Lyla Lindsey
If you're transferring money from ANZ NZ to ANZ Australia, you can use an ANZ International Money Transfer (IMT) for convenience, speed, and peace of mind. You can transfer money in over 30 currencies and to over 250 destinations through ANZ Internet Banking. The process is simple and secure, with ANZ Falcon® technology monitoring transactions to protect you from fraud. To get started, register for the Overseas Payments service and select your desired currency and country. You'll then be able to enter the payment amount and recipient details. Please note that you may be charged an OUR fee by ANZ, as well as additional fees by other banks involved in processing the payment.
| Characteristics | Values |
|---|---|
| Transfer method | ANZ International Money Transfer (IMT), Telegraphic transfer (TT), Specialist foreign exchange company |
| Transfer requirements | Sender's account details, Recipient's account details, Reason for transfer, Payment reference information (optional), Payment amount, Payment fee |
| Transfer time | Payments are processed immediately. Money will usually be in the recipient's account in two business days. |
| Transfer fees | ANZ Falcon® technology fee, OUR Fee, Correspondent bank fees, Telegraphic transfer (TT) fees |
| Transfer currencies | Over 30 currencies, including New Zealand dollar (NZD), Australian dollar (AUD), US dollar (USD) |
| Transfer destinations | Over 250 destinations, including Australia, Ukraine, Cook Islands |
| Transfer limits | Equivalent of NZD 50,000-100,000, completed over the phone or at any ANZ branch; Over NZD 100,000, completed in-branch |
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What You'll Learn
Using ANZ International Money Transfer (IMT)
ANZ International Money Transfer (IMT) is a fast, convenient, and secure way to send money overseas. With IMT, you can transfer money anytime, anywhere, using ANZ goMoney and Internet Banking. The process is straightforward and offers peace of mind with its two-factor authentication service, OnlineCode, which provides an additional layer of security.
To use ANZ International Money Transfer (IMT), follow these steps:
- Ensure you have enough funds in the account from which you will be sending money. Payments are processed immediately, so the money will be debited from your account right away.
- If you are sending an amount greater than NZD 100,000, you must complete the international transfer at an ANZ branch. For amounts between NZD 50,000 and NZD 100,000, you can call ANZ at 0800 269 296 or visit a branch.
- Register for the Overseas Payments service by agreeing to the terms and conditions and selecting Confirm. You will receive an OnlineCode for verification.
- Once registered, go to the Overseas Payments landing page. Here, you can select the country and currency, enter the amount, and get an estimate of the indicative amounts, rates, and fees.
- Choose a payee from your list of saved payees. Any overseas payees saved in ANZ Internet Banking are also accessible in ANZ goMoney.
- Choose the account from which you wish to pay the ANZ IMT fee and decide whether you will pay the overseas bank fees.
- Enter the reason for the transfer (compulsory) and provide any optional payment reference information.
- Review the payment details and click "Pay." You will receive a unique OnlineCode, which you must enter to complete the international transfer.
Please note that the OUR Fee, a process fee charged by ANZ, may apply to your transfer. This fee covers the charges by correspondent banks used in processing your payments. You can view the OUR Fee before making the payment if you use goMoney or Internet Banking. Additionally, other banks may charge additional fees outside of ANZ's control.
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Registering for overseas payments
After registering, you can choose a payee from your list of saved payees. Note that any overseas payees saved in ANZ Internet Banking are also accessible in ANZ goMoney. Next, select the account from which you wish to pay the ANZ IMT fee and whether you want to pay the overseas bank fees. Then, enter the reason for the transfer and any payment reference information. Review the payment details and click "Pay". You will receive a unique OnlineCode, which you must enter to complete the international transfer.
It is important to note that ANZ charges an OUR Fee for international money transfers in foreign currency to any account, including ANZ accounts, in New Zealand or another country. This fee is processed by correspondent banks and may vary depending on the currency and bank you are sending the payment to. To get a better exchange rate and avoid high bank fees, consider using a specialist foreign exchange company like XE or TorFX.
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Understanding correspondent bank fees
When transferring money from ANZ NZ to ANZ Australia, it's important to understand the fees involved, including correspondent bank fees. Correspondent banks are intermediary banks that are part of the SWIFT system and are used to facilitate international money transfers. These banks may charge additional fees, which are typically deducted from the total value of the payment.
ANZ International Money Transfers (IMT) are processed through a network of correspondent banks. While ANZ may cover the correspondent bank fee for certain currencies and countries via ANZ Internet Banking and ANZ Phone Banking, it's important to note that these fees are subject to change and may vary depending on the value of the transfer and the destination country. The fees indicated by ANZ are only indicative and may not reflect the final cost.
To help customers understand the range of correspondent bank fees, ANZ provides reference guides. These guides outline the potential fees for different currencies and countries. It's recommended to review these guides and the International Money Transfer Terms and Conditions before initiating a transfer.
In some cases, the OUR Fee, a process fee charged by ANZ, may be applicable. This fee covers the charges by correspondent banks used in processing payments. By paying the OUR Fee, customers can have more certainty about the full payment value that will be delivered to the recipient. However, other banks involved in the transfer, including the payee's bank, may still charge additional fees outside of ANZ's control.
It's important to consider all potential fees when transferring money internationally. In addition to correspondent bank fees, there may be ANZ transfer fees, overseas bank fees, and recipient bank fees. These fees can vary depending on the specific circumstances of the transfer, such as the amount, currency, and destination country. By understanding these fees, customers can make informed decisions and choose the most suitable transfer method.
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Using specialist currency services
If you're looking to transfer money from ANZ NZ to ANZ Australia, you may want to consider using a specialist currency service. These services can offer a range of benefits, including competitive exchange rates, low fees, and fast transfer speeds. Here's what you need to know about using a specialist currency service for your transfer:
Choosing a Specialist Currency Service
There are several specialist money transfer services available, such as Wise and OFX. These providers typically offer lower fees and more favourable exchange rates than traditional banks. Wise, for example, offers a free mid-market exchange rate with no hidden fees. They also have over 1,000 anti-fraud specialists on hand to ensure the security of your transfer. OFX, on the other hand, offers quick international transfers and currency risk management solutions for individuals and businesses.
Creating an Account
To use a specialist currency service, you will typically need to create an account with your chosen provider. This usually involves providing some basic contact details and personal information. Some services may also require you to verify your account by uploading an image of your ID documents. This helps to keep your money safe and secure.
Funding Your Transfer
Once your account is set up, you will need to fund your transfer. This can usually be done by adding money to your account using a bank transfer or card payment. With Wise, for example, you can pay in Australian dollars by bank transfer, card, PayID, or using funds already in your Wise account.
Initiating the Transfer
After funding your transfer, you can initiate the process. You will typically need to provide the recipient's bank account details, including the account number and BSB code. You may also need to specify the amount you wish to transfer and the currency you want to use. Wise, for example, allows you to enter the amount you want to send in Australian dollars and see exactly how much will be received in New Zealand dollars.
Tracking Your Transfer
Once your transfer is initiated, you can usually track its progress through your specialist currency service's website or app. This allows you to monitor the status of your transfer and ensure that the funds have been received by the recipient.
By following these steps and using a specialist currency service, you can transfer money from ANZ NZ to ANZ Australia securely, quickly, and often at a lower cost compared to traditional bank transfers.
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Converting NZD to AUD
If you're looking to transfer money from an ANZ account in New Zealand to an ANZ account in Australia, there are a few methods you can use. ANZ International Money Transfer (IMT) is a fast, easy, and secure way to send money overseas in over 30 currencies and to more than 250 destinations. However, it's important to note that you cannot convert currencies between AUD and NZD using an ANZ account. If you wish to do so, you must use a specialist foreign exchange company.
ANZ International Money Transfer (IMT)
To use ANZ IMT, you must first register for the Overseas Payments service and agree to the Terms and Conditions. You will then be sent an OnlineCode for verification. Once registered, you can access the Overseas Payments landing page, where you can select the country and currency, enter the amount, and get an estimate of the indicative amounts, rates, and fees.
Next, choose the account from which you will pay the ANZ IMT fee and any overseas bank fees. You will need to provide the reason for the transfer and any payment reference information. Review the payment details, then click "Pay". You will receive a unique OnlineCode, which you must enter to complete the international transfer.
Specialist Foreign Exchange Companies
If you wish to convert NZD to AUD, you will need to use a specialist foreign exchange company, such as XE or TorFX. These companies typically offer better exchange rates and help you avoid high bank fees. The process is simple:
- Open an Australian bank account as soon as you arrive in Australia. Commbank allows you to start the process online 14 days before your arrival.
- Log in and create yourself as the receiver of the Australian funds (known as creating a beneficiary).
- Provide your new Australian bank account details to have the AUD paid directly into your account.
- Convert your money online or over the phone.
- Pay the NZD you are converting using a credit card or online bank transfer into the specialist currency service's bank account.
- Your AUD will appear in your bank account, less any telegraphic transfer (TT) fees charged by the bank.
It is important to note that you will need to provide identification to open an Australian bank account. Additionally, shop around before using banks or currency services to convert your money, as rates and fees can vary.
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Frequently asked questions
You can transfer money from ANZ NZ to ANZ Australia by using ANZ International Money Transfer (IMT) via ANZ Internet Banking. You can also use a specialist foreign exchange company like XE or TorFX to get a better exchange rate and avoid high bank fees.
To transfer money via ANZ Internet Banking, you need to register for sending money overseas. After registering, choose the recipient, enter the payment amount, the fee to be charged, and the recipient's information. You will receive a unique OnlineCode to complete the transfer.
First, open an Australian bank account. Then, log in and create yourself as the receiver of the funds. After that, convert your money online or over the phone by paying the New Zealand dollars you are converting using a credit card or online bank transfer into the specialist company's bank account.
ANZ International Money Transfer (IMT) offers convenience, speed, and peace of mind. ANZ also covers the correspondent bank fees for certain currencies and countries.
The OUR Fee is a process fee charged by ANZ when you make an international money transfer in a foreign currency to any account in New Zealand or another country, or in NZD to an account in another country.
