Suncorp international transfer: Fees and exchange rates

This article will cover everything you need to know about Suncorp international transfers including: fees and exchange rates, payment delivery times, and how to get started.

Suncorp has over 120 years in business, and is the 6th largest bank in Australia. However, it may not be the best choice for sending an international payment.

Alternative specialist providers like Wise, OFX and Western Union may be able to get your money where it needs to be faster and for a lower overall fee.

Compare international money transfer providers

Suncorp international money transfer comparison

We’ll walk through the details in just a moment – first let’s look at a comparison of Suncorp against a couple of specialist providers.

It helps to know that the full cost of sending an international wire transfer can include several different fees:

  • Your own bank’s transfer fee – this is often free – or at least the lowest of the costs you’ll pay
  • Exchange rate markup – this is a percentage fee added to the exchange rate used, which can often be the highest of the 3 fees overall
  • Third party charges – paid to intermediaries and your recipient’s own bank – you may not know in advance what these fees will be

Here’s how the costs stack up if we are sending 1,000 AUD to a friend in the UK:

Provider Total fee Recipient gets in the end
Suncorp
  • No upfront transfer fee
  • Exchange rate markup + third party charges apply
Check the available exchange rate, and any applicable fees using the Suncorp online banking service
Wise 5.14 AUD 523.29 GBP
Western Union 0 transfer fee + exchange rate markup 522.58 GBP
OFX 15 AUD + exchange rate markup 510.79 GBP
  • Data correct at time of research – 11 February 2022

Suncorp doesn’t charge an international transfer fee for payments made online. However, that doesn’t mean your payment will be free – it’s a business and does need to cover its costs after all.

Typically when banks and other providers offer fee free transfers it means that their costs and profit are covered using a markup on the mid-market exchange rate. This is an extra fee – which can often far exceed all of the other costs of the transfer. Typically bank exchange rate markups are in the region of 3%. It doesn’t sound like much, but that’s an extra 150 AUD fee on a transfer worth 5,000 AUD.

Specialist providers can often offer lower overall fees, and a better exchange rate compared to banks. Because international money transfers are their core business, getting set up and using the platforms is usually straightforward, too.

Suncorp international transfer fees

Banks and payment services often offer payments with low or no transfer fees. This doesn’t mean the transfer is actually free though, because the other 2 fees may well still apply. The other costs – especially the exchange rate markup – may be pretty steep, and mean you’re paying more than you expect for your international transaction.

This guide will walk through the different fees and how they work in more detail. Let’s start with the Suncorp transfer fees:

Service Suncorp fee
Send an international payment online No Suncorp transfer fee
Send an international payment in branch 30 AUD
Receive an international payment No Suncorp fee
Other transfer services Recall, amend or trace a payment 30 AUD

Suncorp exchange rate

The exchange rate that will be used by Suncorp when processing your international transfer is not the same as the rate you’ll find on Google or when you use an online currency converter. Instead, a markup or margin is added to the mid-market rate – the one you’ll find on Google. This is what Suncorp says about how customer exchange rates are calculated:

“The customer exchange rate is determined by the wholesale market rate, plus a `margin’ which is the difference between the wholesale market rate and the customer exchange rate we quote you. The margin is retained by us.” [4]

Exchange rate markups or margins push up the costs of payments headed overseas. They’re also tricky to calculate, so you may not know exactly how much you’re paying in this fee. Bank markups are often around 3%. That doesn’t sound like a lot. However, it can make a big difference.

  • Sending 1,000 AUD – a 3% exchange rate markup adds 30 AUD to the total
  • Sending 5,000 AUD – a 3% exchange rate markup adds 150 AUD to the total
  • Sending 50,000 AUD – a 3% exchange rate markup adds 1,500 AUD to the total

You can find the Suncorp exchange rate here for payments under 20,000 AUD. For other payments you’ll have to request the applicable exchange rate in a local branch.

Here’s a reminder of the total costs – including exchange rate markups – from the providers we looked at earlier. This is what you’ll pay with each when sending 1,000 AUD to a friend in the UK:

  • Suncorp: 0 transfer fee + exchange rate margin + possible third party charges
  • Wise: 5.14 AUD (no exchange rate markup applies)
  • Western Union: 0 transfer fee + exchange rate margin
  • OFX: 15 AUD transfer fee + exchange rate margin

Suncorp additional fees

Suncorp international payments are processed using the SWIFT network, which means they’re passed along a series of correspondent banks to arrive at their final destination – much like taking connecting flights. This system is established and reliable – but it’s also often quite costly. Here’s what Suncorp says about the process:

“In addition to our fees and charges, the processing of a Telegraphic Transfer or Online Telegraphic Transfer may be subject to fees and charges from our Correspondent Banks involved in the Transaction. There may be more than one Correspondent Bank involved, each of which may seek reimbursement for their services.”

You might find that 1 – 3 correspondent banks are used for a single transfer. Each can charge a fee which is deducted as the payment passes along the line. That can mean you don’t know in advance how much your total payment fee will be – or how much your recipient will get in the end.

How long does a Suncorp international money transfer take

Suncorp international transfers can take up to 5 business days to arrive. This is pretty typical of banks processing payments through SWIFT. However, shorter delivery times can be achieved by specialist services which may have their own payment networks to speed things up.

Here’s a reminder of how that measures up against the specialist providers we looked at earlier:

  • Suncorp: Up to 5 business days
  • Wise: 80% of payments arrive in 24 hours
  • Western Union: Up to 2 days
  • OFX: 1 – 2 business days

Pros and cons of transferring money abroad with Suncorp

Pros:

  • No upfront transfer fee for online transfers
  • Branch service is also available
  • Familiar and reliable option

Cons:

  • Exchange rate markups and third party fees can push up costs
  • You may not know in advance exactly what the total fees will be
  • Delivery times are slow

While using your normal bank to process an overseas payment might seem like an obvious option, it’s not often the cheapest or fastest way to get your money where it needs to be. You might get a better deal – including cheaper overall fees and a faster delivery time – if you choose a specialist provider instead.

How to make an international transfer with Suncorp

You can make a Suncorp international payment online or in a branch. In a branch there is a Suncorp transfer fee – but you’ll be walked through the process by a member of staff. On line, you won’t pay a Suncorp fee although other costs including an exchange rate markup and third party fees will still usually apply.

Here’s how to send money with Suncorp, using the online banking system[5]:

  • Login to internet banking
  • Click Transfer Money from the left-hand menu
  • Select International Money Transfer under International Services
  • Enter the details of the payment following the onscreen prompts
  • Confirm your payment using a Security Token Code

What information do you need to make an international transfer with Suncorp?

When you send an international money transfer with Suncorp you’ll need the following information:

  • Beneficiary’s name, address and phone number
  • Beneficiary’s account details – Account number or IBAN
  • Overseas bank SWIFT Code and address
  • Purpose of payment
  • Confirmation of the currency and amount you are sending

Transfer limits and available countries

If you’re sending money online you’ll have transfer limits which vary depending on when you’re making your payment, and also a 48 hour limit:

  • You can send transfers of up to 20,000 AUD  at any time except public holidays
  • Payments over 20,000 AUD and up to 50,000 AUD must be completed between 8:00 am and 6:00pm AEST Monday to Friday
  • A maximum of 100,000 AUD can be transferred within a 48-hour period per Customer

If you need to send a payment of over 50,000 AUD you’ll need to visit a branch to make arrangements.

Suncorp international transfers can be made in 20 different currencies: AUD, CAD, CHF, CNY, DKK, EUR, FJD, GBP, HKD, INR, JPY, NOK, NZD, PGK, PHP, SEK, SGD, THB, USD, and ZAR.

Receiving money from abroad with Suncorp

There’s no Suncorp fee to receive a payment from overseas into your AUD account. However, third party charges may apply along the way if the payment is processed using SWIFT.

To get paid from abroad you’ll need to give the sender:

  • Your name and address
  • Your Suncorp bank account number
  • The Suncorp SWIFT code

In some sending countries other details – such as the reason for the payment – are also needed.

Suncorp SWIFT code

A SWIFT code is used when sending international transfers, to make sure your money goes to the correct bank. SWIFT codes are unique identifiers and each bank will have its own. It’s important your sender has the correct Suncorp SWIFT code to make sure your payment arrives quickly and doesn’t get returned or deposited in the wrong account. Here’s what you need to know:

  • Suncorp SWIFT code: METWAU4B

Conclusion

Suncorp has no upfront transfer fee when you send money overseas. However, that doesn’t mean your payment will be free, as an exchange markup will apply – and third party fees may also be deducted as your transfer is processed. These fees are both tricky to see so it’s hard to know exactly what you’ll pay for your transfer in advance.

Specialist services may have better exchange rates, more transparent fees and a lower overall cost. You might also find they can get your money where it needs to be quicker.

 FAQs

How much does a Suncorp international transfer cost?

There’s no Suncorp transfer fee for an international payment arranged online. However, third party charges and an exchange rate markup still apply.

How long does a Suncorp international money transfer take?

Suncorp international transfers can take up to 5 business days to arrive.

How to transfer money internationally with Suncorp?

Send money overseas with Suncorp by logging into your online banking or going to a Suncorp branch.

 

By Ileana Ionescu Updated February 27th, 2022