Macquarie Bank International Money Transfers Reviewed
As you browse the Macquarie Bank 2018 review, you will find out everything you need to know from the pros and cons of other features and how to apply for your own account.
Macquarie Group started as an offshoot of Hill Samuel Limited in 1969, with its Sydney office opening in 1985 as Macquarie Bank. The bank conducts financial operations in 27 countries with 48 currencies eligible for transfer. Macquarie international money transfers, powered by OFX, offer competitive rates and fast service.
- Multiple transfer contracts depending on need
- Large number of currencies available
- Secure backing
- No conversion fees
- Recipients cannot pick up transfer directly as cash
- Higher minimum transfer amount
- Lacks live chat support for online service
How it works
Macquarie Bank partners with OFX to provide international transfer services so you and you recipient can receive the best deals possible. You will need to set up an account with OFX, which can be done from the main page or at the International Money Transfers website. Everything is online; just create a strong username and password, provide your contact and financial information and you can register.
After your registration details are confirmed, log in to initiate a transfer. To do this, you’ll need to add a beneficiary by entering his or her contact information and bank account information. Speak with the person or entity beforehand to make sure all the details are correct to prevent delays.
Choose the currency pair you want to exchange, and you will be given a current exchange rate assuming you intend an immediate transfer. Continue following the steps. When you have finalized the transfer, you’ll get a phone call confirmation. The transaction must occur on the same day to receive the advertised exchange rate. Otherwise, it will be recalculated, and you will have to reconfirm.
Because currency exchange rates fluctuate, entering a forward contract can mitigate some of the risks. Macquarie allows you, as a business customer, to set an exchange rate for a given transaction and hold the funds for transfer at a later time. To do this, you have to make a 5 – 10% payment of the total amount. A forward contract can lock an exchange rate for up to 12 months.
Another feature that Macquarie Services provides is a limit order. If you’re busy and cannot keep an eye on the exchange rate, you can just set the transaction to trigger when the exchange rate meets or exceeds a predefined ratio. You have the option to release the limit order at any time until it triggers.
For substantial transactions, it may not always be feasible to send the entire balance at once. You can set up a recurring payment for every two weeks, every month, or every three months. The total has to be sent in at least four instalments with the maximum period being 12 months.
You also need to send a deposit equal to one of the agreed-upon instalments, in effect a double instalment at the outset of the payment plan. This is used to make the last payment.
Macquarie operates under a simple fee structure: any transaction less than AUD 10,000 incurs a $15 maximum fee. Any amount over AUD 10,000 has no fee, nor do recurring payment plans. The $15 fee applies to a single beneficiary/transfer. Should multiple transfers be made, a separate fee applies for each one.
If the money transfer is routed through multiple banks for any reason, these intermediary banks may charge a fee.
Is it safe?
Macquarie takes the security of its customers exceptionally seriously. It has an Australian Financial Service License (number 237502). The website features full encryption to ensure the safety of your data, and the bank does not pay out international transfers until the funds are shown to be available.
The various transfer options also protect your investment from lowered foreign exchange rates.
You can view live exchange rates on Macquarie’s website. These rates remain valid for a set period, usually up to a day but more often a few hours. Use the currency conversion calculator to determine how much you need to pay your recipient. The mobile application is another way to keep track of exchange rates, or you can enlist the help of a Macquarie professional exchange broker.
Sending and receiving international transfers
Typically, international money transfers complete within 2 – 4 business days. Your funds have to clear with Macquarie first. When this happens, they are converted and released into the other bank account. Transfers posted after 5 p.m. AEST post the next business day and the process continues from that point.
Electronic fund transfers are the main way customers use for Macquarie. Alternatively, you can go to your local bank branch and make a transfer. Cash, checks, traveller’s checks, and credit cards are not accepted. The minimum transfer amount is $250AUD.
Macquarie deals in all the major currencies. These are: Australian dollar (AUD), British pound (GBP), Canadian dollar (CND), Danish kroner (DKK), Euro (EUR) Fiji dollar (FJD), Hong Kong dollar (HKD), Japanese yen (JPY), Mexican peso (MXN), New Zealand dollar (NZD), Norwegian kroner (NOK), Papua New Guinea kina (PGK), Polish zloty (PLN), Singapore dollar (SGD), South African rand (ZAR), Swedish kroner (SEK), Swiss franc (CHF), Thailand baht (THB) United Arab Emirates dirham (UAED) and the US dollar (USD).
A total of 29 minor currencies are accepted as well.
Services for businesses
The volatility of foreign currency values is a danger to any business attempting to transfer money internationally. The forward contracts and limit deals mentioned aim to alleviate the instability by only transferring funds when the exchange rate is a certain amount.
Also, business customers receive access to a certified exchange broker who monitors the market and provides investment advice for foreign currency.
Macquarie has a reputable and fast service with procedures that are easy to understand. Its fee structures are reasonable. The only real drawback is that the company could benefit from adding online customer service via chat. Even without online chat, customer service is available on the telephone 24 hours per day.