Here’s our simple guide on exactly how to receive money from overseas through ANZ.
The 3 Steps to Receive Money From Overseas Through ANZ Bank
1. Review your bank account and get the necessary details
2. Provide the person who is sending you money with the following information:
- Your ANZ branch name and address.
- Your account number.
- Your account name.
- Your residential address listed on the account.
- ANZ’s full beneficiary bank name: ANZ Bank New Zealand Limited.
- ANZ’s SWIFT code: ANZBNZ22 or ANZBAU3M (also known as a Bank Identifier Code or BIC).
- Note: If the other party requires an 11 digit SWIFT, use ANZBNZ22XXX.
- For payments to a domestic account, format as e.g. BSB 01XXXX Account: 123456789
- For payments to a foreign currency account, format as e.g. BSB 01XXXX Account: 123456CCY00001
3. They can then use their bank or a dedicated currency provider to send you the money.
Important: You Need a ANZ Bank Account to Get Started
Compare Cheaper Ways to Receive Money from Overseas
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 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.
- Receive money from most countries around the world.
How Long it Takes to Receive Currency with ANZ Bank
Depending on the country you’re receiving money from, the currency exchange provider the sender is using and the currency that you’re exchanging from, funds will normally be deposited into your bank account within two working days.
How Much it Costs To Receive Money from Abroad with ANZ Bank
Foreign currency drafts or bank cheques into your ANZ account:
- 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
International money transfers (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
Intermediary bank fees — payments may be routed through one or more intermediary bank(s) 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 bank(s) may charge processing fees that may be deducted from the payment.
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.
Notes on International Bank Account Numbers (IBAN), National Clearing Code, Routing Number, BSB Number or Sort Code
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. Other parties with an IBAN field on their overseas payment form can leave this field blank.
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 for which you wish to receive the payment into. e.g. For 01-0123-0123456-00 use 010123
Notes on International Bank Drafts or Cheques
International bank cheques or drafts can be deposited into an ANZ account. 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 high fees associated with these types of payments means that we can never recommend international bank drafts or cheques and we suggest requesting 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 will depend on the bank, money transfer provider or other service they are using.
- Ask them to send you details of their provider so that you can see rates.
- Note that exchange rates and fees charged by banks are often higher than the sender could get with a dedicated money transfer provider.
Further ANZ Bank Information from The Currency Shop
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.
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 you 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, meaning you get less as a result.
These specialist currency providers are fast and easy to use, offer excellent exchange rates and have low or non-existent fees, so your money goes further. As an example, here’s what it would cost to convert £10,000 into $AUD, via ANZ and a couple of our top rated money transfer specialists.
- 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 World First, Transferwise, OFX, HiFX or another dedicated currency exchange provider, they could save you over $650 on a transaction like this. To see how much they could save, get them to take a look at our free online comparison tool.
And that’s it — 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 the 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.
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