ANZ international money transfers review
Secure money transfers to over 95 countries around the world, but watch out for poor exchange rates.
ANZ exchange rates and fees
There are two factors that will determine the total cost of your international transfer: the exchange rate that applies to your transaction and any fees that are charged.
ANZ adjusts its exchange rates in real-time in line with market fluctuations, and you can check the current rates on the ANZ website.
However, ANZ adds a margin on top of the mid-market exchange rate before selling foreign currency on to customers. While most money transfer services do this, banks generally charge a bigger margin than other services do.
The fee that applies to your transaction varies depending on the amount you send, the country you’re sending money to, and whether you submit your transaction online or over the phone. However, transactions of $10,000 or more are fee-free.
ANZ offers international transfers to over 95 countries around the world. This allows you to send funds in dozens of different currencies, including:
- BDT Bangladeshi taka
- CAD Canadian dollar
- CNY Chinese yuan
- EUR Euro
- GBP British pound
- INR Indian rupee
- AUD Australian dollar
- USD US dollar
You can check out the full list of supported currencies above.
What types of transfers can you make with ANZ?
ANZ allows you to transfer funds directly into your recipient’s overseas bank account. There are three ways to send a transfer:
- Online. You can send funds electronically by logging into your ANZ Internet Banking account and providing the details of your transaction.
- Over the phone. You can submit your transfer using ANZ’s Phone Banking service. However, in some instances, phone transactions will attract higher fees than transfers lodged online.
- Manually. You also have the option of filling out an international money transfer request form and then submitting it at your local ANZ branch.
How long does a money transfer with ANZ take?
Transfer times vary depending on how you submit your transaction and where you are sending money. However, ANZ claims that the money you send usually arrives within two working days.
What payment methods does ANZ accept?
The only way to pay for your international transfer is by using the funds in your ANZ bank account. You can deposit money into your ANZ account by using cash, cheque or a bank transfer.
Transfers typically take
1 - 2 days
Is ANZ safe to use?
- Regulation: Regulated in New Zealand by Department of Internal Affairs.
- Established: 1835
- Global footprint: Operates in 35 countries around the world.
- Security and protection: ANZ Fraud Money Back Guarantee
ANZ is one of the largest banks in New Zealand and Australia and offers a wide range of personal and business banking services. In New Zealand it is regulated by the Department of Internal Affairs, and in Australia by the Australian Securities & Investments Commission (ASIC).
When you send money overseas using ANZ Internet Banking, you’re protected by the ANZ Fraud Money Back Guarantee.
To further safeguard your funds, you can also use the ANZ Shield app. Available for Android and iOS devices, this ensures that you have to enter a “Shield Code” when submitting an Internet Banking transaction or making changes to your account.
How does ANZ make money?
ANZ makes money on international transfers in two ways:
- By charging transaction fees on all transfers.
- By adding a margin to the mid-market exchange rate. The mid-market rate is the exchange rate at which banks buy and sell foreign currency from one another, and is the “real” exchange rate you see listed on Google.
How to register an account with ANZ
Before you can send an international money transfer with ANZ, you’ll need to open an ANZ bank account by completing the following steps.
How do I make an international money transfer with ANZ?
You can send money overseas with ANZ by completing the following steps.
- Log in to your ANZ Internet Banking account.
- Select the account you’d like to transfer money from.
- Add a new international payee or choose an existing payee.
- Select the currency and amount you’d like to send.
- Click “Get rate” to see the exchange rate and fee that will apply to your transaction.
- Accept the terms and conditions.
- Enter your recipient’s address details.
- Enter a message to your recipient.
- Review the full details of your transfer before confirming the transaction.
What is ANZ?
ANZ, which is formally known as the Australia and New Zealand Banking Group Limited, is one of New Zealand and Australia’s largest banks. ANZ can trace its roots back to the Bank of Australasia, which opened its first Australian office in 1835.
Today, ANZ offers a wide range of personal and business banking solutions to customers in 35 countries around the world. Its world headquarters are located in Collins Street, Melbourne.
In a nutshell
- Wide range of supported currencies. ANZ allows you to send money to over 95 countries around the world.
- Safe and secure service. You get the confidence of dealing with an established bank with a long history, as well as the protection of the ANZ Fraud Money Back Guarantee.
- Easy to use. ANZ’s money transfer service is simple and straightforward to use, making it easy to send funds overseas.
- Disappointing exchange rates. You’ll generally be able to find better exchange rates from specialist money transfer services.
- Fees often apply. Fees vary depending on several factors, but make sure you double-check the total cost of your transaction before submitting it.
- Can be inconvenient. If you’re simply looking for a fast and affordable way to send money overseas and don’t need all the other features a regular bank account offers, you’ll be better off using an online money transfer service.
How does ANZ compare to other providers?
Want to find out how ANZ stacks up against the competition? Enter the details of your transaction into the calculator below to compare the exchange rates and fees of a range of money transfer services.