International Money Transfers
- An International Money Transfer (IMT) is an electronic transfer of funds for a specified currency and amount to an overseas recipient (the beneficiary).
- An IMT is a safe and efficient way to transfer funds to or from an overseas bank account.
- IMTs are suitable for individuals and businesses.
How do I create an IMT?
- You will need the following information about the overseas bank account you are transferring the funds to:
1. Beneficiary Name: Recipient's full account name and address
2. Beneficiary Account: full account number or IBAN (International Bank Account Number)
3. Beneficiary Bank: The beneficiary bank's name, address and SWIFT Code (also known as a Bank Identifier Code/BIC)
Care must be taken when giving, writing or entering beneficiary account information. An international money transfer is often processed by account number only, so it is important that the account number is correct. Even though ASB will ask for an account name and account number, our systems do not check that they correspond.
This service is available through FastNet Classic and you will require a Netcode to complete the transaction. Alternatively, you can visit any ASB branch.
Please note: IMTs will be subject to fees and charges imposed by overseas banks involved in the transaction. These may be deducted from the foreign payment and in such cases the beneficiary will receive a lower amount than the original amount sent. These fees vary depending on the fee policy of the overseas bank.
If you would like the recipient to receive the exact amount sent, you can opt to pay these on their behalf. Advise your branch that you would like this option, or choose ‘Sender to Pay’ if using FastNet Classic. Applicable fees and charges will be deducted from your account two business days after the payment has been sent.
International Bank Draft
- A bank draft is a convenient and cost effective way to send money overseas or pay for overseas expenses.
- Bank drafts are made out to a recipient in the currency of your choice. They must be paid into the recipient's bank account and cannot be exchanged for cash. They can be purchased through FastNet Classic, or at any ASB branch.
If you have any questions, please visit our help section.