How to Receive Money From Overseas Using ANZ Bank
By the end of this article you should have a much better idea of how to receive an international money transfer with ANZ.
If you're receiving money through ANZ for the first time, it can seem daunting to get your head around all the details you need. Here’s our simple guide on exactly how to receive money from overseas through ANZ. We will go over all the information and codes you need, and fill you in on ANZ's exchange rates and fees.
The 3 Steps to Receive Money From Overseas Through ANZ Bank
Firstly, let's break the process down into three steps. This will give you an overview of how the whole process works.
1. Firstly, review your bank account and get the necessary details. There are a number of things you will need in order to receive money with ANZ.
2. Provide the person who is sending you money with those details. They will need all of the following information:
- Your ANZ branch name and address.
- The account number and BSB.
- Your account name.
- Your residential address that is listed on the account.
- ANZ’s full beneficiary bank name. This is ANZ Bank New Zealand Limited.
- ANZ’s SWIFT code or BIC code. This is ANZBNZ22 or ANZBAU3M. If the other party requires an 11 digit SWIFT, use ANZBNZ22XXX.
- Later in the article there is more detail about how to structure the BSB, Account Number and SWIFT or BIC code.
3. Once you have provided them all of these details, they can then use their bank or a dedicated currency provider to send you the money.
It is important to note you need an ANZ bank account to get started.
What If You Don't Want to Convert the Money into Australian Dollars?
You may want to keep the money in a foreign currency instead of converting into Australian Dollars straight away. In this case, you can either use a foreign currency account with ANZ or a TransferWise Borderless Account. Both have their pros, cons, costs and benefits so we recommend you read up on your options before making a decision.
Related link: TransferWise Borderless Account Review
Related link: Foreign Currency Accounts: Explained and Compared
The Benefits of Receiving Money Internationally with ANZ Bank
- Very convenient if you already have an ANZ bank account.
- It’s a relatively simple and straightforward process.
- You can receive money from most countries around the world.
How Long it Takes to Receive Currency with ANZ Bank
There are a few factors that impact the time it takes to receive an international money transfer. These are;
- The country you’re receiving the money from.
- The currency exchange provider the sender is using.
- The currency that you’re exchanging from.
Depending on all of this, funds will normally be deposited into your bank account within two to five working days.
ANZ Fees for Receiving Money from Overseas
One of the most important things you need to know is how much the process is going to cost. Below, we've looked at how much it costs to receive money from abroad with ANZ bank:
- Payable outside Australia — $50 per item + costs
- Payable at ANZ within Australia, equivalent to under $100 Australian Dollars — Free
- Payable at ANZ within Australia, equivalent to $100 Australian Dollars or more — $35
Below we have some more information about ANZ's international transfer fee (telegraphic transfers) from overseas:
- Charges will be deducted from the proceeds of the transfer before credit to your account, unless the overseas bank making the transfer states that the charges will be borne by them.
- Payment paid directly to an ANZ account — up to $15
- Payments to non-customers or transferred to another bank in Australia — up to $25
- Unconverted payments transferred to another foreign currency account held at a bank in Australia — $35
- Bank cheque issued for amounts of $100 and over — $27
- Payments made on application and identification — $20
Extra Fees to be Aware Of:
Intermediary bank fees — payments may be routed through one or more intermediary banks before the payment reaches your ANZ account. This could happen if the remitting bank has an arrangement with another bank in Australia or overseas. In this scenario, the intermediary banks may also charge processing fees. This will be deducted from the amount you receive.
Sending provider or bank fees — International money transfers sent from an overseas bank or currency exchange provider may be subject to commissions, fees and other charges. These are typically deducted before sending the money to you.
*All details shown above are correct as of November 2017.
Additional Information for Receiving Money with ANZ
There are a lot of numbers and information you hear about when it comes to international money transfers. Below, are extra details you might need to receive money and the things you don't.
ANZ IBAN number
IBAN is an account format used by European banks. Australian banks do not use this format and an IBAN is not required to send money to an ANZ bank account in Australia. Other parties with an IBAN field on their overseas payment form can simply leave this field blank.
ANZ Routing Number
If the other party requests a National Clearing Code, Routing Number, BSB Number or Sort Code, you should use the first six digits (bank and branch codes) of your account number you wish to receive the payment into. For example, if the account number is 01-0123-0123456-00 use 010123.
ANZ International SWIFT Code
When making a transfer to ANZ from overseas you will most likely need ANZ's SWIFT Code. A SWIFT code is can also be known as a ANZ's BIC Code (Bank Identifying Code) or Bank Code. ANZ's SWIFT code is ANZBNZ22 or ANZBAU3M. Note that if the other party requires an 11 digit SWIFT the person sending, you the money should use ANZBNZ22XXX.
ANZ Address for International Transfers
When it comes to filling in the address of your bank, you will simply need to use the address of your local branch. Or the branch that you most frequently visit. If you do all of your banking online, you can simply search for the closest one on Google. When asked what the beneficiary bank is, fill in the details you see below.
Australia and New Zealand Banking Group Limited (SWIFT BIC ANZBAU3M).
ANZ Account Number Details
The way you provide your account number will depend on the type of account you are receiving the funds to. This means the ANZ account number format and length depend on whether it is a domestic account (a normal, everyday Australian Dollar account) or a foreign currency account you are holding with ANZ. According to ANZ, you should fill in the details the way they are shown below:
- If you are receiving the funds to a to a domestic account, use the example format here:
- BSB 01XXXX
- Account: 123456789
- If you are receiving the funds to a foreign currency account, use the example format here:
- BSB 01XXXX
- Account: 123456CCY00001
Notes on International Bank Drafts or Cheques
International bank cheques or drafts can be deposited into an ANZ account. It can be a lengthy process. If it is in a foreign currency it will take longer to process as it will need to be returned to the country of origin for clearing. Additionally, the fees associated with these types of payments are very high. This means that we would never suggest using international bank drafts or cheques. It would be better to request a different payment method from the sender.
Related Link: Receiving Money from Overseas with ANZ Bank
Currency Exchange Rates
- The rates the sender gets for transferring currency to you depend on the bank, money transfer provider or other service they are using.
- When receiving money to ANZ, it is not their rates that will determine the amount you receive.
- Ask them to send you details of their provider so that you can check their rates.
- Note that the exchange rates and fees charged by banks are often higher than the sender could get with a dedicated money transfer provider. If they are using their own bank, you could always suggest looking into one of those instead.
Further ANZ Bank Information from The Currency Shop
We have a number of articles about using ANZ, from sending money to reviews of their products. You can explore some of these articles below.
- Here’s an article about how to send money using ANZ Bank.
- Here’s our review of ANZ Foreign Currency Exchange.
- Here are some more guides on using ANZ for sending money internationally.
ANZ Bank Disclaimers
ANZ Bank does not check payment details.
If payment details are incorrect it may result in an unsuccessful transfer or the wrong account receiving funds. It is pivotal that you provide the correct details to the person making the payment. This will save time for both parties and ensure you receive your payment without any issues.
Before Your Sender Uses a Bank to Send Your Money Overseas
If you want to get the most value out of your currency exchange, consider asking the sender to use a dedicated currency exchange or money transfer service. Sending your money using their bank can be expensive. They will pay higher fees and get a worse exchange rate than using a dedicated money transfer specialist. While this can mean more fees for them, it can also mean you can hit with some fees and receive less money.
Specialist currency providers are fast and easy to use, offer excellent exchange rates and have low or non-existent fees. This means your money goes further. For example, here’s what it would cost to convert £10,000 into AUD, via ANZ. We've used a couple of our top rated money transfer specialists to compare.
- ANZ — £10,000 to $AUD — you will receive $16,424 AUD.
- TorFX — £10,000 to $AUD — you will receive $17,109 AUD — $685 (4%) more.
- Transferwise — £10,000 to $AUD — you will receive $17,144 AUD — $720 (4.2%) more.
*All details shown above are correct as of November 2017.
If your sender uses a dedicated money transfer service like WorldFirst, TransferWise, OFX or another exchange provider, they could save you hundreds of dollars on a transaction like this. To see how much your sender could save, get them to take a look at our free online comparison tool.
And that’s it! That is everything you need to know about receiving your money from overseas using ANZ. Here at The Currency Shop, we want to give you the right information to help you and your sender save money and help you make an informed choice for all your currency exchange needs.
The next time you or someone else needs to send money internationally, check how much you can save using our money transfer comparison tool. If you’ve still got questions we’re here to help, so feel free to give us a call on 1800 004 930.