How to receive money from overseas with ANZ: Steps, fees, and transfer time

Are you preparing for a payment from overseas with ANZ or comparing the cost of international transfers with different banks? It’s important to understand how the process works, the fees involved, and what details you’ll need to provide for a safe and prompt payment.

This blog will detail pretty much everything you need to know about receiving money from overseas with ANZ. We’ll also introduce Wise, a transfer provider that can reduce your international transfer fees and let you receive money like a local. More on that later.

Can I receive money from overseas with ANZ?

Yes, ANZ allows both individuals and businesses to receive international payments directly into their accounts. You can receive payments in NZD or foreign currency, but you will be charged a ‘processing’ fee for any inbound transfers from other countries. With standard transaction accounts, the currency will be converted straight away, too. A holding facility is only available with the ANZ Foreign Currency Account.

In contrast, services like Wise, with its multi-currency account features, let you hold and convert currencies other than NZD at a time that’s best for you.

How to receive money from overseas with ANZ: Step-by-step

The process for receiving money from someone overseas is very similar to the one for local transfers in NZD. The main difference is that you might need to provide a few more details, like SWIFT codes.

Here’s how it works, step-by-step:

1. Confirm the ANZ account - If you’ve got more than one account (Everyday transaction + Foreign Currency, for example), get the details for the right account.
2. Contact the sender - Liaise with sender and prepare for the payment to be sent.
3. Provide details - Provide all the relevant details for the sender to input in their own back account to set up and make the payment
4. Track payment - Monitor your account over the next few days to make sure the payment clears

ANZ has a PDF form on its site you can download and fill out to provide instructions to the sender, complete with ‘beneficiary’ account details¹.

What details to share to receive international transfers?

You can use ANZ’s form or contact the sender overseas directly to provide the details they require so they can send the payment.

Here’s what you’ll need¹:

• Your ANZ account name and number
• Your six-digit bank state branch (BSB) code
• ANZ’s SWIFT code: ANZBAU3m
• Your full name and address

How long does it take to receive money with ANZ?

The length of time it takes to receive an international payment depends on the transfer type and the banks involved (senders and intermediaries). A SWIFT transfer will usually be completed within 1 to 3 days, but this is a rough guideline, and it may take longer.

ANZ offers a fast turnaround for international payments once they hit your account. The money is usually cleared on the same day when ANZ receives it before its payment processing cut-off time. This depends on the currency. For NZD, it’s 4.30 pm local time².

Fees for receiving an international transfer

ANZ charges up to a $15 fee per transfer when receiving money from overseas³. However, for smaller transactions below $300 NZD, the fee is waived³. ANZ lists the same maximum $15 fee for several inward payment types, including those credited to a non-ANZ bank account in either NZD or a foreign currency⁴.

Here’s a quick overview of the fees you can expect:

ANZ’s exchange rate

Your funds will need to be converted into NZD if they are received in foreign currency. Like most traditional banks, ANZ uses an exchange rate that includes a margin above the mid-market rate to profit from the conversion. This is explicitly stated on its currency calculator page⁵.

It means the rate you see for your currency conversion won’t match the “interbank” rate exactly, which can eat into the amount you end up receiving. This isn’t the case with Wise, where the mid-market rate is always used, so you get a fair and transparent deal on your currency, with no hidden markups.

A cost example: Receiving $1,000 NZD from abroad: ANZ vs Wise

Finally, let’s look at an example comparing two banks: ANZ vs Wise, when receiving $1,000 NZD via SWIFT. This will illustrate the differences in costs for international transfers.

With Wise, the payment will go through local payment networks in NZD, so there are no intermediary costs or hidden deductions.

Here’s how it compares:

Receive money like a local with Wise

Wise is a simple way to receive money fast and conveniently. Open a Wise account for free; get paid however you like, wherever you are. You will get 8+ domestic account details in global currencies like USD, GBP, and more to receive money like a local.

Easily manage transfers through the Wise app by sharing your account details, requesting with the Wise tag or syncing your contacts. After getting your funds, you can hold and exchange 40+ currencies in your Wise account. For all your currency exchanges, you can get the mid-market rate and low, transparent fees, which usually gives the best value for your money. Wise also lets you send money to 140+ countries or get a linked Wise debit card to spend internationally, all at the same great mid-market rate.

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

📥 Receive money with Wise