ANZ Bank: International Wire Transfer, ATM and Currency Exchange Fees Explained

Apr 23, 2019
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If you’re sending money abroad or travelling, it’s important to know how much it will cost you. Read our extensive review of Australia and New Zealand Banking Group’s international money services to discover fees for ATMs, money transfers, foreign exchange and using cards overseas.

ANZ international wire transfers - all you need to know

Australia and New Zealand Banking Group (ANZ) provides convenient international money transfers for their account holders. Customers can choose to send money through internet banking, over the phone or at an ANZ location.

Sending money is simple and straightforward, but you will pay higher fees and get worse exchange rates compared to a dedicated currency exchange provider.

Read on for our full review of ANZ’s international currency transfer services. Unless stated otherwise, all the amounts we show are in Australian dollars.

What are ANZ’s  international wire fees and exchange rates?

ANZ provide transparent fees and exchange rates for international wire transfers directly on their website. Their fee structure can be a little confusing, so we’ve broken it down.

ANZ fees for international wire transfers through online banking

Internet banking, sending less than $10K:

  • $12 if sent in foreign currency from an AUD account
  • $18 if sent in AUD from an AUD account

Internet banking, sending $10K or more:

  • $0 if sent in foreign currency from an AUD account
  • $18 if sent in AUD from an AUD account

ANZ fees for international wire transfers by phone

Phone, sending less than $10K:

  • $12 if sent in foreign currency from an AUD account
  • $32 if sent in AUD from an AUD account
  • $32 if sent from a foreign currency account

Phone, sending $10K or more:

  • $0 if sent in foreign currency from an AUD account
  • $32 if sent in AUD from an AUD account
  • $32 if sent from a foreign currency account

Note that there is conflicting information on fees with ANZ, as another part of their website states that “If you send an International Money Transfer using ANZ Internet Banking the fee is AUD $24.” Elsewhere, they say, “[For] ANZ Phone Banking, the fee is AUD $32.” Check how much you’ll pay in fees prior to sending money.

If you send money in branch or through an ANZ Foreign Exchange Centre, they list a fee of $32 to do so.

ANZ exchange rates for international wire transfers

ANZ also publish details of international exchange rates when you send money through their services. Unfortunately, in common with many other banks, they offer substantially worse exchange rates than you can get elsewhere.

Here’s an example for converting $AUD into £GBP:

  • $1,000 with the base, interbank exchange rate applied will get you £549.60
  • $1,000 exchanged through ANZ will get you £528
  • This means the beneficiary will get around £22 / $40 less, around 4 percent worse than the base exchange rate

ANZ provides a similar margin on other exchange rates, so you do pay a fee in the conversion rate they offer.

It’s also useful to compare the total cost of sending money overseas with ANZ when you combine their fixed fees and their exchange rates:

  • Sending $1,000 to £GBP via internet banking
  • $12 fee for initiating the transfer means $9,988 will be converted
  • The beneficiary will receive £521.66 after ANZ apply their exchange rates

Using a service like TransferWise, you would pay $8.16 in fees and get the best, interbank exchange rate, so the beneficiary would get £543.52, around £22 / $40 more.

This is why it is generally not recommended to wire money internationally with ANZ if you’re looking for the cheapest way to send money abroad, but to compare all providers with Monito and find cheaper alternatives. You can find more information on our guide on finding the best ways to send money overseas from Australia.

Find out more with our complete guide on how banks and money transfer operators make money with hidden fees.

How long does an ANZ international wire take to arrive at the recipient bank?

ANZ state that most international wire transfers will get to the beneficiary between two and four business days from you sending the transfer. If you’re in a hurry, try finding the fastest way to send money abroad by comparing all international money transfer services with Monito.

How to make an ANZ international wire transfer?

There are several ways to make an international wire transfer with ANZ:

  • Internet banking by logging in, going to the International Services tab and following the instructions
  • Phone Banking by calling ANZ on 1800 352 535, 8 AM to 8 PM AEST/AEDT, Monday to Friday
  • Through an ANZ branch or Foreign Exchange Centre using your account or an ANZ credit card

You can also use the ANZ Shield security app for extra security and access to higher payment limits.

Internet banking detailed instructions

  1. Log in to internet banking
  2. Navigate to "Transfer funds overseas"
  3. Select an account to make your transfer from
  4. Select a payee to transfer to
  5. Enter your transfer details
  6. Accept the terms and conditions
  7. Enter your full business or residential address
  8. Select the purpose of transfer
  9. Enter the recipient details
  10. Enter a message to the recipient
  11. Continue with your transfer
  12. Confirm the transfer

For phone or in-branch transfers, just follow the instructions provided by the agent or teller.

The details you will need for the beneficiary include:

  • The country you will be transferring funds to
  • The beneficiary’s bank details:
  • SWIFT/BIC code or Branch Number
  • Account number or IBAN
  • Account name
  • Beneficiary personal details: for some destination countries, the address of the beneficiary (recipient) or identification details will be mandatory.

Note that you cannot make recurring or future-dated international wire transfers with ANZ.

What is ANZ’s SWIFT Code?

If someone needs to send you money from abroad, they’ll need a SWIFT Code for ANZ which is ANZBAU3M.

Which ANZ address should someone use when sending me money from abroad?

To receive an international money transfer, you'll need to provide the sender with:

  • Your ANZ branch name and address
  • Your account name and full account number
  • The ANZ SWIFT code, which is ANZBAU3M

What is ANZ’s IBAN?

Your ANZ IBAN will be your BSB number and account number, combined.

What Monito Likes About ANZ

  • If you’re an ANZ customer, you can send money internationally from online banking, a branch or over the phone
  • You can understand exchange rates and fees prior to sending money internationally
  • There’s lots of information on ANZ’s website

What Monito Dislikes About ANZ

  • ANZ fees are more expensive than specialist providers
  • ANZ exchange rates are not competitive, and you’ll pay more than if you transfer with a specialist provider
  • There’s some conflicting information about fees on ANZ’s website
  • You can only send money to a bank account
  • It takes between 2 and 4 business days for the beneficiary to get their funds

Find the cheapest way to send money abroad

ANZ currency exchange service

ANZ also provides foreign exchange services for you to buy or sell currency before or after travelling abroad. They offer the same exchange rates as for international money transfers when you buy currency before you travel. They do charge a worse exchange rate when you sell unused currency back to them after your trip.

For example, if you want to buy euros for a trip to France, $2,000 will get you 1,217 euros. As we mentioned above, this exchange rate is around four to five percent worse than you could get from a dedicated currency provider.

What are the fees for using ANZ currency exchange service?

ANZ usually charges an additional one percent fee, with a minimum charge of $8 per currency. They do not charge that fee to existing ANZ customers.

You can order currency online and pick it up at an ANZ branch or Foreign Exchange Centre. You can collect money in cash or have it added to a travel card. There are limits to how much currency you can buy, depending on if you’re an ANZ customer or not.

You can find better deals, and pay less, by comparing international money transfer providers.

Using your ANZ credit card abroad

In general, the foreign fees applied for using your ANZ credit card abroad will depend on your credit card. You can compare the options on ANZ’s website or learn about innovative multi-currency cards here. Typically, ANZ charges a three percent foreign transaction fee for using a credit card abroad, on the total purchase value.

What are the fees for using ANZ credit or debit cards at an ATM abroad?

ANZ charges $5 to make a cash withdrawal from an ATM outside Australia. If you withdraw money on a credit card, they will also apply a two percent fee on the amount you withdraw.

What you need to know when withdrawing money/paying abroad?

The ATM or Point of Sale device will often ask you if you want to use your card’s currency (USD if you’re banking with ANZ) or the local currency (let’s say Euros if you’re in Paris).

What are the fees for paying in foreign currencies online or at a shop with ANZ credit or debit cards?

ANZ charges a three percent fee of the total value of your purchase when you pay using an ANZ debit or credit card for a foreign transaction.

Currency by ANZ Smartphone App

ANZ provides a helpful smartphone app for international currency services. Features include:

  • Live ANZ exchange rates for currency transfers
  • Track currency pairs to see how exchange amounts change over time
  • Scan receipts and price lists to see how they convert into AUD
  • Send money overseas directly from the app

💡 Tip
You always want to pay in the local currency! If you pay in your home currency (USD), you’re getting a dynamic currency conversion (DCC) which is often a very bad rate (we’ve seen 5-18% currency exchange margin).

Save money now and find the cheapest way to send money abroad

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