Send money overseas anytime, from anywhere
You can now use First Option's Internet Banking (IB) service to reliably and conveniently send money overseas to more than 200 countries and territories, in over 40 different currencies.
Simply log in to IB, go to the Payments menu and select International Transfers. (Members must be registered for One Time Passwords). The country specific information and 'help text' will guide you through your transfer from start to finish.
What is an International Transfer?
An International Transfer (also known as a "Telegraphic Transfer" or "Wire") is an electronic transfer of funds directly credited to a beneficiary’s overseas bank account. A choice of more than 130 currencies is offered - click here for more details.
Why should I use an International Transfer?
- In most cases an International Transfer is the quickest way to send funds abroad (an International Transfer will normally take one to two business days to reach the beneficiary)
- Sending an International Transfer in the beneficiary’s currency is usually more cost effective and helps ensure the funds are credited more quickly, as the payment can go "straight through" – See below for more details.
By sending your International Transfer in the currency of the country it is being sent to, you generally receive greater certainty on your payment – you can effectively "lock-in" the exchange rate, and know exactly how much is being transferred. If you were to send the funds in Australian Dollars, it may be difficult to find out the exchange rate that the overseas bank will apply, and hence it may be difficult to find out how much will be credited to the beneficiary’s account.
Sending an International Transfer in the beneficiary’s currency usually ensures the funds are credited more quickly, as the payment can go "straight through".
International transfers are available up to your Internet Banking daily limit. Larger transfers will need to be arranged directly with a third party service of your choosing.
What details do I need to send an International Transfer?
You will need to provide full details of the beneficiary’s bank account, including their IBAN (International Bank Account Number) if they are in Europe.
To comply with Australian Government regulations you must also provide the beneficiary’s full street address.
Please note that International Transfers are sent via a network of correspondent banks, which sometimes levy a small handling charge on your payment. Any such fees are totally out of First Option's control. Given that a network of banks is used to complete your International Transfer, the time it takes for your payment to be credited can not be guaranteed.
In order to send your International Transfer, you must complete all sections of the form. Please note:
- You must enter full street addresses (PO Box addresses are not acceptable)
- Payments to all European, and certain other, countries require an International Bank Account Number ("IBAN") – this may be obtained from the beneficiary
- No symbols can be used in the beneficiary name (e.g. "&", "/" etc)
- We are unable to send funds to certain countries.
First Option Bank has entered into contractual arrangements with Western Union Business Solutions (Australia) Pty Ltd (ACN 150 129 749; AFSL 404092) trading as Convera (“Convera”), to assist it in fulfilling certain foreign exchange and payment services. The relationship relating to the services described is solely between you and First Option. Fees and charges may apply, please refer to the terms and conditions issued by First Option Bank. Any advice provided by First Option is general in nature and does not take into account your personal objectives, financial situation or needs. Convera does not give you any advice, general, personal or otherwise. This communication has been prepared solely for informational purposes and does not in any way create binding obligations. No representations, warranties or conditions of any kind, express or implied, are made in this communication.