Wire transfer is the fastest mode of receiving money in your Macquarie Bank account from abroad. You can receive money into your Macquarie Bank account from a foreign country via International wire transfer. The transaction is initiated by the sender through a financial institution, however, you need to provide your banking details to the sender for successful transfer of money.
International Wire Transfer to Macquarie Bank
International wire transfer is one of the fastest way to receive money from foreign countries. Banks use SWIFT network for exchanging messages required for performing international wire transfer. Usually, the receiving bank (in Australia) and the sending bank (in other country) need to have a direct arrangement in place to start the swift transfer – this is sometimes referred to as correspondent banking.
Incoming International Wire Transfer Instructions
To receive international wire transfer in your Macquarie Bank account, please provide the following wire instructions to the sending financial institution:
|Bank Name:||Macquarie Bank|
|SWIFT BIC Code for Macquarie Bank:||For Macquarie Bank, this code is MACQAU2SXXX|
|Branch Name & Address:||Your bank branch name and address|
|Beneficiary Account Number:||Your complete Macquarie Bank account number (including leading zeros, if any)|
|Beneficiary Name:||The full name of your account as it appears on your statement|
|Beneficiary Address:||Your complete address|
Note of Caution on Fees: If your money transfer involves currency conversion, there is a high chance you will get a poor exchange rate from the banks and as a result pay high hidden fees. We recommend services like TransferWise for getting best conversion rates and lower wire transfer fees.
Outgoing International Wire Transfer Instructions
To send international wire transfer from your Macquarie Bank account, You need to know the following information about the person or company receiving the money:
1. The recipient’s full name and address
2. The recipient’s IBAN or account number
3. Full bank name, address and the SWIFT/BIC code or Branch Number
Incoming Wire Transfer Fees for Macquarie Bank Australia
International Incoming Wire Transfer Fees for Macquarie Bank is as follows:
|International incoming transaction fee||Cost|
|International Telegraphic Transfer from overseas||$30 per each transaction|
Outgoing Wire Transfer Fees for Macquarie Bank Australia
International Outgoing Wire Transfer Fees for Macquarie Bank is as follows:
|International outgoing transaction fee||Cost|
|International Telegraphic Transfer sent overseas||$30 per each transaction|
Apart from the wire transfer fees, if the transfer involves currency conversion, banks make money on currency conversion as well by giving retail conversion rates to you which is usually 1-2% lower than the market rate. We recommend using services like TransferWise for getting best conversion rates with lower wire transfer fees.
Wire Transfer Cutoff Time for Macquarie Bank Australia
1. The Wire Transfer Cutoff Time for Macquarie Bank for both Incoming and Outgoing is 12 pm.
2. Any requests received after cutoff time will normally be processed the next working day.