This review of the Bank of Sydney’s international money transfer service is designed to accurately weigh the pros and cons against other products to help you decide whether this option is best for you.

The Bank of Sydney offers an international money transfer service for its account holders. This convenient service eliminates the need for clients' to spend time and money trying to find a separate service when they need to send money to friends, family or business associates.

 

The Bank of Sydney’s transfer service saves you money over using a big bank like Westpac, NAB or ANZ, according to some sources. This mid-sized bank offers a money transfer choice half-way between the established financial institutions and upstart transfer services.

Pros
  • Excellent exchange rates
  • No registration needed, just a Bank of Sydney account
  • No fees to transfer money to the Bank of Beirut
  • Bank of Sydney also offers credit cards, bank accounts, loans and insurance
Cons
  • Transfers available in only five currencies
  • Fees apply to online and telegraphic transfers
  • Transfers take two to three business days

How It Works

As long as you have an account with the Bank of Sydney, you can use their international money transfer service. You can transfer funds electronically from Foreign Currency transaction accounts and most other accounts. Competitive international exchange rates apply, but the rates fluctuate with the financial markets. Check your account to determine the most cost-effective time to transfer money.

 

Getting started

For simple online transfers, login to your account and go to the online banking menu. Select “Transfer Money” or “Overseas Transfer” and enter the following information:

 

  • The amount to be transferred
  • The type of currency you want to send
  • The recipient’s name and address
  • The recipient’s account number or International Bank Account Number (IBAN)
  • (An IBAN is used to send money to European countries, including the UK, to identify the customer’s bank account. An IBAN is also used in some Middle Eastern countries.)
  • The recipient’s Bank name, branch, city/state and country, and the Bank BIC/SWIFT code (A BIC code identifies the bank where the money is being sent. SWIFT is the international system used to send money.)

 

Review transaction details

Submit the information after double-checking it. Transfers requiring foreign currency exchange must be received by 3:30 pm on a business day for the transfer process to start on the same day.

 

The transfer process will not begin until Monday if you place a transfer request on the weekend. Once you place a request, it will take two or three days to complete, regardless of the destination.

 

The daily limit for overseas transfers varies from customer to customer, and it’s included in your global daily limit in Australian dollars.

 

Easy access to recipient information

If you regularly send money to a recipient, the beneficiary’s details will be saved with the transaction information in the “Past Transactions Tab” on the “Overseas Transfers” menu. You can also save the recipient’s name, address, email and other details for future transfers.

 

Received funds

The beneficiary will find sent money in the Financial Details screen’s “Currency to Transfer” field. Foreign money transfers can only be endorsed in the same currency.

 

The Bank of Sydney opened for business in 2001. It has branches in Sydney, Adelaide, and Melbourne. Accounts are covered by the Australian Government Deposit Guarantee.

How Safe is It?

All Bank of Sydney currency exchange transactions are protected by a firewall installed on the bank's online security team. The site also offers automatic timeouts, high-grade encryption, and incorrect password access lock to guarantee secure transactions.

 

You can do your part to make sure your transactions are safe by following these internet banking tips.

How Much Does It Cost?

Online transfers, regardless of amount, incur a $20 fee. A telegraphic transfer from a Bank of Sydney branch has a $25 fee.

 

Fees are waived for any transfer sent to a Bank of Beirut account. Small cash handling fees are charged for businesses with a Foreign Currency Transaction Account.

 

What Exchange Rate Will I Get?

Foreign exchange rates are posted on the currency converter on the Bank of Sydney website. Be sure to check them before sending your international money transfer. Rates fluctuate so check back often or call a bank representative for more information.

 

It’s easy to learn how to transfer money to an overseas bank account without high fees, although it may take some practice when you first do it.

 

Customers transferring 10,000 Australian Dollars or more may be eligible for a special rate and should contact their nearest bank branch or call 1300 88 700 for details.

How Do I Send or Receive Money from Overseas?

Open a personal account with the Bank of Sydney to be eligible for foreign money transfers. Accounts include the EveryDay Saver Account, Retirement Account, SuperRate bonus Interest Savings Account, SmartNet, Term Deposit and online-only Term Deposit accounts.

 

Apply for an account online by answering a few questions, providing your identification information, address, email, and phone number and agreeing to the bank's terms. Once approved, you can send an international money transfer.

How Do I Pay?

Foreign money transfers are taken from your account balance.

 

Can I Pay by Credit Card?

There is no information on the Bank of Sydney website about paying for international money transfers by credit card. It must come out of your account.

What Currencies Can I Transfer?

International money transfers from the Bank of Sydney are available in five popular currencies – the Euro, US Dollar, British Pound, New Zealand Dollar and Australian Dollar.

What Services Do They Offer for Businesses?

Business customers can open a foreign currency transaction account for overseas trading. The latest competitive rates are available to convert funds. There are no fees to keep the account and no minimum account balance. You can use a debit or credit card for recurring (direct entry) payments only in the currency used for the account.

 

Foreign currency term deposits are available for businesses and individuals who want to maintain an account in Euros, US Dollars, US Dollars or British Pounds.

 

When you review transfer information about the Bank of Sydney and compare it to other internal; money transfer services, your decision should be based on several factors, including ease of use, foreign exchange rates, convenience, how often you use foreign money transfers, and where you send them.

 

Many customers stay with the Bank of Sydney for money transfers and other services for years, but other options are available for international money transfers.

 

Similar banks include the Bank of Queensland, BankSA, and ANZ. Larger Australian banks (The Big Four), with an international money transfer service, include Commonwealth Bank (CBA), Westpac (WBC) and the National Australia Bank (NAB).

 

Large banks offer more convenience and may get money transferred faster, but they usually charge higher fees. Check online reviews to learn more about each service.

Compare money transfer services like Bank of Sydney

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,937.40Exchange Rate0.7208Transfer Fees$63.93Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,937.40Rate Updated less than 3 mins agoGO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7208 will cost you $13,937.40 which includes a fee of $63.93

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated less than 3 mins ago
TorFXRead ReviewTotal (AUD)$13,943.19$5.79 more expensive Exchange Rate0.7172 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,943.19$5.79 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7172 will cost you $13,943.19 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$13,954.41$17.01 more expensive Exchange Rate0.7166 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,954.41$17.01 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7166 will cost you $13,954.41 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
WorldFirstRead ReviewTotal (AUD)$13,957.22$19.82 more expensive Exchange Rate0.7165 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,957.22$19.82 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7165 will cost you $13,957.22 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
WorldRemitRead ReviewTotal (AUD)$14,012.73$75.33 more expensive Exchange Rate0.7138 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $14,012.73$75.33 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7138 will cost you $14,012.73 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$14,056.79$119.39 more expensive Exchange Rate0.7114 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $14,056.79$119.39 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7114 will cost you $14,056.79 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,398.85$461.45 more expensive Exchange Rate0.6945 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,398.85$461.45 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6945 will cost you $14,398.85 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,664.01$726.61 more expensive Exchange Rate0.6825 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,664.01$726.61 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6825 will cost you $14,664.01 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates