Suncorp 2018 Review

As you browse the Suncorp 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.

Suncorp is an Australian bank, insurance, and superannuation account corporation. One of its many services includes international money transfers. As a bank, Suncorp’s money transfer services differ slightly from services provided by money transfer specialists. Likewise, each bank’s money transfer service is unique, somewhat different from other banks.

Because of the subtle differences between international money transfer services, we’ve provided reviews of banks and transfer specialists to help make the decision process a bit easier for you.

As you read this review of Suncorp international money transfer service, consider your own needs and preferences. Doing so will help you determine if Suncorp is a good fit for you.

  • No limits imposed on transfers made in person in bank branches
  • Negotiate your own exchange rates when transferring amounts exceeding $20,000
  • Individual security tokens provide added safety and peace of mind
  • No minimum transfer amounts
  • Daily limits (when using internet banking) vary according to the daily restrictions placed on your own internet banking account
  • Less-competitive exchange rates and higher transaction fees compared to money transfer specialists
  • Security tokens are required and cost $20 every five years
  • Transfers can take up to five days, sometimes a bit longer

How it works

To transfer money through Suncorp, you must first open a Suncorp bank account. Once you are a customer, you must purchase a security token for $20. With your account, internet banking established, and security token registered, you are eligible to transfer money globally.

Transfers may be done online with internet banking or in person at a Suncorp branch. You may transfer any amount up to $50,000 in on payment. Additionally, you may transfer up to $100,000 in a 48-hour period.

How much does it cost?

Suncorp assigns a flat rate transfer fee. For internet banking, this fee is $20. If you are initiating a transfer at a Suncorp branch, the fee is $30. Other charges are assessed by Suncorp as well as by the financial institutions receiving your money.

How safe is it?

Suncorp requires its internet banking customers to purchase and use a security token. No one can make international money transfers without one. Security tokens are a form of identification. They have a unique serial number that syncs with your customer identification. These security tokens keep your account and the money in it secure.

Suncorp takes care in transferring money to other countries. If there is a claim that money didn’t reach the recipient, the bank will trace it in an attempt to determine what happened.

How do I send or receive money from overseas?

Suncorp allows you to send or receive money in two ways: through internet banking or in person at a branch location. You can’t make transfers over the telephone.

To send or receive money, whether you are using internet banking or in-person services, you need your account information, your recipient’s information, and the overseas bank details such as the International Banking Account Number (IBAN), SWIFT code, Sort code, or routing number. You may also be asked to provide other details such as the purpose of the transfer.

Once you have gathered all of the necessary information, you just complete the form and submit it to send your money overseas.

How do I pay?

You make payments from your Suncorp bank account. Money can be transferred and payments made from transaction, savings, and business accounts. Payments aren’t accepted from other bank accounts or any other outside sources.

Can I pay by credit card?

Suncorp does not accept credit card payments for international money transfers.

What exchange rate will I get?

Exchange rates continually fluctuate. The rate you receive on a given international money transfer will vary from day to day and even within a single day. Your exchange rate will be the rate that exists at the time of transfer completion. This policy is different from many banks and transfer specialists, who lock in the rate at the time you initiate the transaction.

With Suncorp, other factors influencing the exchange rate include the currency you are changing into, the amount of your transfer, and the type of exchange. Your exchange rate will vary from transaction to transaction; therefore, watch the website and/or contact Suncorp directly to learn current exchange rate information when you’re ready to initiate a transaction.

Which currencies can I transfer?

Suncorp offers exchanges in 18 different currencies. These include:

  • CAD Canadian Dollars
  • DKK Danish Kroner
  • EUR Euros
  • FJD Fijian Dollars
  • HKD Hong Kong Dollars
  • INR Indian Rupees
  • JPY Japanese Yen
  • NZD New Zealand Dollar
  • NOK Norwegian Kroner
  • PGK Papua New Guinean Kina
  • PHP Philippine Peso
  • SGD Singapore Dollars
  • ZAR South African Rand
  • SEK Swedish Kroner
  • CHF Swiss Franc
  • THB Thai Baht
  • USD United States Dollar
  • GBP British Pound

While these 18 are the primary transfer destinations and currencies of Suncorp Bank, they will also occasionally transfer to six other locations. For these six, you must go to a branch location to make the transfer rather than doing it yourself online. The six additional currencies are

  • CNY Chinese Yuan
  • IDR Indonesian Rupiah
  • MYR Malaysian Ringgit
  • TWD Taiwanese Dollar
  • AED UAE Dirham
  • VNG Vietnamese Dong

currency converter is a useful tool when studying currency exchange rates. You can discover the current exchange rate between the Australian Dollar and other foreign currency values before you initiate an international money transfer.

What services do they offer for businesses?

Suncorp offers internet and other banking services exclusively for businesses. Among these services are business-friendly international money transfer options such as the ability to schedule recurring transfers to specific suppliers.

For businesses (and even some individuals) frequently sending large amounts of money to a particular country, Forward Exchange Contracts (FEC) are available. With an FEC, a business or individual enters into a contract with Suncorp to secure a fixed exchange rate for a specified length of time.

Suncorp Bank offers straightforward, secure transfer services. Banks do differ from transfer specialists. Which is right for you? The answer is personal. As you read reviews and gather other reliable information, you’ll be ready to make an informed decision.

Compare money transfer services like Suncorp

The best deal for you

XERead ReviewTotal (AUD)$13,822.33Exchange Rate1.3822Transfer Fees$0.00Transfer Time2-3 DaysLearn MoreTotal (AUD)$13,822.33Rate Updated less than 2 mins agoGO TO SITE

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


  • 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.


  • 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.

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated less than 2 mins ago
TorFXRead ReviewTotal (AUD)$13,819.56$2.77 more expensive Exchange Rate1.3820 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,819.56$2.77 more expensive GO TO SITE

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.


  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options


  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
WorldFirstRead ReviewTotal (AUD)$13,805.67$16.66 more expensive Exchange Rate1.3806 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,805.67$16.66 more expensive GO TO SITE

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


  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments


  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
TransferwiseRead ReviewTotal (AUD)$13,804.44$17.89 more expensive Exchange Rate1.3889 Transfer Fees$60.88 Transfer Time1-2 DaysGet discounted rate $13,804.44$17.89 more expensive GO TO SITE

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


  • 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


  • 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
OFXRead ReviewTotal (AUD)$13,680.16$142.17 more expensive Exchange Rate1.3687 Transfer Fees$5.00 Transfer Time1-3 DaysGet discounted rate $13,680.16$142.17 more expensive GO TO SITE

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.


  • 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


  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers