Every time you send money overseas, you’ll need at least 4 pieces of information. Depending on which country you are sending the money to, you may need additional information or a bank code. Here are vital information you need to transfer money overseas.
Information that is required every time:
1. SWIFT code of the bank you are sending the money to
2. The name of the bank
3. An Account name
4. An Account number
Other information you may need:
· The address of the bank you are sending the money to
· The address of the person or company you are sending the money to
Country specific bank codes
Along with the SWIFT code, some countries have a bank code. In Australia, we call them a BSB.
· International Money Transfers to the USA have a routing number (also known as an ABA). It is always 9 digits long
· International Money Transfers to the UK have a sorting code. It is always 6 digits long
· International Money Transfers to the European Union have an IBAN number. This is a 13-digit alpha-numeric code and includes the account number as well as the bank code
IBAN checker and calculator – enables you to validate an IBAN, but also to find one based on the bank and account details.
SWIFT code search – Find the SWIFT code by entering the institution name, city and country.
Click here to read our post How long does an international money transfer take?
How to Find the Cheapest Way to Transfer Money Overseas
Compare The Total Cost
The total cost of the transfer comes down to 2 things:
1. Transfer Fees
Every Australian bank and money transfer company will charge you a different fee to send money overseas. Usually it’s between $10 and $32.
2. Exchange Rate Margin
There is no “standard” exchange rate. Each bank will offer you a different exchange rate based on the currency you want to send overseas and the amount you need to send.
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