Bank of Queensland | International Transfers
About Bank of Queensland
What You Need to Complete an International Transfer via Bank of Queensland
To perform an International Payment, you will need the following:
- a BOQ Security Token
- be able to perform Pay Anyone transactions
- if you have not previously completed an International/RTGS payment via a branch/Internet Banking for the account you wish to make the payment from, you will need to register this account for International/RTGS Payments.
The registration process can be completed through Internet Banking. After you have logged on to Internet Banking, click the International Transfer menu and then click the Register Accounts button. Then select the accounts you wish to register and then click Submit.
This account registration request will be processed within 2 business days.
Please Note: You will receive a secure mail after the account registration request has been completed.
If you do not have either a BOQ Security Token or cannot perform Pay Anyone transactions please contact your nearest branch.
What’s Needed to Receive International Transfers into My BoQ Account
You’ll need to give the sender the following to receive an international money transfer with BOQ:
- Your full name and address and that of your bank
- Your bank account number
- The correct SWIFT/BIC code
- BSB number
Unlike some European countries, Australian banks don’t use the IBAN system, so it’s especially important to give the correct SWIFT/BIC code and branch address.
Don’t forget to confirm with the sender who will pay the charges associated with the transfer.
Usually the costs are removed from the cash transferred, meaning that you receive the transfer minus any fees applied by intermediary banks, or the bank sending or receiving the payment. This can mean you get less than you expected.
Bank of Queensland Exchange Rates and Fees
Of course! Banks are usually not the best way to make international money transfers. The fees can be quite low (and sometimes even zero), but beware of the poor exchange rates which banks often apply.
It’s a good plan to understand the fees involved when making an international transfer with BOQ, but don’t forget that there may be additional charges added by the recipient bank, or by intermediary banks who handle the transaction along the way.
Exchange Rate (*copy from moneytransfers.com)
As well as any flat fees applied, the other important thing to understand is the exchange rate that’ll be used for your transfer.
You can find the latest exchange rate on the BOQ website — however, as it changes constantly, this might not be the exact rate used for your transfer.
Depending on the circumstances, you might find that it’s not even BOQ that sets the rate for your transaction. For example, an agent or correspondent bank dealing with the transfer might choose the exchange rate to apply.
As these middlemen don’t need to worry about pleasing their customers, they generally don’t offer a great deal and it’s not uncommon to find that they mark up the exchange rate by anywhere from 4–6% in their favor and pocket the difference.
Unfortunately, at the time of processing the transaction, you won’t be able to find out what other fees might be applied as these are decided by other banks involved in the transaction.
Alternatively, you might find that the receiving bank chooses the exchange rate used.
To make sure they profit on the deal, they can mark up the exchange rate, and keep the difference. This means that the exchange rate offered may vary quite a bit from the exchange rate offered on Google.
Transfer Fees
TABLE: from wise — “BOQ International transfer fees table”
Additional Costs
However, some of the fees you might end up being charged aren’t actually set by BOQ. If your transfer is processed using the SWIFT system, there are often as many as 3 intermediary banks involved in the process.
These banks, or the recipient bank might also add their own fees to the transaction. Unfortunately, BOQ often won’t be able to tell you exactly what other fees might be applied before you place your transaction as these are decided by other banks involved.
TABLE: from wise
How Do Bank of Queensland Transfer Fees Compare to Using a Money Transfer Provider?
If your recipient wants to receive US dollars in cash in the United States, then the most competitive option currently is MoneyGram, with competitive fees of 2.99 AUD and a good AUD-USD exchange rate (their current rate is 1 AUD = 0.7544 USD).
Bank of Queensland Pros and Cons
Pros
The fees are very minimal
Cons
Cut off times are very inconsistent (and perhaps unreliable)
Shifty additional fees
Despite being a member of the bank, you have to register for international services and be able to perform Pay Anyone transactions
Since it’s a bank, expect the transfer timeframe to be longer — about 1 to 3 days
Way more expensive compared to alternative, non-bank money transfers such as WorldRemit and SingX
BoQ doesn’t allow international transfers via Credit cards. Neither does it allow foreign money transfers using your Home Loan, Term Deposit, Personal Loan or a Trust Account.
Bank of Queensland FAQs
a) Can I Open a Bank of Queensland Account in Any Country?
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b) Does the Bank of Queensland Have an App?
If you have registered for Internet Banking, you can download BOQ Mobile using Apple Store and Android’s PlayStore.
Note that you’ll be required to…Before you use Mobile Banking, you must view and accept the Electronic Banking Terms and Conditions. You must Log On to Internet Banking to accept the Terms and Conditions before you use Mobile Banking.
c) Are There Transfer Limits with the Bank of Queensland?
International Payments are only processed if the amount is equal to or greater than 100 Australian Dollars.
The maximum amount that can be used in an individual International Payment is 250,000 Australian Dollars or the foreign currency equivalent.
Please Note: All International Payments are counted as part of your Daily Pay Anyone limit. Your daily limit is equal to the Daily Limits package you are currently on.
You can alter your Limits Package from within Internet Banking via the Transfers & BPAY screen. Just select Change Daily Limit on this screen.
Please Note: As a security precaution there is a two calendar day delay between requesting an increased Limits Package and the new limit being available. The limit increase is immediate if requested in your local BOQ branch. Limit reductions take effect immediately.
The table below shows the limit packages available:
d) How Long Do Transfers Take with Bank of Queensland?
If an International Payment request is received by Treasury and International Operations before the currency cut off time, it will be sent on the same day. If it is received after the currency cut off time, it will be sent on the following business day in Brisbane.
Once the payment has been sent from BOQ the time it takes to reach the beneficiary will depend on the country, the time zone and the efficiency of the overseas bank in processing the payment. Generally, most beneficiaries in most countries could expect to receive the funds within 1–3 business days.
Some countries, for example India, often take longer than 1–3 business days to process payments.
e) What Customer Options are Available with Bank of Queensland?
f) Can I Use a Bank of Queensland Debit Card When Travelling Abroad?
How to Open a Bank Account and Transfer Money with Bank of Queensland
Opening an Account
Transferring Money
Additional Information
Customer Service Details for Users of Bank of Queensland
Can I Use Bank of Queensland for International Bank Transfers?