BANK OF SYDNEY REVIEW: The Bank of Sydney offers an international money transfer service for its account holders. This convenient product eliminates the need for its customers 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 this article in the Sydney Morning Herald. This mid-sized bank offers a money transfer choice half-way between the established financial institutions and upstart transfer services.
This review of the Bank of Sydney’s policy for international money transfers is designed to accurately weigh the pros and cons of the service and the bank’s other products.
- 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
- 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 the 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 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.
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.
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.
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