When making International Money Transfers (IMTs), we use correspondent banks to help move money between countries to enable funds to be received by the beneficiary bank (the recipient’s bank). These beneficiary banks may deduct fees from the amount sent to your recipient.
For some IMTs, there’s the option to pay an upfront additional fee (on top of our transfer fee) to cover any charges by these correspondent banks. Learn more about these fees.
If you choose not to pay the upfront fee, any correspondent bank fees may be deducted from your original transfer amount, and the recipient may receive less than the original transfer amount.
The list of correspondent bank fees below is a guide only, and the actual amount deducted by an overseas bank can vary. The fees:
- Are in the currency of the payment (not AUD)
- Don’t include charges by the beneficiary banks, which may have their own processing fees
- Are averages based on data from SWIFT over a 3-month period (July-Sept 2019 data). The amount actually deducted by an overseas bank can vary.