Bank of Queensland International Money Transfer Review
You have many choices when it comes to sending an international money transfer, and this Bank of Queensland review will help you determine if this is the right service for you.
An international money transfer from the Bank of Queensland requires an online account with the bank. All you need to do is follow directions after logging in to send money to dozens of countries.
The BOQ also offers may other personal banking and business services, so it may be the right place for you to send international payments and do your everyday banking.
The Bank of Queensland has over 200 branches across Australia. It is one of the top 100 companies on the Australian Securities Exchange and one of the top 10 banks in Australia. BOQ is still independent and is one of the last regional banks not owned by a larger financial institution. While not a major player, BOQ continues to grow. It owns Virgin Money Australia, St. Andrew’s Insurance and Investec Bank (Australia) Limited.
- Excellent Customer Service
- Flat fees for transfers
- Lower exchange rates than most big banks
- International payments can be sent to many smaller countries
- May take three days for transfers to process
- Payments accepted during business hours Monday thru Friday only
- Competing services may offer transfers without fees
- There is a $25 cancellation fee
How It Works
An international money transfer is a payment to an individual in a foreign country. The money is transferred using the latest currency exchange rate. The Bank of Queensland can send overseas transfers directly to a beneficiary’s bank account. The receiver can’t pick up money at a retail location.
You need to have a Bank of Queensland account to send or receive money. You can set up an account online by visiting the bank’s online help centre.
The maximum amount you can transfer: The limit for one money transfer is $250,000 Australian dollars or the foreign equivalent. International money payments are part of the Daily Pay Anyone limit, and that limit depends on the customer’s Daily Limits package.
The minimum transfer amount is $100 Australian dollars or the equivalent in the foreign currency.
How Safe is It?
The BOQ online platform is a safe place to make international payments. The bank’s website has several protective measures in place to secure your money transfer, including:
- 128 SSL bit encryption
- Personal Access Codes
- Firewalls to prevent online fraud
- Automatic Time Out feature to protect privacy
- The BOQ Security Token – a changing password for customers with a daily Pay Anyone limit of $10,000 or more
Whether you’re online or offline, you can protect yourself against getting ripped off when sending international money transfers by exercising common sense.
How Much Does It Cost?
You can send an international money transfer over the internet or at a Bank of Queensland branch. The flat rate fees are $20 for online transfers, $35 for transfers requested at a bank branch and $15 for international drafts. The fees are the same regardless of destination country or amount sent.
There is a $25 cancellation fee for stopping a transfer after it’s been requested.
What Exchange Rate Will I Get?
The rates offered by Bank of Queensland fluctuate according to market conditions. Generally speaking, BOQ offers better rates than large banks (Citibank, HSBC, etc.), although their rates may not be as good as small, overseas money transfer services. Learn as much as you can about how a currency exchange works before going through with your transaction.
Visit the Bank of Queensland website for rates on travellers’ cheques, notes and selling drafts. Rates are periodically updated on the bank's site, but the rates are shown, although recent, may not reflect up-to-the-minute changes.
The chart doesn’t include rates for foreign telegraphic transfers since the bank calculates rates when the transaction occurs. Talk to a bank representative over the phone or at a branch for the most up-to-date information.
Since exchange rates are subject to change at any time, the BOQ website provides periodically updated rates.
How Do I Send or Receive Money from Overseas?
Once you’ve set up an online account, follow the screen directions to send or receive payments. You will need to use an International Bank Account Number (IBAN) and the correct beneficiary information. You’ll also need a BOQ Security Token and an account that’s registered to perform International/RTGS Payments. Use a currency converter before submitting your request to get the best rate.
Review all information before you send it to prevent delays.
An international payment request received by Treasury and International Operations before the cut off time is sent on the same day. Requests received after the cut off time are sent the next business day.
After BOQ sends the currency, funds are usually received by the beneficiary in one to three days, depending on the country, the overseas bank processing the transfer and the receiving country’s time zone. India and a few other countries normally take longer than one to three days to process international money transfers.
Gather all the details you can about rates and the best way to transfer money before you decide on an overseas transfer service.
How Do I Pay?
All payments are taken from your Bank of Queensland account.
Can I Pay by Credit Card?
The Bank of Queensland website states that overseas money transfers can be sent from an existing bank account. There is no mention of using a credit card to send payment.
What Currencies Can I Transfer?
The Bank of Queensland can transfer money to New Zealand, U.S, Great Britain, Japan, all countries using the Euro, Hong Kong, Canada, Israel, Cyprus, China, Mexico, Egypt, Oman, Philippines, Thailand, Taiwan, Tonga, the Solomon Islands, Sweden, Switzerland, Qatar, Malaysia, Malta, Fiji, India, South Korea, Denmark, Saudi Arabia, Bahrain, South Korea, Norway, Singapore, Hungary, French Polynesia, Brunei, the United Arab Emirates, and South Africa.
Talk to a BOQ rep if you need to send money to a country not on the above list, and they may be able to arrange a transfer.
What Services do They Offer for Businesses?
An international money transfer is only one of the products offered by BOQ for businesses that make payments in foreign currency regularly or want to invest their foreign currency.
- Foreign currency account: This account helps businesses manage and reduce the cost of conversions and intermediary bank fees. Accounts are available in pounds, U.S. dollars, and other major currencies.
- Foreign currency deposit: You will need an existing BOQ account and the equivalent of 100,000 Australian dollars to open a foreign currency deposit account. Foreign currency term deposits are available in one week to one-year terms.
This review of Bank of Queensland foreign money transfers offers an overview of the bank’s international currency services. For more information, contact the bank directly. Always compare rates, reviews and service fees before deciding on a money transfer service.