International bank transfer with Macquarie Bank 2024: A Full Guide
If you’re a customer of Macquarie Bank, and need to send money to someone abroad – as a gift, to pay a bill, or to transfer funds ready for relocating for example, you may be wondering how Macquarie Bank international transfers work.
While Macquarie Bank offers a good range of accounts and services for customers in Australia, using a Macquarie Bank international money transfer may not be the most convenient option for getting your money where it needs to be. Exactly how you can transfer money abroad with Macquarie Bank may depend on the type of account you have – but you may find relatively high and complex fees, including a markup on the exchange rate used. This guide to Macquarie Bank international bank transfers covers all you need to check out and compare your options, including a look at non-bank alternatives like Wise and OFX.
Macquarie Bank international money transfer comparison
We’ve mentioned already that the costs of using Macquarie Bank to transfer money overseas may be relatively high, and can be a little complicated to navigate. Many Macquarie Bank international bank transfers are processed through third party providers – and in some cases, Macquarie Bank will recommend you go to a third party directly rather than through them.
We’ll start our guide by looking at the costs of a Macquarie Bank international transfer against a couple of specialist providers. Bear in mind that the full cost of sending an international wire transfer can include several different fees:
- Your own bank’s transfer fee – this is often the lowest of the costs you’ll pay
- Exchange rate markup – this is a percentage fee added to the exchange rate used, which can often be the highest of the 3 fees overall
- Third party charges – paid to intermediaries and your recipient’s own bank – you may not know in advance what these fees will be
Here’s an example looking at how the costs stack up if we are sending 1,000 AUD to a friend in the UK:
| Provider | Total fee | Recipient gets in the end |
|---|---|---|
| Macquarie Bank | May vary based on account type
For Macquarie cash accounts, you’ll often pay: 30 AUD + exchange rate markup + third party charges |
Contact your local Macquarie Bank to get a quote |
| Wise | 5.30 AUD transfer fee + no exchange rate markup | 513.73 GBP |
| OFX | 15 AUD transfer fee + 15.33 AUD in exchange rate markup | 500.92 GBP |
- Data correct at time of research – 22nd July 2024
As you can see in this example, the costs of using Wise may well be lower than those you’re likely to find with Macquarie Bank, because the transfer fee is lower, and there’s no exchange rate markup to pay. This can mean your recipient gets more in the end. Specialist providers like Wise can often offer lower overall fees, and a better exchange rate compared to banks, because they’ve invested in new, cheaper ways to process payments – and pass savings on to customers in the form of lower fees.
Macquarie Bank international transfer fees
Macquarie Bank’s international transfer fees may vary depending on the account type you have. The way you set up your payment, and the way it’s processed also depends on the account type. Different processes – and fees – are in place for business accounts compared to personal accounts, for example – plus, the specific account type you have can make a difference too. Here’s a quick summary:
| Account type | Macquarie Bank’s international transfer fee |
| Macquarie Bank Cash Management Account | Full details in your Fees, limits and lodgement times booklet
Macquarie fees usually around 30 AUD+ any third party costs and exchange rate margins |
| Other Macquarie Bank accounts | Use a third party provider – costs can vary, for example:
Wise – low transfer fees from 0.33% with the mid-market exchange rate
OFX – for personal customers, 15 AUD for payments under 10,000 AUD in value + exchange rate markup |
If you have a Macquarie Bank Cash Management Account you might be able to process your payment through Macquarie directly. In this case, you’ll complete a request form and your payment is likely to be processed by a third party, usually OFX. Other account types may be advised to use a third party provider such as Wise or OFX by registering an account and setting up your payment through this external service, rather than through Macquarie.
If you have a Macquarie Bank Cash Management Account you’ll be able to find the Macquarie Bank international transfer fees related to your account in the relevant Fees, limits and lodgement times booklet. The Macquarie fee is likely to be around 30 AUD. In addition to this you may pay other fees, as described above – third party costs, exchange rate margins, and any fees deducted by the recipient’s own bank.
If you’re arranging a payment through a third party like Wise or OFX, you’ll be able to check the relevant costs and the applicable exchange rate online before you transfer.
Macquarie Bank exchange rate
When you send a payment with Macquarie Bank, the chances are that it’ll be processed by a third party service such as OFX. Whichever provider processes the payment – whether that’s a bank or third party – will set the exchange rate used to convert your AUD to the currency needed for deposit in your recipient’s own bank. Exchange rates commonly include a markup – which is an extra fee.
Markups tend to be in the region of about 3%. It’s a pretty small number but it can make a big difference. Especially if you’re sending a higher amount:
- Sending 1,000 AUD – a 3% exchange rate markup adds 30 AUD to the total
- Sending 5,000 AUD – a 3% exchange rate markup adds 150 AUD to the total
- Sending 50,000 AUD – a 3% exchange rate markup adds 1,500 AUD to the total
To see the markup on the exchange rate you’re offered by Macquarie Bank you’ll need to get a rate quote and compare it to the mid-market exchange rate for your currency pair. You can get the mid-market rate from Google or using a currency converter tool – this is the rate used on global markets, so generally a good benchmark to spot whether additional fees have crept into the rate you’ve been provided by Macquarie Bank or any other provider.
Not all services use a markup on the exchange rate – as we saw in our comparison above. Services like Wise do not add a markup – instead, for transparency, all costs are split out as separate lines so you can check and compare them against alternative providers.
Here’s a reminder of the total costs – including exchange rate markups – from the providers we looked at earlier. This is what you’ll pay with each when sending 1,000 AUD to a friend in the UK:
- Macquarie Bank: Around 30 AUD transfer fee + exchange rate margin + third party fees
- Wise: 5.30 AUD (no exchange rate margin applies)
- OFX: 15 AUD transfer fee + 15.33 AUD in exchange rate margin
Macquarie Bank additional fees
Aside from the upfront transfer costs, and any costs added into the Macquarie Bank international transfer exchange rate, you may also run into third party costs paid to correspondent banks. Here’s an important note on the Macquarie Bank transfer request form:
“A Correspondent may charge commissions, fees or charges in making the payment to the beneficiary’s account. Those commissions, fees or charges will either be deducted by the Correspondent from the funds paid to the beneficiary’s account or passed on to us.”
Correspondent banks are used when payments are processed through the SWIFT network. Correspondent banks will help move the money from your account to the recipient – but this means that there may be 3 or more correspondent banks involved in a single payment. All of them can deduct a fee for the role they play in processing your payment – which may mean you pay more than expected, or your recipient gets less.
How long does a Macquarie Bank international money transfer take
Macquarie Bank states that money sent for international transfers is usually with the relevant correspondent bank in 48 hours. However, transfer times are then dependent on the correspondent banks and the recipient’s own bank. While transfer times can vary a lot, generally international payments sent with the SWIFT network take 3 – 5 working days to arrive.
Here’s a reminder of how that measures up against the specialist providers we looked at earlier:
- Macquarie Bank: May take 3 – 5 days
- Wise: 60%+ of payments are instant, 90% of payments arrive in 24 hours
- OFX: 1 – 2 business days
Pros and cons of transferring money abroad with Macquarie Bank
Pros:
- Send to a broad range of countries
- Varied services depending on your account type
- Safe, familiar and reliable
Cons:
- Overall costs can be complicated – and high
- Exchange rate markups and third party fees are hard to see
- Delivery times may be slow
Using your bank can be a familiar and reassuring option – but in this case it may not be cheapest, fastest, or most convenient. Using a third party service like Wise directly might mean a quicker and easier transfer.
How to make an international transfer with Macquarie Bank
How to make a Macquarie international transfer will depend on your account type.
If you have a business account, you can use the business online banking service, to navigate to the Pay section and then International Telegraphic Transfer. Here you can follow prompts to set up your transfer electronically.
If you have a Cash Management Account and need to send an international transfer in AUD, you can complete an email in the Macquarie Overseas Telegraphic Transfer Request Form. You can not do this is you have any of the following:
- Macquarie Transaction account
- Macquarie Savings account
- Macquarie Business Savings account
If you have this account type, you’ll need to use a third party provider – such as Wise or OFX – directly by registering an account and processing a digital payment. This is usually a very easy process, as digital first providers like these have optimised their onboarding and verification steps to mean you can get everything done with just your phone.
What information do you need to make an international transfer with Macquarie Bank?
Before you can process your international transfer you’re likely to need the following:
- Your name and address as shown on your Macquarie account
- Beneficiary’s name as shown on the account you are sending the funds to
- Account number or IBAN
- Amount and currency you want to send
- Beneficiary’s street address
- Beneficiary bank name and address
- Beneficiary bank SWIFT/BIC code
- Reason for payment and any message to include
Transfer limits and available countries
Macquarie Bank can send money to a broad range of countries and currencies. You’ll need to double check the limits and fees associated with your own account type – but as a reference, when processing payments through OFX, Macquarie customers can often send unlimited amounts, to 50+ currencies or 170+ countries.
Receiving money from abroad with Macquarie Bank
Macquarie Bank does not charge a fee for receiving money to an eligible account. However, as third parties and correspondent banks may charge fees, you may still get less than was initially sent.
If someone is sending you a payment to Macquarie Bank, you need to give them the following information:
- Bank name – Macquarie Bank Limited
- Bank address – 50 Martin Place, Sydney, NSW 2000
- Bank SWIFT (BIC)
- Your name as shown on your account
- Your account number and BSB number
Macquarie Bank SWIFT code
The Macquarie Bank Swift code is:
- Macquarie Bank Swift code: MACQAU2S
You need this SWIFT (BIC) code to receive a payment safely – it guides international payments to the correct bank, even when they’re coming from the other side of the world.
Conclusion
Sending your payment overseas with your bank may be familiar and reassuring, but it’s not likely to be the cheapest or fastest option. Banks often have pretty high and complex fees, which can include third party costs and exchange rate markups – both of which can be tricky to spot.
Alternative non-bank providers like Wise could offer a quicker and cheaper option. You can register an account online or in the provider’s app with just your ID and address documents, to send money to a broad selection of countries and regions, with low, transparent fees and great exchange rates. Check out a few specialist providers as a comparison to see if you can save time and money.
Macquarie Bank international bank transfer FAQs
How much does a Macquarie Bank international transfer cost?
Sending a Macquarie Bank international transfer is likely to mean a transfer fee of 30 AUD, plus third party charges, and an exchange rate markup – a fee wrapped up in the exchange rate you’re quoted.
How long does a Macquarie Bank international money transfer take?
Macquarie Bank international transfers are processed with the SWIFT network which is likely to mean they take 3 – 5 working days to arrive.
How to transfer money internationally with Macquarie Bank?
How to transfer money internationally with Macquarie Bank depends on your account type. Business customers may transfer online, while some personal customers are required to go to a third party provider like Wise or OFX.
