St. George Bank large amount transfers: Fees, limits, & how long they take

It’s daunting to send large sums of money via your bank, especially for an important transaction such as paying for a new home, supporting family overseas, or making a large payment to a new payee abroad. So it’s important to understand what’s involved.

If you’re thinking about making a St George large amount transfer, this article will cover the essentials, from eligibility to processing times. Our comprehensive guide to St. George Bank's large transfer includes instructions, associated fees, and transfer limits, so that you’re informed and good to go with your banking. We’ll also do a quick comparison of St George Bank with Wise, so you can see which option is best placed to meet your needs.

Can you send large transfers with St. George Bank?

Yes, it’s possible to make a St George large amount transfer. You can send them domestically and internationally, but there are various conditions and eligibility requirements to know first.

1. You must have a St. George bank account, savings account, or business account.
2. You’ll need to have the recipient’s bank details for an overseas transfer. This means the IBAN, SWIFT, or BIC code.¹

For most transactions, you'll be able to complete the process through online banking, but for particularly large transactions, you may need to go into a branch.

There are two types of transfers available via St. George:

• Domestic transfers within Australia can be done via Osko² or PayID, or through the BECS system for standard bank transfers. Osko payments are processed in near real time and they’re designed to be quick and convenient.
• International transfers to overseas bank accounts are handled by telegraphic transfer, also called International Payments³.

Just bear in mind that for very large transfers, you may have to visit a St George branch or call the bank directly.

For transfers in Australia, the limit is $5,000 per payee, per day, with a total transfer limit per day of $25,000. So, you could make 5 x $5,000 payments to different accounts on a single working day.⁴

It’s possible to increase this limit to $100,000 via your account. You will be given a secure code to authenticate the request.

Is St George safe for large transfers?

Yes. When you make a St George large amount transfer, it is protected. The bank is regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).

Its operations are also subject to the regulations on money laundering and terrorism finance set by the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Furthermore, all funds are safeguarded by the Australian Government Financial Claims Scheme (FCS), which covers all deposits up to $250,000 per account holder, per bank.⁵

St. George’s Bank also uses security measures such as Anti-Money Laundering checks (AML), fraud monitoring, and two-factor authentication, via app-based security or SMS codes.

How to make a large transfer with St George

To make a St George large amount transfer, follow the relevant process below:

How long do large transfers take with St George?

The time taken for your St George large amount transfer depends on whether it’s domestic or international. It mirrors industry standards:

• Domestic transfers with Osko or PayID are almost instant, even for bigger sums.
• A standard bank transfer usually takes just two business days.⁶
• International transfers usually take 1-3 business days. This depends on the destination country, the currency, the receiving bank and any additional AML checks that are needed.⁷
• As a general rule, additional compliance checks can make international payments slower. These are standard within the financial services industry.

St George’s large transfers - Fees and limits

Fees and limits can change, but here is the current structure:

St George’s Large Transfer Fees

The fees for a St George’s large transfer apply to international transfers. Domestic transfers, delivered online, are free.

International transfers cost $20 per transaction online and $32 per transaction in-branch. There can be additional fees from the receiving bank, too.

They don't state if there's a margin on the currency exchange, it's important to compare with other providers to see if there is. More on that later.

St George’s Large Transfer Limits

For domestic transfers, you can transfer up to $5,000 a day via the mobile app, or up to $25,000 a day via internet banking. This can be increased to $100,000 online if approved.⁸

International transfers have a daily default limit of $50,000, but this can be raised with approval, via the online request process. Alternatively, go into a St. George’s branch for an unlimited sum transfer.

St. George vs Wise - a large transfer comparison

Let’s look at how St. George vs. Wise compares. In our example, we will transfer $100,000 AUD to USD. The table below breaks down the charges:

As you can see from the table comparison above, although Wise charges a higher transfer fee upfront, the total cost structure saves over $2,000 in total on the $100,000 AUD transfer, compared to St. George.

This is because Wise uses the mid-market exchange rate, without any commission markup.

Enjoy low fees on money transfers with Wise

Avoid high fees, exchange rate markups, and daily limits on your international transfers. If you are going to send a large sum of money to someone, especially if it’s overseas, it’s worth looking at Wise as a cost-effective alternative. Wise is an easy way to save up to 3x when sending money overseas. You can make extra secure transfers to 140+ countries, which are easy to set up with no physical paperwork and completed usually in seconds.

With low, transparent pricing and the mid-market exchange rate for all your currency conversions for your foreign transfers, you'll usually get the best value for your money. Wise lets you see exactly what you're paying for a transfer, and what the recipient will get, with no hidden fees.

For managing foreign currencies even easier, create a free Wise account, and you'll be able to manage and convert your money in AUD and 40+ other currencies. Plus, you'll get local account details in 8+ currencies, making it easy to receive money from abroad whenever you need. You'll be able to track your transfers all in one place.

When it comes to international transfers, Wise makes things easier and cheaper.

📤 Send money with Wise

💵 Moving big money? Send over 20,000 GBP or equivalent within a month with Wise, and you'll get even lower fees - as low as 0.1% - for all your transfers that month. Whether it's one large transfer or multiple smaller ones in any of the global currencies we support, you can save more with Wise.

👉🏻 Learn more about large amount transfers with Wise