The Co-operative Bank International Transfer: Fees, Rates, and Speed

For many New Zealanders, The Co-operative Bank is a trusted choice for their everyday banking. The question is, is it the best option when it comes to international transfers?

In this guide we’ll run you through everything you need to know about sending money in and out of New Zealand with The Co-operative Bank, including the fees, exchange rates and transfer times. We’ll also let you know what role Convera plays. We'll also introduce to you Wise that can help you save on international transfers with it's low, transparent fees and mid-market exchange rates.

Can I make an international transfer with The Co-operative Bank?

The Co-operative bank offers various services to personal customers, including everyday accounts, lending, savings and investments, supported by online banking, a mobile app and their customer service team. As part of this, members with certain accounts are able to send and receive international transfers.

To send money you need to have one of The Co-operative Bank everyday transaction accounts.¹ This includes the Revolving Credit account, which combines a transaction account with a home loan account.

If you want to receive money, the bank promotes doing it through their payments processing partner, Convera.² Convera is part of Western Union Business Solutions, and using their services involves filling out a form and forwarding the generated Payment Instructions to the sender.

The Co-operative Bank international transfer fees

International money transfers generally attract fees, and The Co-operative Bank is no different.

Here are some of the main fees to be aware of, keeping in mind that amounts received are credited to your account in NZD.

The Co-operative Bank warns that there may be additional fees charged by other banks involved in international transfers, for example if an exotic currency were exchanged. They also disclose that they receive a commission when sending payments via Convera.

Transfer limits for The Co-operative Bank

As well as the fees, there are also limits that apply to the amount of money that can be sent abroad by The Co-operative Bank.¹

• Minimum of 20 NZD per day
• Maximum of 50,000 NZD per day (online banking / mobile app)

If you want to transfer more than 50,000 NZD it can’t be done online. Instead, you need to contact the staff at The Co-operative Bank for assistance by calling or visiting a branch.

Co-operative Bank’s exchange rate

The Co-operative Bank’s exchange rate for international transfers is determined by Convera.³ It’s based on the interbank rate, but Convera adds a margin on top and it includes a commission for The Co-operative Bank.

If you haven’t heard of the interbank rate before, it’s also known as the mid-market exxchange rate. This rate is the middle point between the buy and sell prices on the currency market, making it the fairest way to decide. Wise also uses this rate, but passes it on without any mark-up or commissions.

Something else to keep in mind is that The Co-operative Bank exchange rate is only locked in for 3 minutes, before you need to request a new quote.¹

Money transfer comparison: Co-operative Bank vs Wise

To put this into practical terms for you, let’s have a look at the difference between sending 1000 NZD to AUD with The Co-operative Bank, and Wise.

*As seen on 3rd December 2025

This example shows the benefit of comparing different providers to see which offers the best value to you.

In this instance, not only are the fees for The Co-operative Bank almost double Wise, the exchange rate has also made a vast difference. The margin and commission included in The Co-operative Bank exchange rate have meant a 20 AUD difference in a transaction worth just 1000 NZD, making Wise better value.

How to make International transfers with Co-operative Bank

To send money abroad with The Co-operative Bank you can do it online, via the mobile app or by visiting a branch. Receiving money involves following the process set out by Convera.

Sending money abroad with Co-operative Bank

Before an international transfer can be initiated you must have registered with Co-op safeguard.¹ It’s a security measure from The Co‑operative Bank for online banking that needs a mobile phone number attached to it. Be aware that after registering a phone number online there is a 30 stand down period, so if you want the phone number approved immediately you’ll need to call customer service or visit a branch.

In order to be able to send a payment you need to know:

• Recipient's full name, phone number and address
• You may need the recipients Tax ID
• Recipient’s full bank account details
• Destination country and currency
• The payment reference or description

Once you have all the information, you can initiate an international transfer with The Co‑operative Bank using your online banking by following these steps.

1. Log into The Co‑operative Bank internet banking
2. Go to “Pay & transfer”
3. Choose the account you want to take the funds from
4. Select a previous recipient or add a new international payee
5. Input the amount you want to send
6. Press "Request quote”
7. Review the transfer then confirm to send the funds

If you want, you can then print or save the transfer confirmation.

Receiving money from abroad with The Co-operative Bank

Inbound transfers with The Co-operative Bank might be a bit different to what you’re used to, because they use Convera. Here’s what you need to do:²

1. Go to the Convera and The Co-operative Bank payment instruction generator
2. Select the country you are receiving the funds from
3. Input the required information, including the amount being sent or received, and details about the sender and recipient
4. Save the PDF Payment Instructions that are generated

You then need to send the PDF Payment Instructions to the payer for them to follow.

How long does an international transfer with The Co-operative Bank take?

Co-operative Bank international payments usually take 2-5 business days for the money to reach the recipient's account.¹ From there, it may take some additional time for the payee’s bank to credit the funds.

When you receive money from overseas, it generally takes 2-3 business days for The Co-operative Bank to receive the funds from the time it arrives at Convera.²

The Co-operative Bank’s contact information

To get in touch with The Co-operative Bank you could visit a branch or check their website for the most up-to-date contact details.

Save on international transfers with Wise's low fees and mid-market exchange rate

Wise is an easy way to save up to 6x 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 NZD 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