BankSA International Money Transfer Review

Read this review to understand the Bank of South Australia's international money transfer services and whether it is the right service for your needs.

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 specialise in international money transfer services.

Pros
  • 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
Cons
  • 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 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.

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.

 

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:

 

Forward Transactions

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.

 

Spot Transactions

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.

Compare money transfer services like BankSA

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,968.41Exchange Rate0.7192Transfer Fees$64.07Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,968.41Rate Updated less than 3 mins agoGO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7192 will cost you $13,968.41 which includes a fee of $64.07

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)$13,974.21$5.80 more expensive Exchange Rate0.7156 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,974.21$5.80 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7156 will cost you $13,974.21 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)$13,985.45$17.04 more expensive Exchange Rate0.7150 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,985.45$17.04 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7150 will cost you $13,985.45 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)$13,988.27$19.86 more expensive Exchange Rate0.7149 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,988.27$19.86 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7149 will cost you $13,988.27 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)$13,990.98$22.57 more expensive Exchange Rate0.7150 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $13,990.98$22.57 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7150 will cost you $13,990.98 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)$14,094.43$126.02 more expensive Exchange Rate0.7095 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $14,094.43$126.02 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7095 will cost you $14,094.43 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)$14,324.60$356.19 more expensive Exchange Rate0.6981 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,324.60$356.19 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6981 will cost you $14,324.60 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)$14,713.56$745.15 more expensive Exchange Rate0.6802 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,713.56$745.15 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6802 will cost you $14,713.56 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