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Overseas Money Transfers FAQs

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Overseas Money Transfers FAQs

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  Do I need to register to use the Overseas Transfer function?
No, all Internet Banking customers have access to this function, as long as they hold an AUD account, and can be selected via the ‘Transfer Money’ or ‘Overseas Transfers’ menu options. 
  What accounts can I use to send an Overseas Money Transfer through Internet Banking?
You can transmit funds electronically from most Bank of Sydney transaction accounts or your Foreign Currency transaction account (in the same currency).
  What is my daily limit?
Overseas Money Transfers are included in your current global daily limit and expressed in Australian Dollars.
  How much does an Overseas Money Transfer cost?
  • Internet Banking: $20 flat fee

  • Branch TT: $25 for BOS customers

  • To a Bank of Beirut account: $0 fee

When you send money overseas, one or more banks along the way can be involved in processing the payment and may deduct a certain fee. Unfortunately, these processing fees are out of our control and we cannot quantify the potential costs prior to the transaction. If a specific amount is required by the recipient, we recommend you send extra funds to cover any potential fees.

  What is the cut-off time for Overseas Money Transfers and how long does it take for the money to reach the destination account?

We will initiate payment within the same business day, provided your instructions are submitted prior to the cut-off time of 3.30pm EST. Instructions received after this time will automatically be initiated the next business day. Funds can normally take 2 to 3 business days to credit the beneficiary’s account. However, we cannot guarantee this timeframe as there may be delays due to the banking practices of the overseas bank or country.

An Overseas Transfer online that requires a currency exchange (e.g. AUD to USD) can only be performed between 9.30am and 3.30pm EST Monday to Friday. You can complete a transfer from your AUD account to another AUD account overseas or from your foreign currency account to the same currency overseas at any time. However, it this is submitted past the 3.30 pm cut-off it will not be initiated until the next business day.

Note: Overseas Transfers received on the weekend or a public holiday will also not be initiated until the next business day.

  In what currency will my transfer be received?

You may electronically send funds in the major traded currencies: Australian Dollar (AUD), US Dollar (USD), Euro (EUR), British Pound Sterling (GBP), and New Zealand Dollar (NZD).

The funds will be received by the beneficiary in the currency specified in the ‘Currency to Transfer’ field within the Financial Details screen. Overseas Money Transfers from a foreign currency source account can only be enacted in that same currency.

  What information do I need to send money overseas? 

When initiating an Overseas Money Transfer, you’ll need to obtain the following recipient details: 

  • Beneficiary Bank details- Bank BIC/ SWIFT code, Bank name, Branch, City/ State

  • Beneficiary account number/ IBAN

  • Beneficiary name and addres

  What is a Bank Identification Code (BIC) / SWIFT code?

A BIC is a bank code used to identify individual banks worldwide. 

The BIC and SWIFT code are identical. SWIFT is merely the system used to send money internationally. A BIC will either have 8 or 11 digits, depending on the bank which you are sending the funds to

  What is an International Bank Account Number (IBAN)? 

An IBAN is used when sending funds to European countries (including the United Kingdom) and many Middle Eastern countries to uniquely identify a customer’s bank account. The IBAN consists of an alphabetical country code, followed by two check digits, and then up to thirty five characters for the bank account number. 

You should ask your recipient for their IBAN if the money is going to an IBAN mandatory country.

  Will Internet Banking save the details of my transfer to use again? 

A recent transaction history (last 20) is saved in the ‘Past Transactions’ option within the Overseas Transfers menu. It includes transfers that are processed, pending (still being processed), or rejected. These past payments can be viewed or used again.

Alternatively, you can choose to save beneficiary details to use as a template for future transfers. This can be done via the ‘Beneficiary’ option within the Overseas Transfers function or by selecting the 'Add to My Beneficiary List' tick box within a new transfer.

Next time you perform an Overseas Money Transfer your past transactions or saved beneficiaries will appear in a drop down list.