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.

Pros
  • Multiple transfer contracts depending on need
  • Large number of currencies available
  • Secure backing
  • No conversion fees
Cons
  • 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.

Available products

Forward contracts

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.

Limit orders

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.

Recurring Payments

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.

Fees

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.

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.

Payment methods

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.

Accepted currencies

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.

Conclusion

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.

Compare money transfer services like Macquarie Bank

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,810.95Exchange Rate0.7274Transfer Fees$63.36Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,810.95Rate Updated 11:50PM 15/11/2018GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7274 will cost you $13,810.95 which includes a fee of $63.36

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 11:50PM 15/11/2018
TorFXRead ReviewTotal (AUD)$13,816.68$5.73 more expensive Exchange Rate0.7238 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,816.68$5.73 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7238 will cost you $13,816.68 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)$13,827.80$16.85 more expensive Exchange Rate0.7232 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,827.80$16.85 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7232 will cost you $13,827.80 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)$13,830.58$19.63 more expensive Exchange Rate0.7230 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,830.58$19.63 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7230 will cost you $13,830.58 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

  • Low 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
HIFXRead ReviewTotal (AUD)$13,830.58$19.63 more expensive Exchange Rate0.7230 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,830.58$19.63 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7230 will cost you $13,830.58 with no fees.

About HiFX

HiFX are one of the biggest money transfer companies in the world. Their parent company Euronet is listed on the NASDAQ and recently acquired Xe.com. They are particularly useful for individuals doing regular transfers overseas. HiFX provide competitive exchange rates no matter how much is being transacted. Their $50 minimum transaction size and flat fee makes them a great option for any international payment. Locally, HiFX have Australian offices in Sydney, Melbourne and are expanding to the remaining capital cities. Click here to read the full review

Pros

  • Fantastic bank - beating exchange rates
  • Low fees for transactions less than $10, 000
  • No fees for transactions of $10, 000 or more
  • High security transfers regulated by ASIC and FMA
  • Fast and easy for personal or business accounts

Cons

  • Only electronic bank transfers accepted
  • Limited exotic currencies
WorldRemitRead ReviewTotal (AUD)$13,864.77$53.82 more expensive Exchange Rate0.7215 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $13,864.77$53.82 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7215 will cost you $13,864.77 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)$13,933.40$122.45 more expensive Exchange Rate0.7177 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $13,933.40$122.45 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7177 will cost you $13,933.40 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)$14,226.77$415.82 more expensive Exchange Rate0.7029 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,226.77$415.82 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7029 will cost you $14,226.77 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)$14,498.46$687.51 more expensive Exchange Rate0.6903 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,498.46$687.51 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.6903 will cost you $14,498.46 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