BANKSA REVIEW: The Bank of South Australia, commonly referred to as BankSA, provides international money transfers for personal and business account holders, along with many other banking services. There are more than 100 BankSA locations in the Northern Territory and South Australia.
BankSA opened its first branch in 1848. It is the largest bank in South Australia, with headquarters in Adelaide. BankSA is part of the Westpac Group of financial institutions.
Review other foreign money transfer options before deciding to use BankSA. There are many other choices, including retail currency exchanges, other banks, and companies that specialize in international money transfer services.
- Competitive exchange rates
- You can send payments through BankSA’s mobile banking app
- Customers can make transfers in 17 different currencies
- No minimum transfer amounts
- There’s a $10 fee every time you send an international money transfer
- Transaction time may depend on the beneficiary location
- You must register for the overseas transaction service separately, even if you have a BankSA account
How it Works
Apply for an account with BankSA if you don't have one. The foreign transfer service is available to all customers, but you must sign up to use this feature. Once the application is approved, you can use this online currency exchange to send international money transfers.
Log in to your internet banking account. Click on the “Overseas Transfer” option and enter the amount you want to send. Enter the destination, the currency type, and the beneficiary’s bank information. Review the details and submit once you are sure they’re correct.
You can submit a transfer through your BankSA mobile app if you’re on the go. BankSA has a $50,000 daily foreign money transfer limit.
How Much Does It Cost?
An online request for an international money transfer incurs a $10 fee.
There is a $20 fee to send Australian dollars to an overseas account.
The overseas and/or intermediary bank may charge fees for the transfer. Contact the banks to determine if extra charges will apply to your transaction.
There’s a $25 fee if you cancel a transfer request after it’s been submitted. Once funds are converted at the current rate of exchange and returned to your account, BankSA will deduct any overseas bank charges from your account as well. A $15 fee is charged if you amend a transfer after the initial request.
It costs $25 to trace a foreign money transfer.
How Safe is It?
The BankSA website has firewalls, anti-virus protection, and encryption to protect all online transactions. An automatic lockout feature prompts you to log back into the account if it has been idled for too long. To prevent unauthorised access to your account, you’ll see a time stamp indicating the last time you logged on.
What Exchange Rate Will I Get?
BankSA offers competitive exchange rates on overseas transfers. Check the bank’s website for the “Foreign Exchange Rates” page to see the latest rates for international money transfers. To find the best rate, always use an online currency converter.
When you process an overseas transfer, you will see the real-time rate as you submit the request.
How Do I Send or Receive Money from Overseas?
BankSA account holders can register by filling out an online application for the Overseas Banking Service. It takes two days for the bank to process the application before you can use the service. You can also complete an online form called “Internet Banking – Request or Cancel Overseas Telegraphic Transfer Access”.
You must supply the overseas sender with your 13-digit account number and BankSA’s routing number if the money is coming from a U.S. bank, or BankSA SWIFT code/SWIFT BIC address if the payment is coming by telegraphic transfer.
Transfers confirmed Monday thru Friday before 5pm AEST will be processed the same day. The time of arrival depends on the country where it is being sent.
International payments take two to five days to reach the beneficiary but may take longer depending on the overseas bank and location.
How Do I Pay?
Money is transferred from your BankSA account to the beneficiary’s account.
Can I Pay by Credit Card?
The BankSA website contains no information about using a credit card to send an international money transfer.
What Currencies Can I Transfer?
Customers can place an overseas money transfer through their BankSA account in the following currencies:
U.S. Dollar, Euro, British Pound, Canadian Dollar, New Zealand Dollar, Japanese Yen, Thailand Baht, Singapore Dollar, Danish Krone, Hong Kong Dollar, Indian Rupee, Norwegian Krone, Philippine Peso, Swiss Franc, Swedish Krona, South African Rand and Fijian Dollar
What Services Do They Offer for Businesses?
International solutions for businesses and corporations include:
A forward exchange contract protects importers and exporters who encounter financial risks due to fluctuating market rates during international transactions. BankSA agrees to sell or buy foreign currency from a business on a fixed date in the future. The business pays or receives foreign currency from BankSA, in exchange for Australian dollars or another settlement currency.
A spot deal is the immediate transaction of currency at the market rate. Spot transactions can be made at BankSA in over 15 foreign currencies.
Foreign Currency Options
Foreign currency options limit the risk businesses encounter when changing foreign currency. It gives customers the right to sell or buy foreign currency at a specific price during a specific period of time (the American option) or on a predetermined date (European option). Most businesses choose the European option. The agreed-upon price is called the strike price; the date when the option expires is the expiry date.
The Global Dealer Online Platform
Businesses that exchange foreign currency often can access BankSA’s Global Dealer Platform. It provides 24-hour trading 5.5 days a week, real-time transactions, live prices for swaps, forwards and spots in popular currencies.
BankSA offers the Freedom Business Account, Business Access Saver Account and Business Cheque Account Plus for small businesses. You can register for and access the overseas transaction option with all of them.
There are many videos and other material online to help you learn more about international money exchanges if you are new to the process.
Review the information on BankSA and its foreign money transfer services with similar services. You may find a non-bank service or another financial institution has features more appropriate for you. Always compare reviews on several options before you send an international money transfer.
Recommended For You
Find your lowest cost option. Compare Australian banks and money transfer specialists in terms of transfer times, exchange rates and fees.
This guide details exactly how to transfer money overseas with OFX.
If you are looking for options other than OFX, we've put this guide together to help you make an informed decision.