Domestic and International Wire Transfers
Overview
Wire transfers are a secure and reliable way to send money domestically or internationally. Whether you are paying a supplier, sending funds to family overseas, or completing a property settlement, understanding the process, fees, and required information will help ensure your transfer is completed smoothly and on time. This guide covers everything you need to know about initiating wire transfers with us.
Domestic vs International Transfers
The process and timelines differ depending on whether you are sending money within the country or overseas:
- Domestic wire transfers -Funds are sent between accounts within the same country using the local payment network. These transfers are typically processed on the same business day if submitted before the daily cut-off time.
- International wire transfers -Funds are sent to a bank in another country via the SWIFT network. These transfers pass through one or more correspondent banks and typically take 2 to 3 business days to arrive, depending on the destination country and intermediary banking arrangements.
Fees and Timing
Understanding the costs associated with wire transfers helps you plan ahead:
- Domestic transfers -Typically free for account holders when initiated through online or mobile banking. Branch-assisted domestic wires may incur a small service fee.
- International transfers -A processing fee applies, which varies by destination country and transfer amount. Foreign exchange margins are applied when converting currencies. All fees and the applicable exchange rate are displayed before you confirm the transfer, so there are no surprises.
- Same-day processing -Domestic transfers submitted before the cut-off time (usually 2:00 PM local time on business days) are processed the same day. Transfers submitted after the cut-off are processed on the next business day.
Required Information
To initiate a wire transfer, you will need the following details:
- For domestic transfers: Recipient's full name, their bank name, BSB or routing number, account number, transfer amount, and a payment reference.
- For international transfers: Recipient's full name, their bank name and address, SWIFT or BIC code, IBAN (where applicable), account number, transfer amount, destination currency, and a payment description or reference.
Ensure all details are accurate before submitting. Incorrect information may result in delays, returned funds, or additional fees from intermediary banks.
Compliance and Security
Wire transfers are subject to regulatory requirements designed to prevent money laundering and financial crime:
- Transfers above certain thresholds may require additional identification or documentation.
- International transfers to certain jurisdictions may be subject to enhanced screening, which can add 1 to 2 business days to processing times.
- You may be asked to provide the purpose of the transfer for record-keeping and compliance purposes.
- All wire transfer activity is encrypted and monitored for your protection.
Frequently Asked Questions
Q: Can I cancel a wire transfer after it has been submitted?
Domestic transfers may be cancelled if they have not yet been processed. International transfers are generally non-reversible once dispatched to the SWIFT network. Contact us immediately if you need to attempt a recall.
Q: How can I track my international wire transfer?
Once your transfer is submitted, you will receive a confirmation with a reference number. You can track the status through online banking or by contacting our team during Mon-Fri 9:00 AM - 5:00 PM AEST. For SWIFT transfers, we can provide the UETR (Unique End-to-End Transaction Reference) for global tracking.
Q: Are there transfer limits?
Daily and per-transaction limits apply and vary depending on your account type and transfer channel. You can view your current limits in online banking under Transfer Settings. Limit increases may be requested and are subject to approval.
Important Information
Your account information is protected under regulations enforced by Australian Prudential Regulation Authority (APRA). Deposits are safeguarded by Financial Claims Scheme (FCS). For unresolved concerns, contact Australian Financial Complaints Authority (AFCA).
Need Help?
Our support team is available during Mon-Fri 9:00 AM - 5:00 PM AEST. For urgent matters outside business hours, please call our 24/7 line at 13 22 21.