The Australian and New Zealand Banking Group is the third biggest bank that allows you to take advantage of the different international money options. It is among the best alternatives for sending or transferring funds. This ANZ money transfer review aims to unravel the quality of service that the company provides. We included important aspects such as pros and cons, exchange rates, currencies offered, and a lot more. We also designed a complete list of money transfer service providers that you can check here.
About Australia and New Zealand Banking Group (ANZ)
ANZ was organized in the 1830s and is headquartered in Melbourne, Australia. The company has several subsidiaries. It offers wire transfers as well as wire transfer and digital money transfer methods or alternatives. They offer services to both retail clients businesses. It may be cheaper to send through this bank with its transfer fees costing around 18 or lesser.
Moreover, ANZ offers a safe and simple way to transfer funds abroad into a foreign account. The funds are transferred electronically to your recipient’s bank. The transfer process can take up to two working days. They can move local currencies to over 99 countries around the globe. This can be advantageous if you wish to send money to exotic countries that may not be served by other providers.
ANZ’s Exchange Rates and Fees
ANZ’s rates are real-time exchanges when you transfer money overseas through their ANZ Internet Banking. This means that you’ll get the current exchange rate when converting your money into your recipient’s currency.
They also charge approximately 2% on top of the interbank exchange rate. However, this margin can vary depending on the currency pair.
Transfer Fee and Charges
To cover the expenses of sending money overseas, ANZ clients have to pay for the transfer and possible additional fees. The fee structure they offer may be competitive but the different factors involved when sending can make it a bit complex.
You have to take into account the amount that you will send via ANZ. If you will send under $10,000 through ANZ phone banking in foreign currency, you will incur $12. But, if you will send from your AUD account in Australian dollars, you’ll incur around $32. You’ll also get the same charges when sending from a foreign currency account.
On the contrary, if you’re sending over $10,000, you might incur different charges. If you transfer such amount through phone banking, you will not pay for transfer fees when using foreign currency. However, sending it from an AUD account, you will get the same phone banking fees which is $12.
Furthermore, sending less than $10,000 through ANZ internet banking will also incur $12 when sending via foreign currency. However, internet banking has no transfer fees when initiating the transfer of more than $10,000 from an AUD account. While an AUD from an AUD account will costs you $18 regardless of the amount you transfer.
In cases wherein you’re transferring funds to certain destinations in Oceania, you’ll incur a flat fee of $9 regardless of the amount involved except when you send more than $10,000 in foreign currency from an AUD account which carries no fees.
The Pros and Cons With ANZ
- Their fees are structured in a simple manner
- Handles ranges of currencies which includes exotic currencies
- They have a physical branch that you can visit for in-person service
- You have international payment support center that you can contact for free
- Your transfers are supported by the ANZ Internet Banking Guarantee
- The exchange rates are not as better as the other money transfer service providers
- They cannot initiate recurring international transfers
Available Transfer Options With ANZ
The following are the types of transfers that you can initiate with ANZ. You can choose between these transfer options when sending money overseas.
Internet Banking: You can register with ANZ online banking where you can buy currencies online in the pay and transfer section of the ANZ online banking portal. You can fund your transfer using an existing ANZ account or an ANZ credit card.
Phone Banking: ANZ allows you to initiate transfers over the phone through their ANZ Phone Banking. This also enables you to get more support when facilitating your transfer.
Through a Branch: You can visit the ANZ branch if you wish to initiate a transfer with ANZ in person.
Transfer Options That Are Not Available
ANZ cannot facilitate transfer options such as the following unlike the other money transfer service provider:
Recurring Transfers: ANZ does not allow you to set up a recurring international money transfer with ANZ. All of the transfers are treated as immediate transfers.
Forward or Future Transfers: ANZ does not allow you to transfer in a future date.
How To Register and Transfer With ANZ
If you wish to send money overseas with ANZ, you need to register and be an existing customer. You can follow the steps below to initiate a transfer:
1) Prepare the essential details that ANZ needs. These can include the following:
- Amount and currency pair
- Recipient’s full name, residential address and account number
- Recipient’s bank details that include the account number, account name, address and SWIFT BIC or Branch Number
- IBAN (for payments to Europe) or Routing Number (for the US)
2) Facilitate the transfer by logging in to your ANZ Internet Banking or you can utilize ANZ Phone Banking and provide the details of the transaction. You will have the chance to review the current rates before you can accept and initiate the transfer.
3) ANZ will process your transaction and allow you to track the status of your transfer through ANZ internet banking.
Ways To Transfer Money With ANZ
There are two options to transfer funds abroad with ANZ. These are ANZ International Money Transfer or ANZ International Draft. They cater to both personal and business transfers, allowing you to send foreign currency abroad and guarantees to deliver the funds to your respective recipient.
ANZ International Money Transfer
This is the fastest and most secured ways to transfer money abroad. Your funds are transferred electronically from your account to your recipient’s account. You simply need an ANZ account and details of your recipient. The International Money Transfer just takes a few minutes and usually delivers the funds to your recipient within 2 to 4 business days. Your transfer is also secured ensuring that your funds are protected along with your details and personal information.
ANZ International Draft
This is a more conventional means to send money to another country. It is a cheque issued by the bank which can be withdrawn in foreign currency or AUD and deposited at a financial institution overseas. You can secure an ANZ Internation Draft through ANZ Internet Banking, ANZ Phone Banking, or at any ANZ branch or Foreign Exchange Centre. You must also be aware that if you purchase an ANZ International Draft through an ANZ Internet Banking or ANZ Phone Banking, you must collect it from the designated ANZ branch.
Frequently Asked Questions
When can my recipient get the money or funds in their account?
This can vary depending on our recipient’s bank. However, once everything is accurate it should approximately take around 2 to 4 working days. Besides, your recipient’s bank may take time to transfer the money into your recipient’s bank account.
Do I have to be an existing customer to transfer money?
You need to be an existing ANZ customer holding an ANZ transaction account or credit card to be able to utilise ANZ money transfer services. Though they may not have the best exchange rate as compared to the other money transfer service provider, ANZ provides a lot of support to initiate international transfers. Besides, granted that they are a large bank you can secure that your funds and details are in safe hands.
What information do I need when transferring money with ANZ?
You need the beneficiary’s name, address, and account number and the beneficiary bank details. These can include the full branch address or the SWIFT BIC code. For payments to Europe, you will be asked to present an International Bank Account Number.
How to send money overseas with ANZ international money Transfer?
You can send money using ANZ Internet Banking, ANZ Phone Banking, ANZ branches and Foreign Exchange Centres
Top Money Transfer Providers To Consider
XE is one of the big brands in terms of money transfers. They do not impose charges on personal transfers and hedge funds using limit orders.
TorFX allows you to register as in individual or business. It offers no fees for personal transfers and can provide scheduled transfers, stop-loss orders, forward contracts and limit orders. They are great to travel money solutions offered in the UK. They do not have cash pickups and multilingual website.
They support 55 different currencies. They allow you to track for your transfers. OFX does not offer same-day transfers. Depending on several factors. It can take up to 1 – 2 business days for your transfer or 3 business day or some of the more exotic locations. Besides, there is a complete list of the common and exotic currencies they accept on their website.
WorldFirst currently has over 400,000 individual. They have more than 150,000 business clients across the globe. The transfers are free when transferring to another WorldFirst customer. If you are transferring money to another, fees will be added to your transfer. Additionally, the company offers 187 different currencies.
They serve individuals, businesses and online sellers. You can take advantage of their Borderless Account to hold funds in up to 27 currencies. The cost of a transfer depends on the currencies concerned, the transfer amount, and the payment mode.
You can register as an individual or a business. They allow scheduled transfers and offers a low transfer amount of €8. The transfer fee includes €3 plus 0.35% of the transfer amount
WorldRemit allows you to transfer money to the cash pickup location or bank accounts. Their website is available in several languages with a low minimum transfer amounting to £1.
The company provides scheduled transfers, market orders, and forward contracts. Moreover, their personal transfers are free of charge with the minimum amount you can transfer is at £500.