Sending money overseas to family, friends, or international businesses is secure and highly convenient with the Bank of Melbourne. Whether you need to pay for overseas accommodation, settle an international invoice, or send financial support back home, the bank’s digital platforms allow you to a wide range of countries and supported currencies worldwide.
By utilizing Internet Banking or the mobile app, you can lock in competitive exchange rates and significantly reduce international transfer fees compared to requesting a wire transfer at a physical branch. Below is your complete guide to setting up your account for overseas payments, minimizing transaction costs, and executing your international transfers step-by-step.
International Transfer Fees & Limits
| Category | Details |
|---|---|
| Digital Transfer Fees | Fees may vary depending on transfer method and currency selection, for example, $0 fee if sent in foreign currency; $20 fee if sent in Australian Dollars (AUD). |
| Processing Time | Typically 1 to 3 business days, depending on the receiving country and bank. |
| Required Details | Payee's full name, physical address, IBAN/Account Number, and SWIFT/BIC code. |
| Transfer Limits | Daily transfer limits depend on customer settings and security arrangements and may be adjusted upon request. |
Step-by-Step Algorithm: How to Send Money Overseas
If this is your first time sending money abroad, you must enable international payments on your profile. Follow this exact sequence:
- Step 1: Authorize Access – Log into Internet Banking and submit the "Request to Authorise Overseas Telegraphic Transfer Access" form. This standard security feature takes up to two working days to activate.
- Step 2: Log On to Transfer – Once approved, log back into Internet Banking or the Bank of Melbourne App using your secure credentials.
- Step 3: Navigate to Overseas Payments – Under the Transfers & payments menu, select Overseas Transfers.
- Step 4: Add Payee Details – Enter recipient bank details, including account number or IBAN (if applicable), and SWIFT/BIC code.
- Step 5: Set Amount and Reason – Input the amount to send and select the destination currency. For certain countries, you will be mandated by central bank regulations to select a "Reason for payment" from a drop-down menu.
- Step 6: Review and Submit – Review the live exchange rate and any intermediary fees. Click Submit and authorize the transaction using the Secure Code sent to your mobile device via SMS.
Pro-Tip: Before sending a large sum, always double-check the recipient's physical address. Many international banks will automatically reject a SWIFT transfer if the payee's home address does not exactly match the address registered to their bank account.
Troubleshooting Common Pain Points
- MFA Delays on Authorization: Releasing thousands of dollars overseas triggers strict security protocols. If the SMS Multi-Factor Authentication (MFA) code required to finalize the transfer is delayed by network congestion, do not continuously click "resend." Instead, utilize the Bank of Melbourne App's offline security token feature to generate a valid authorization code instantly.
- Browser Errors and Session Timeouts: Gathering international banking codes can take time. If you leave the Internet Banking screen idle for too long while searching for a SWIFT code, the session will time out for your security, causing an error when you hit submit. Always gather the IBAN and SWIFT codes in a separate document before starting the transfer process.
- Locked ID During Transfer: Entering your password incorrectly multiple times during an urgent transfer will lock your digital profile entirely. You must wait 15 minutes for the temporary hold to clear or use the Forgot Password recovery tool to securely reset your credentials and regain access to your funds.
Our Top Efficiency Hack
To completely avoid the Bank of Melbourne's standard $20 international transfer fee, simply choose to send the money in the destination country's local currency (e.g., Euros or US Dollars) rather than sending it in Australian Dollars (AUD). The digital banking system waives the upfront $20 fee when you let the Bank of Melbourne handle the currency conversion prior to sending.
Frequently Asked Questions
What happens if the intermediary bank charges a fee?
When money moves across borders, it often passes through third-party "intermediary" banks. These banks may deduct a handling fee directly from the transferred amount. Because the Bank of Melbourne does not control these external institutions, it is highly recommended to send slightly more than the exact invoice amount to cover potential intermediary deductions.
Can I transfer money internationally using just a PayID?
No. The PayID and Osko networks are strictly limited to domestic Australian transfers. All international payments must be processed through the traditional SWIFT network, which requires full account numbers and SWIFT/BIC codes.
Pro-Tip: For transfers to selected countries in Asia (like the Philippines or Thailand), the Bank of Melbourne enforces a minimum transfer limit of AUD $1,000 (or the foreign currency equivalent). Transfers below this threshold will be blocked by the system.
