because money trails are linked to different banks and third-party agencies.
For example, the Bank of Queensland (and other Australian banks) use the likes of Travelex to help with the international transfers.
However, due to the Covid-19 pandemic, the Bank of Queensland has halted its operations with the U.K.-based foreign exchange company. Which is kind of an advantage coz the charges may be lower.
Anyways, it’s important to check with BOQ’s Travel Money Rates, which gives you an idea of how much the bank rates with (and against) other currencies. The rates are always changing, so keep checking.
Nonetheless, let’s have a look at some of examples of what to expect.
It’s best to check with BoQ FX Calculator, which is accessible in the site’s International Transfers page.
Note that the cost margin is lower with higher amount sent. It’s preferable to send large amounts than smaller portions.
The exchange rate by the Bank of Queensland is higher than what Google’s rates. This is expected. Which is due to conversion spreads whereby banks markup the exchange rate to make profit.
When it comes to BOQ international payments, the minimum amount you can transact is 100 AUD and a flat fee of $20 is applied on every international payment request.
On top of the $20 flat fee on every, there is the bank’s exchange rate as we’ve seen above. The cost margin is thinner and less if you send larger amounts.
Although the fees and charges are available on BOQ’s Fees and Charges PDF, the bank doesn’t go much on how the margin percentages work. Hence the hidden charges.
The good thing is that you can access their FX Calculator to see how much you’ll be charged for an international payment.
The table below is a summary of Bank of Queensland international payment fees and charges.
|Request for an international payment||$20|
|Cancelation of an international payment N/B: You can only cancel a payment if the bank hasn’t released it.||$25 + Any incurred loss due to buy back|
|Amending an international payment N/B: You can only amend a payment if BOQ hasn’t released the payment||$25 + Any incurred loss due to change in amount or buy back|
|Trace of an international payment||$40|
As seen in the above table, the Bank of Queensland will levy any fees if there’s a problem with your payment.
However, some of the fees may be higher than what BOQ charges. That’s because some fees are not set by the bank, but rather by a third party agency or intermediary banks.
So, don’t be alarmed when the charges seem higher.
Unfortunately, the Bank of Queensland is a little bit more expensive than using money transfer providers like Wise, XE, and WorldRemit.
While banks like BOQ have to deal with intermediaries in transferring money internationally, Money Transfer providers use new smart technologies that connect local bank accounts across the globe.
This means the charges and cost margin with BOQ averages at 6 percent while other providers average at 0.5 percent. Which is a huge difference.
Money transfer providers are fast and secure international payments. The likes of Wise, WorldRemit and XE use the same exchange rates on Google and then apply a small transfer fee.
Apart from the high charges compared to alternative money transfer options, the BOQ comes with its own benefits.
The process is quite simple and fast. Although you only have to apply if you’re an Australian, the bank lets you transact with any bank across the globe.
To register and open an account with the Bank of Queensland, the process is fast and simple. Here’s a quick video tutorial on how to open an account with BOQ.
Although there are a number of accounts options to choose from, it’s best to go with the BOQ Day2Day Plus Account, which comes with no monthly fees!
To make an international payment, you’ll be required to have the following:
BOQ Security Token
Be capable of making a Pay Anyone transaction
Register for International/RTGS payments
Here’s a simple video tutorial on how to transfer or make an international payment via BOQ
There isn’t much of an additional info other than what’s been detailed in the video tutorials.
However, it’s worth noting that international payments via Bank of Queensland are possible with any type of transactional account. The only exceptions are Credit Cards, Personal Loan Accounts, Term Deposits, Home Loans and Trust Accounts.
Of course, you can use BOQ for international payments and bank transfers.
Even though their charges are little bit higher than Money Transfer payment alternatives, the bank is reputable and trustworthy enough to have a peace of mind with your international transfers.
When it comes to international transfers, banks are no always preferable, because of their high fees and costly charges on the exchange rates.
Still, they are useful in certain circumstances, especially if you’re looking for a trustworthy platform to transfer and make an international payment.
Even though the Bank of Queensland charges higher than the likes of Wise, WorldRemit, XE and OFX, the bank actually does better than alternative Australian banks.
The bank also does better than most platforms when it comes to daily transfer limits, which is at 250,000 AUD per day.
Better yet, the transfer charges are smaller when making larger amounts and it accepts many currencies from all over the world. The biggest downside is having to deal with its 1-3 days of delivery timeframe.
Nonetheless, you can always trust in Bank of Queensland, as long as you’re okay with its steep transfer charges.