Bendigo Bank International Money Transfer 2018 Review
Learn more about this service offered by Bendigo Bank, its pros, and cons, with this review of their international money transfers.
Making an international payment with Bendigo Bank supporting and backing your transaction. Through the use of this Telegraphic Transfer service, you can send money through your bank account to another user, different bank, or foreign business. Whether you select the faster method of transfer with telegraphic sending or through a Bank Draft for a less urgent payment, this service is safe and secure.
Sending money internationally through this established bank is safe, secure, and backed by funding. The bank offers a full range of products and services, so you get the convenience of going to your favourite branch or logging in online for a transfer.
- Securely-backed by a bank
- Convenient for sending money overseas
- Recurring payments are easy to setup
- Bank shareholders get a fee discount
- Supports only 25 currencies for Telegraphic Transfers
- Supports just 16 currencies for sending Bank Drafts
- Higher fees than other services
- Must have a Bendigo account to use the transfer service
- Pay service fees if an intermediary bank is used in the transaction
How it works
Bendigo Bank offers international bank transfers to account holders. If you have an account, you can send or receive telegraphic transfers (which are primarily conducted online). They offer the option to perform a transaction in any bank branch if this is a bank holder’s preference.
More than 150 years ago, Bendigo bank opened in Victoria mostly lending and working in retail banking. The bank is now listed as a top 60 ASX company. More than 90,000 shareholders invest and carry shares in Bendigo, more than 1.5 million customers work with the bank, and they employ more than 6500 people.
How much does it cost?
Fees with Bendigo Bank vary based on the type and amount of your transaction. Some of their fees are much more expensive than many other services we’ve reviewed previously. Customers remain loyal to Bendigo Bank for this type of international transfer because it is a major institution with a strong reputation, even if the fees are a bit higher.
- Sending A Telegraphic Transfer: $30 (conducted online or performed at one of the branch locations)
- Receiving A Telegraphic Transfer: $10 for payments received in a foreign currency, $2 for payments in Australian dollars
- Sending Bank Drafts: $10 fee for the purchase of a Bank Draft
- Stop Payment on Bank Draft: Extra $25 fee if a stop is put on the payment of a draft
One perk of this bank is any shareholder gets 50% off of bank fees, even if that shareholder only holds one stock.
How safe is it?
Bendigo International Money Transfers are efficient, safe, and easy when you work with this company. We’d recommend this service to bank account holders that regularly send money abroad and want to login to everything all in one place.
How do I send or receive money from overseas?
Bendigo offers these two options, either sending bank drafts and receiving international transfers.
A Bank Draft is cost-effective for sending non-urgent payments, as a bi-weekly bill payment. Bendigo offers this convenient service because it is non-urgent and the most secure payment method to conduct through a bank. A bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank.
A Telegraphic Transfer for international funds is a way to get most currencies to a Bendigo bank account. Every international transfer uses that current day’s exchange rates plus any applicable fees.
How do I pay?
Before any transfer occurs, you must be a Bendigo, account holder. Several account types are eligible for this kind of transfer, so visit a branch or call to speak with a customer representative to verify you have the right account.
Information you need to set up an account could include photo identification and other proof of residency. Once set up, the information required for a Telegraphic Transfer includes:
- Who you are sending to
- Where you are sending the money
- Payment Currency
- Sending Amount
- Transfer Date and Time
Through the online portal, you can pay employees, send money to family, or send funds in cases of emergency.
Can I pay by credit card?
You cannot pay by credit card with a Bendigo Bank International Money Transfer.
What exchange rate will I get?
To determine the exchange rate you will get on your International Money Transfer, Bendigo conducts transactions with the current foreign exchange rate. Bendigo works to keep exchange rates updated in as real of time as possible, but they do fluctuate based on the time an order is placed.
What currencies can I transfer?
When you open an account with Bendigo bank, there are 25 different currency options for International Money Transfers. The options include:
- Canadian Dollar
- Australian Dollar
- Swiss Franc
- Danish Kroner
- Fijian Dollar
- Great British Pound
- Hong Kong Dollar
- Indian Rupee
- Japanese Yen
- Norwegian Kroner
- New Zealand Dollar
- Philippine Peso
- Swedish Kroner
- Singapore Dollar
- Thai Baht
- United States Dollar
- South African Rand
It is important to note that some of the currency options on this list are not available for bank drafts.
What services do they offer for businesses?
Bendigo and Adelaide Bank is one Australian financial institution that merged in 2007. With the merge over ten years ago, the bank became an organization with nearly 900 locations around Australia. It is estimated that Bendigo and Adelaide Bank serves more than 500 communities throughout the country.
Some of the services offered by the bank relating to Bendigo Bank International Money Transfer include:
Receive Foreign Checks: If you get a check in another currency, you can deposit the amount into a Bendigo account, and it gets converted to Australia dollars after a waiting period. After a 28-day holding period, Bendigo makes the foreign funding available in your account.
Branch Locations for Account Holders: There are almost 900 ATM locations for Bendigo and Adelaide bank account holders. This is convenient for inter-country travel. In addition to ATM locations, there are bank branches all account holders can visit. Deal with a qualified banking professional at a Bendigo Branch Location.
Recurring Payments: A service commonly used by bank account holders is the recurring payment option. It is easy to set up this payment, with an entry to your transfer start and end date. It is easy to log in to you online system for setting up payment, canceling one, and checking your withdrawals.