Suncorp Bank International Transfers & Exchange Rates

Part of the larger Suncorp Group - offering insurance, banking and wealth products and services - Suncorp Bank is a trusted and authorised financial services provider that has served Australia and New Zealand for over 100 years. In this review we will put Suncorp’s international banking to the test as we attempt to suss out the standard of their global transfer services.

About Suncorp Bank

Thanks to their network of partnerships, Suncorp Bank is a dominant force in the Australian and New Zealand financial market. The bank is easily accessible and takes pride in supporting their customer base of millions, through their workforce of over 13,000 employees working in branches across the two nations.

Accolades include an induction into the Queensland Business Leaders Hall of Fame in 2016 and winning Money magazine's Bank of the Year and Business Bank of the Year for three years running, from 2018 - 2020.

Suncorp Bank Exchange Rates and Fees

Exchange Rates

Suncorp Bank offers International Transfers in 18 major currencies: GBP, CAD, DKK, EUR, FJD, SGD, INR, JPY, NZD, NOK, PHP, PNG, ZAR, SEK, CHF, USD and THB.When taking a closer look at the rate of exchange offered by Suncorp, we discovered the mark-up added to the mid-market rate ranges between 4 - 6% across the board.

Transfer Fees

Like most other banks, the cost of each transaction is determined by the type of transfer. The following fees apply:

• International Transfers arranged online via Suncorp Internet Banking: no fee

• International Transfers arranged in-person via Suncorp Bank branch: $30.00 AUD

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

Although Suncorp Bank employs a straightforward and transparent approach to the fee structure, the profit margins for foreign exchange are not as competitive as money transfer providers.

Most banks charge 4 - 6% on top of the mid-market rate and Suncorp Bank is no different. Conversely, money transfer providers tend to match the exact mid-market rate or add on a mark-up of 0.5 - 3%. These bank-beating prices make them far more attractive to anyone making cross-border payments.

Suncorp Bank Pros and Cons

How to Open an Account and Transfer Money With Suncorp Bank?

In this section we will outline how to register for a Suncorp Internet Banking account online and, once open, how to use the account to send money overseas.

Whether you are arranging an International Transfers in branch or online, customers must have the following:

• An active Suncorp personal or business transaction account

• The recipient’s personal details including full name, residential address (no P.O. boxes) phone number and banking details, including International Banking Account Number (IBAN) if sending money to Europe or the UK, or SWIFT/BIC code

• Any further details about the International Transfer; e.g. the reason for payment or instructions for third party banks

Opening an Internet Banking Account

Whether You Are Sending Money in Branch or Online, to Make a Suncorp International Transfer, You Must Have the Following:

• An active Suncorp personal or business transaction account

• The recipient’s personal details including full name, residential address (no P.O. boxes) phone number and banking details, including International Banking Account Number (IBAN) if sending money to Europe or the UK, or SWIFT/BIC code

• Any further details about the International Transfer; e.g. the reason for payment or instructions for third party banks

Transferring Money Online via Suncorp Internet Banking

• Step 1. Log into your Suncorp Internet Banking account and select Transfer Money, then International Money Transfer

• Step 2. Choose the account you wish to transfer the funds from and then Add New Payee and enter the account details (as outlined above) of the recipient

• Step 3. Enter the amount you wish to transfer, reviewing the payment in full, including the given exchange rate

• Step 4. If happy with the details as presented on screen, click Send Transfer; the funds will be deposited to your recipient’s bank account within 5 working days

Transferring Money in-person via Suncorp Branch

• Step 1. Using the Find a Branch tool, customers can locate the nearest Suncorp Bank branch

• Step 2. Visit your local branch and

• Step 3. You will be asked to review the details of your International Transfer, signing a document to confirm the transfer and submit the request

• Step 4. Finally, you will be asked to pay the relevant branch service fee(s)

What Customer Support Options Are Available?

Customer services can be reached by calling the Suncorp Bank helpline, sending a secure message via the Internet Banking portal or submitting an Existing Account Queries webform: all of which are available 24/7.

Further to these options, customers can visit a Suncorp Bank branch, which are separated into the following three categories:

• Bank branches: for the full range of Suncorp banking services and advice, both business and personal

• Sales centres: for automated cash facilities and specialist advice

• Business centres: for business banking and insurance services

Summary

Overall, Suncorp Bank is very accessible both in person and online: the website and mobile app both easy to navigate, with an International option detailing information about Travelling Overseas, Paying an Overseas Bank and Receiving Money from an Overseas Bank, as well as a Foreign Exchange Calculator for reviewing the bank’s rates of exchange. In addition to this, if you are happy to arrange your International Transfer online, using Internet Banking, Suncorp Bank offers free money transfers to customers. However, keep in mind that the final amount which reaches your recipient will have incurred hidden mark-ups of 4 - 6% when compared to the real mid-market rate.

Even if Suncorp Bank feels like the more convenient option, we strongly recommend outsourcing global transactions to specialist institutions with years of experience and bespoke services. Check out our comparison engine to find out the best options for your cross-border transfer needs.

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