When I send an International Money Transfer, can I choose the currency it's received in?
Last updated 03 February 2015
IMT's can be sent in a variety of currencies depending on the country of destination. The currency is chosen by the sender when completing the IMT.
If you are sending an IMT in the local currency of the country it is being sent to (for example US Dollars to the US), the payment is unlikely to be converted.
If the IMT is being sent in a currency that is not the local currency of the country, (for example US Dollars to Vietnam) then the likelihood of it being converted is higher. Please note that when sending an IMT, we cannot guarantee that it will be received in the currency sent.
We recommend that you select "I do not want the funds converted by foreign banks" tick box when sending your payment via NetBank. We will pass on these instructions, but it is possible, depending on the country, that a financial institution may decide or be required to convert your payment to the local currency (or another currency).
Please also ask your recipient to get details from their bank on what is needed for the money to be received in that currency (for example a specific intermediary bank for the money to be sent through).
IMTs with more complex instructions (for example those involving an intermediary bank) may require the IMT to be sent through a branch.