ANZ lets you send money to overseas bank accounts quickly and securely through a choice of different methods.
The Australia and New Zealand Banking Group Limited (ANZ) began operations as the Bank of Australasia in 1835 when it was established under royal charter in London. In 1970, ANZ underwent the largest banking merger in Australian history when it merged with the English, Scottish and Australian Bank Limited to form the current organisation. With its history dating back more than 180 years, the business operates in 14 markets throughout the world, including New Zealand, the Pacific Islands, US, Europe and Asia. It even opened a branch in Nepal in 1987.
It is New Zealand’s largest financial-services group and is among the top four banks in Australia. The New Zealand division includes the brands ANZ, ANZ Securities, ANZ Investments, Bonus Bonds, OnePath Insurance and UDC Finance.
ANZ allows its customers to transfer funds to foreign bank accounts, using international money transfers. This could be for a variety of reasons including sending money to relatives and friends, making payments to international sellers or making a donation to charity. The ANZ Internet Banking Guarantee, which applies to international money transfers, protects you in the event of unauthorised or fraudulent transactions. You will receive a complete refund provided you didn’t contribute to the loss.
You can send money internationally through different channels. The recipient will normally receive the money directly into their bank account within two business days. You can also use ANZ to send local currencies to a number of countries or send major currencies, like euros and US dollars, to most nations.
ANZ exchange rates
ANZ may not offer the best exchange rates in the market, but its rates are comparable with those on offer from other mainstream banks. You can calculate how much you will receive in your chosen foreign currency by using its foreign exchange calculator. You will also find a foreign exchange rates table that allows you see how much you will receive if you wish to transfer money overseas. This table also tells you how much the bank pays for international cheques, drafts and cash.
While ANZ tries to keep these rates updated at all times, they are subject to change without notice. For the latest rates, it is best to visit an ANZ branch or speak to an ANZ representative over the phone.
*This table is from the ANZ foreign exchange page and the details were correct as of 16 November 2017,at 6:50pm.
How much does it cost to transfer money with ANZ?
ANZ has a simple transfer fee structure in place. The fee you pay remains the same no matter how much money you send or what country you wish to send it to. However, the method you choose has a bearing on the fees.
The recipient bank or an intermediary bank also may deduct additional fees from the payment amount. ANZ gives you the option to choose between paying these fees separately or deducting them from the amount you send. If you choose the latter, the recipient will receive a reduced amount.
Minimum transfer amount and available countries
The minimum you can transfer is NZD$100 or its equivalent in another currency. The maximum you can transfer in a single transaction is NZD$50,000 or its equivalent in another currency. You can use the bank’s services to send money to the following countries and territories in their respective currencies:
- Australia (AUD)
- Canada (CAD)
- Switzerland (CHF)
- Denmark (DKK)
- Member nations of the European Union (EUR)
- Fiji (FJD)
- Great Britain (GBP)
- Hong Kong (HKD)
- Japan (JPY)
- Sweden (SEK)
- Singapore (SGD)
- Thailand (THB)
- United States of America (USD)
- Samoa (WST)
- French Polynesia, New Caledonia and Wallis and Futuna (XPF)
What types of transfers can you carry out with ANZ?
While ANZ lets you transfer money to overseas bank accounts, it also issues bank drafts for international use. Sending an international bank draft is similar to sending a cheque and remains a common method to send money overseas. A bank draft makes sense if you are not in a hurry to send the money and the draft can be made out in foreign currencies. You don’t need much in the form of recipient details and you can stop a draft if it is lost or misplaced. ANZ lets you order international bank drafts at branches and via phone banking.
The registration and transfer process
If you have an existing bank account with ANZ, you can use its online banking or phone banking platform to initiate an international money transfer. If not, you will have to visit an ANZ branch. If you are using online banking or phone banking, you can add new payees at any time.
When making a transfer, select which account you want the funds to come from and then proceed to select a payee and enter the desired amount, followed by confirming the transfer.
The funds are deducted from the selected account immediately and ANZ processes the payment. Once ANZ forwards the funds to the recipient’s account, it is dependent on their bank as to how long it takes for the funds to appear.
What are the pros and cons of using ANZ?
- ANZ is a global bank and offers reliability as well as good customer service.
- You can speak to an ANZ representative over the phone or meet one in person by visiting a branch.
- ANZ lets you initiate international money transfers in person through its extensive branch network.
- You can use the online and phone banking platform to transfer money at any time.
- Funds are debited from your ANZ bank account automatically.
- ANZ offers exchange rates competitive in comparison to other banks.
What other products and services does ANZ offer?
ANZ offers other products and services aimed at international travellers, including the following:
- Travel money. You can turn to ANZ for cash in foreign currency. The bank offers a MasterCard Multi-Currency Cash Passport; a prepaid card that allows cardholders to load up to nine different currencies. You also can use your ANZ Visa debit or credit card when travelling overseas.
- Foreign currency accounts. You can open a foreign currency account with ANZ if you plan to send or receive money in foreign currencies. These accounts don’t attract account-keeping fees and you can access your account online, via phone or use branch banking. ANZ also offers foreign currency term deposits.
- Travel insurance. The ANZ Travel Protector insurance cover offers protection against medical and dental expenses, medical repatriation, personal liability, travel disruption and cancellation, as well as death and disability.
Compare ANZ to other providers
Frequently asked questions
ANZ gives you a safe and easy way to send money overseas, especially if you are an existing customer. However, there are numerous options from which to choose, so make sure you compare a few of these before deciding.
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