Lexi Webster
Kiwibank offers several ways to send money to Australia. You can send money through internet banking using a telegraphic transfer or an international direct credit. You can also receive money from overseas through an international payment or bank transfer. To send money to Australia, you will need specific details about the recipient, including their bank and branch number (known as a BSB number in Australia), their physical address, and the beneficiary's account details. The cost and speed of transferring money to Australia may vary depending on the payment method and transfer amount.
| Characteristics | Values |
|---|---|
| Transfer methods | Telegraphic transfer, international direct credit, international money transfer, international bank transfer, wire transfer, direct debit (ACH) |
| Transfer time | 1-4 working days, often 1-3 business days, same-day transfers possible |
| Transfer fees | Yes, but depends on the transfer method, transfer amount, and speed of transfer. The receiving bank may also deduct fees. |
| Transfer amount | Up to $535,000 USD online |
| Transfer speed | Faster transfers with debit cards than with bank transfers |
| Transfer details | Sender's full name, address, and bank account number; recipient's bank and branch number (BSB number), physical address, and account number |
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What You'll Learn
Telegraphic transfer vs. international direct credit
Kiwibank customers can send money overseas from their personal or business accounts. Telegraphic transfers and international direct credits are two ways to do this.
Telegraphic Transfers
A telegraphic transfer is a fast way to send money overseas, usually taking 2-3 business days to arrive, although the exact time depends on the recipient's bank. This method can be used to send money to any country. However, the bank at the receiving end may deduct fees, meaning the full amount may not be credited to the recipient's account. Additionally, you cannot include reference information like invoice numbers or messages that will appear on the recipient's statement.
International Direct Credits
International direct credits are only available when sending money to the UK or Australia. This method takes slightly longer, usually 3-5 business days. However, no fees will be charged at the receiving end, so the recipient will get the full amount sent. As with telegraphic transfers, international direct credits can only be made to bank accounts, not credit cards.
Other Options
There are other options for sending money overseas besides using Kiwibank. For example, solutions such as Wise offer low, transparent fees and the mid-market exchange rate. With a Wise multi-currency account, you can also receive money for free and spend in local currencies worldwide with a linked debit card.
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Payment methods
When sending money to Australia from a Kiwibank account, you can use either a telegraphic transfer or an international direct credit. You can make both types of transfers via internet banking or by visiting your local Kiwibank branch. Here are the steps for both methods:
Internet Banking:
- Log in to your Kiwibank internet banking account.
- Navigate to the "Pay & Transfer" section and click on "International Services".
- Select the option to "Make an international money transfer".
- Enter the payment details, including the amount and currency (in this case, Australian dollars).
- On the next page, enter the beneficiary's account details, such as their bank and branch number (BSB number in Australia) and their physical address, including the postcode and state.
- Provide any additional details or instructions, such as reference information or messages. Note that telegraphic transfers allow for reference information, while international direct credits do not.
- Review and confirm the transaction.
In-Branch:
- Visit your local Kiwibank branch.
- Bring all the relevant details, including the beneficiary's account information, bank name, and branch number (BSB number).
- You may need to fill out an "International Money Transfer Request" form.
- Provide the necessary funds and complete the transfer.
Please note that Kiwibank may charge fees for international transfers, and the receiving bank in Australia may also deduct fees. These fees can vary, so it is important to review the terms and conditions carefully before initiating a transfer. Additionally, the transfer time can vary, typically taking one to three business days, but same-day transfers are possible if sent before 1 pm.
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Transfer speed
Kiwibank offers a fast and secure way to send money overseas. However, it is not the cheapest option available, and there may be other services that are more cost-effective.
Kiwibank offers telegraphic transfers and international direct credits. Telegraphic transfers are faster, with money usually arriving within one to three business days, and often on the same day if sent before 1 pm. However, the bank at the other end may deduct fees, so the recipient may not get the full amount. International direct credits are slower, taking three to five business days, but no fees are charged at the receiving end.
For telegraphic transfers, Kiwibank uses a SWIFT/telegraphic transfer service. This is not required for direct credits, which can be directly credited to the recipient's account.
If you are sending a foreign currency cheque or draft, it can take up to six weeks for the money to become available.
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$39.81 $51.95
Currency conversion
When sending money to Australia from a Kiwibank account, you can use either a telegraphic transfer or an international direct credit. To do this, you will need to log in to your internet banking and navigate to the ''International services' section. Here, you can select the ''Make an international money transfer' option and enter the payment details.
With telegraphic transfers, Kiwibank converts the New Zealand dollars in your account into Australian dollars before sending them to the recipient's bank account. The recipient's bank then converts the currency back into their local currency. It's important to note that the bank may deduct fees, resulting in the recipient receiving a lower amount than expected. Telegraphic transfers are usually faster, with funds arriving within one to three business days, but the final delivery time depends on the receiving bank.
International direct credits are a more direct way of sending money overseas. With this method, you can send New Zealand dollars directly to the recipient's Australian bank account, and their bank will handle the currency conversion. International direct credits can only be made to bank accounts and not credit cards. Additionally, they may take longer than telegraphic transfers, usually arriving within one to three business days.
It's worth noting that Kiwibank makes money on currency conversion when converting New Zealand dollars to foreign currency or vice versa. The bank's website provides information on foreign exchange rates and any applicable fees for such transactions.
When sending money to Australia, it is essential to have specific details about the recipient, including their bank and branch number (known as the BSB number in Australia). This information should be entered accurately to ensure the funds reach the intended recipient without issues.
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Recipient's bank details
When sending money to Australia from a Kiwibank account, you will need to provide the recipient's bank details. This includes the bank and branch number, often referred to in Australia as the BSB number. Additionally, you will need to provide the recipient's physical address, including their postcode and state.
It is important to note that direct credits can only be made to bank accounts and not credit cards. Telegraphic transfers do not allow you to include reference information, such as invoice numbers or messages that will appear on the recipient's statement.
To send money overseas through Kiwibank, you can use internet banking. Log in to your internet banking account and navigate to the "Pay & Transfer" section. From there, select “International Services” and choose the option for international money transfers. Enter the payment details, including the beneficiary's account information and their physical address. Review the provided information, accept the terms and conditions, and proceed with the transfer.
When sending money to Australia, you can utilise either telegraphic transfers or international direct credits. Telegraphic transfers may incur additional fees deducted by the receiving bank, so the full amount you send may not be credited to the recipient's account. International direct credits are a faster option, ensuring the funds reach the recipient's account within one to three business days, although the final delivery time depends on the receiving bank. For payments to Australia in Australian dollars, if sent before 1 pm, the funds should arrive in Australia the same day.
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Frequently asked questions
You can send money to Australia from your Kiwibank account via telegraphic transfer or international direct credit. You can do this by logging into your internet banking, clicking 'Pay & Transfer', then 'International Services', and then 'Make an international money transfer'. You will then need to enter the payment details, the beneficiary's account details and their physical address.
To send money to Australia, you will need the bank and branch number (known as the BSB number in Australia) and the recipient's physical address, including the postcode and state.
Money sent to Australia via Kiwibank should arrive in the recipient's account within one to three business days, although the final delivery time is up to the receiving bank. If the money is sent in Australian dollars before 1 pm, it should arrive in Australia the same day.
