International Payments

Yes. All Internet Banking customers have access to this function, as long as you hold an AUD account. You can select it via the ‘International Transfers’ menu option, under ‘Payments and Transfers’.

You can transmit funds electronically from most Bank of Sydney transaction accounts or your Foreign Currency transaction account (if it’s in the same currency).

  • A Bank of Sydney account
  • Details of the person receiving the money, including their name, personal address, the name of their bank, branch address, and their account number
  • SWIFT code of the foreign bank
  • The amount you want to send
  • You’ll also be asked to provide the reason for the payment

Funds are transferred electronically from your Bank of Sydney account to the designated overseas account, usually within 1-3 business days.

What will it cost me to transfer funds overseas?

You‘ll pay a lower fee on your international money transfer if you send it via Bank of Sydney Online Banking: $10 for international payments in foreign currency or Australian Dollars.

Alternatively in branch, it costs $20 to send any available currency.

There are a number of fees and charges banks and providers take when completing international money transfers. Each bank or clearing house involved with the transaction will take a fee when processing funds.

There can be different processing times for the money to arrive overseas, depending on which country you want to transfer money to. For Bank of Sydney, international payments will usually be available to the recipient within 2-3 banking days. However, we cannot guarantee this, and in some circumstances it may take longer.

Transfers made on a weekend, a public/bank holiday, or after the cut-off time will be processed the following business day.

Although an IMT usually takes between 2-3 business days to process it may take longer, depending on your recipient's country and bank.

If your recipient doesn’t receive your transfer, or if you wish to change or cancel your IMT, you can request that a trace/amendment/cancellation be placed on the IMT by:

  • Calling us on 13 00 95
  • Visiting any branch to complete an IMT investigation form

A SWIFT code is an international bank code that identifies particular banks worldwide. It’s also described as a Bank Identifier Code (BIC). Bank of Sydney uses SWIFT codes to send and receive money to overseas banks.

A SWIFT code consists of 8 or 11 characters.

Bank of Sydney’s SWIFT code is LIKIAU2S. You’ll need to give this code to anyone sending you money from overseas.

If you’re sending money to someone overseas, you’ll need to get their bank SWIFT code to do the transfer.

 

An IBAN, or International Bank Account Number, is a globally recognised sequence of letters and numbers used to process select cross-border payments.

International payments from Australian accounts to IBAN-recognised countries will require a valid IBAN. It’s a good idea to check and confirm the IBAN with the person receiving the money because if the IBAN is incorrect or missing, a charge may be applied by the receiving bank and the transfer may not go through.

You’ll need to provide the sender with:

  • Your account name
  • Your account number
  • BSB (bank - state - branch number)
  • Bank of Sydney’s SWIFT code – LIKIAU2S

Please ensure that you provide the sender with your full and correct account number and account name, as this is the only identifier used for processing the inward payments. Bank of Sydney will not be held responsible for a credit in accordance with an incorrect account number provided by the sender.

There may also be additional requirements from the sender’s bank such as your address or your branch address. Check with the sender to reduce the chance of delays in them making the payment.

There is a $10 fee for international payments deposited directly into your Bank of Sydney account. In addition, there may be overseas bank fees deducted from the payment, unless otherwise organised.

Overseas banks may impose their own fees and charges, or convert the currency of the payment. Bank of Sydney might not have any control over the fees, charges or foreign currency conversions imposed by these institutions. Any overseas financial institution handling charges will by default be borne by the recipient of the international payment and deducted from the payment amount, unless otherwise organised.

It’s possible that the overseas bank could convert the currency of the payment at an unfavourable exchange rate. You should inform the beneficiary that, if this occurs, they should consider rejecting the payment immediately so the payment can be unwound at the prevailing exchange rate.

If you don’t want the currency to be converted, please insert the words “Do Not Convert” in the description details free text box when you’re making an international payment.

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