Macquarie Bank International Transfers & Exchange Rates
With more than 50 years experience in the field of financial services, this Australian bank is best known for asset management and business banking. Macquarie Bank operates in 32 global markets and in this review we will be investigating how easy it is to arrange international money transfers between the different regions served by the bank.
About Macquarie Bank
Headquartered in Sydney, Australia, Macquarie Bank has acquired offices in the world's biggest cities - London, Munich, New York and Hong Kong - since it began operations in 1969. Specialists in the field of asset and wealth management, Macquarie Bank also offers retail and business banking, commodity trading, capital raising and principal investment services. The bank works closely with the Asia-Pacific region, offering special expertise in areas including agriculture, energy and infrastructure.
Can I Use Macquarie Bank for International Bank Transfers?
Yes, there are two ways of arranging an international bank transfer with Macquarie Bank:
Utilising Macquarie Bank's partnership with OFX money transfer services
Submitting a Macquarie Overseas Telegraphic Transfer Request Form: found here on their website
Customers can also arrange to receive funds to their Macquarie Bank account from an overseas recipient. Bank details will need to be shared with anyone sending money from overseas to your bank account, such as the bank’s swift SWIFT code: MACQAU2S.
Macquarie Bank Exchange Rates and Fees
In the case of Macquarie Bank, exchange rates and fees are not issued by the bank, but by OFX who provides the international money transfer services.
Exchange Rate
OFX exchange rates are variable, due to the constant fluctuations of foreign exchange, but mark-ups on the 55 available currencies range between 0.4% to 1.5% above the mid-market rate. This is generally far lower than banks, most of whom charge up to 5% over the mid-market rate.
Transfer Fees
OFX charges a flat-fee of $15 AUD for all international money transfers under $10,000 AUD; this fee is waived for all transfers exceeding this amount.
Additional Costs
OFX advises customers that intermediary or receiving banks may charge their own fees for handling the money transfer: the fees will vary depending on the type of transaction and may be deducted from the original transfer amount.
How Do Macquarie Bank Transfer Fees Compare to Using a Money Transfer Provider?
Due to the fact Macquarie Bank outsources their international money transfer services to OFX, a highly-rated and reliable specialist provider, customers afford traditional bank transfer fees. Having said that, OFX do charge Australian customers $15 AUD for small to midsize transactions (under $10,000 AUD) and this is a lot higher than the fee structures of other money transfer companies such as Wise, WorldRemit, Xe, TorFX and Instarem.
Macquarie Bank Pros and Cons
Pros
Cons
Macquarie Bank Swift Codes
| Bank | Country | City |
|---|---|---|
| Macquarie Bank Limited | Australia | Sydney |
| Macquarie Bank Limited | Hong Kong | Hong Kong |
| Macquarie Bank Limited Singapore Branch | Singapore | Singapore |
| Macquarie Bank Limited Seoul Branch | South Korea | Seoul |
How to Open an Account and Transfer Money With Macquarie Bank?
Opening an Account
It takes roughly 5 minutes to complete an application to open a Macquarie Bank account. Once your identity has been verified securely, your account will be instantly accessible and you can begin transferring money overseas.
Step 1: Start the Application Process
Step 2: Enter Some Initial Details
Step 3: Select the Bank Account
Step 4: Review and Finish
Transferring money
Step 1. Log into your Macquarie Bank online banking and select the $ icon found in the side menu
Step 2. Here you will find the option to send an International Money Transfer with OFX; click here to register for an OFX account.
Step 3. Once you have signed up for an OFX account – find out how to register with OFX here – you will be asked to pay for the money transfer by moving funds to the Macquarie account: OFX will provide these details.
Step 4. After funding the transaction you can submit the transfer with OFX. You will receive a confirmation email as well as updates of the status of your money transfer during the delivery process
What Customer Support Options Are Available?
Customers can call International Transfer (IMT) service on 1300 797 494 (overseas customers: +61 2 8667 8082) 24 hours a day, 7 days a week
Call the general banking customer service line on 1800 806 310
Send a direct message via social media channels Facebook and Twitter
Search queries using the Macquarie Help Centre
Summary
This Australian Bank offers award-winning services such as an intuitive mobile banking app and globally accessible customer support options. In addition to this, the bank’s decision to outsource their international money transfer services to OFX is a savvy move which greatly benefits customers. We hope this review has provided you with enough information about how OFX conducts global remittances; if you need further information please check out our full review of the company here.
