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

If you’re one of the 1.3m ASB banking customers, or are looking at opening an account, you’re probably eager to find out how receiving money from overseas with ASB actually works¹. Are there any specific fees or constraints?

This blog will walk you through the process, covering the transfer methods available, what details you’ll need, and how much it costs. We’ll also introduce Wise, a multi-currency account 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 ASB?

Yes, you won’t have any problems receiving international payments into your ASB account. ASB says transfers can be sent “from anywhere in the world” ² . The sender will need the right details, though.

You can also receive overseas payments in different currencies in all ASB account types, including the basic transaction account. However, you can only hold and convert foreign currency at your convenience with an ASB Foreign Currency Account³. With Wise, you can receive and hold multiple currencies as standard with both the personal and business accounts.

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

There are a few relatively simple steps involved to get your overseas payment safely and on time with an ASB account. ASB says it’s crucial to “double check everything is right” beforehand, as they aren’t able to do independent checks for account names etc.

Here’s how it’s done:

1. Confirm your account type- If you’ve got more than one account with ASB, make sure you know where you want the funds deposited.
2. Coordinate with the sender - Let the sender know you are expecting an international transfer and confirm the currency and transfer method.
3. Provide details - Send all the necessary details to set up the payment.
4. Monitor the transfer - Keep an eye on your account after the transfer is sent to confirm it has settled safely. Some transfers may take a few business days.
5. Follow up if needed - If the funds haven’t arrived within 10 days, contact ASB for assistance.

What details to share to receive international transfers?

You’ll need to provide a few details to the sender before they try to complete the payment to receive a transfer promptly from overseas. Here’s what you’ll need⁴:

• Your full account name (use the one on your bank statement verbatim)
• Your full account number
• ASB’s SWIFT/BIC code: ASBBNZ2A
• ABS’s bank name and address: ASB Bank Limited, 12 Jellicoe Street, Auckland Central, Auckland, 1010

The recipient’s bank may also request your BSB or Sort Code, so have these at hand if needed.

How long does it take to receive money with ASB?

The time it takes to receive money from overseas into your ASB account will vary depending on the transfer method, the currencies involved, and the sender’s bank processes. Generally, ASB provides a 1 to 2 business day guideline for payments to clear⁵.

Fees for receiving an international transfer with ASB

ASB will usually charge you for international transfers. There is a $15 flat rate fee for receiving payments from overseas into your NZD ASB account⁶. However, this fee is waived for transactions below $100 NZD in value⁶. There might also be additional intermediary or correspondent bank control fees outside ASB’s control.

Here’s a quick overview of the fees with ASB:

ASB’s exchange rate

ASB will always convert any foreign currencies you receive into your account at their own exchange rate, which includes a margin above the mid-market rate. This is done automatically when receiving funds into a standard NZD account, and can mean the amount you eventually receive is lower than anticipated.

ASB published daily buying and selling raters for major rates, but the final rate applied to your transfer can differ slightly⁷.

For comparison, services like Wise use the real mid-market exchange rate. This is the same banks use to trade currencies with each other and the rate you’ll see on Google. There’s no hidden markups here, so you’ll know exactly how much money will land in your account.

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

Now, let’s look at a scenario when receiving $1,000 NZD via SWIFT to illustrate the cost differences. With Wise, there is a $6.89 fee to receive SWIFT payments in NZD, which is cheaper than ASB’s flat rate fee. There’s no currency conversion required for NZD.

Wise also uses its own local payment network to bypass intermediary fees.

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

1. ASB - About us
2. ASB - What information do I need to provide an overseas bank or someone else to send money
3. ASB - Making and receiving overseas payments
4. ASB - Managing your ASB account from overseas
5. ASB - International money transfer arrival time
6. ASB - Foreign exchange fees
7. ASB - Exchange rates