SWIFT fees and overseas bank deductions

The money arrived overseas, but less of it than you sent. A bank along the way may have taken a fee, the recipient's bank has charged to receive it, or another bank has converted it at its own rate. This page explains where those deductions come from and how each of the big four banks says it handles them. The fees below were checked on the providers' own pages on 30 October 2026.

FXRate.com.au is a general information site operated by Dominet BV. This page is general information only and is not financial advice. It does not consider your objectives, financial situation or needs. Dominet BV does not hold an Australian financial services licence (AFSL). We don't arrange transfers, recommend or rank providers, forecast exchange rates or receive payments from providers. Fees and rates change, so check the provider's own page and documents before you send or spend money. Facts were checked on 30 October 2026. Read our general information notice. Fees quoted here are as each bank published them on that date.

What SWIFT is

SWIFT is a system connecting financial institutions around the world. Banks use it to send money to overseas banks, as Moneysmart explains.

SWIFT itself isn't a fee. "SWIFT fees" usually means charges by the banks that handle the payment: the sending bank, any correspondent banks in between, and the recipient's bank.

Our guide to international money transfer pricing explains how those parts fit together.

Where the extra fees come from

A correspondent or intermediary bank handles a payment along its route. The recipient's bank receives it. Charges from those banks are separate parts of the transfer cost, and money may also be converted along the way.

The ACCC says to ask about deductions by correspondent banks and charges at the receiving bank. Its guidance focuses on the total price, including the retail exchange rate and fees, rather than the advertised sending fee alone.

Conversion adds another question: whose exchange rate applies? An exchange rate margin affects the cost of converting money.

How the big four handle them

These arrangements are as published by ANZ, CommBank, NAB and Westpac on 30 October 2026, respectively.

As published by ANZ on 30 October 2026, its quotes include its own fee and an estimated correspondent fee. Its reference guides give indicative estimates.

As published by Westpac on 30 October 2026, starting a payment displays its fees, the exchange rate and estimates of other bank fees.

Receiving fees at the big four

All amounts below are in Australian dollars, as published by ANZ, CommBank, NAB and Westpac on 30 October 2026, respectively.

As published by NAB on 30 October 2026, payments passed through NAB attract separate charges: up to $30 for AUD passed to a non-NAB account, up to $35 for foreign currency passed unconverted to another bank, and up to $35 for AUD passed to an offshore account.

Why the recipient got less than you sent

There are three common causes: a correspondent bank deducted a fee, the recipient's bank charged a receiving fee, or the money was converted somewhere along the way. Your sending bank's records and the recipient's statement will show which.

On conversion, another bank may have converted the payment before it reached the account. NAB says it may act as an intermediary and convert a payment to AUD before passing it on.

NAB also explains that sending AUD leaves conversion to another provider after the transfer. That provider's rate could be more or less favourable, so the amount received may differ from what the sender intended. Converting before sending gives more certainty about the conversion.

Westpac likewise says overseas banks may convert a payment at an unfavourable rate and that it may have no control over that conversion.

Questions to ask before you send

The ACCC identifies two direct questions: will a correspondent bank deduct money from the funds, and will the receiving bank charge the recipient?

If the quote shows an estimate of what will arrive, it's worth asking which deductions that estimate includes.

If a bank says it covers overseas charges, ask whether that applies to your channel, currency and destination, and whether it refunds a covered charge that's deducted anyway.

What this means for you

A sending fee is only what your own bank charges. The other deductions depend on the currency you send and which banks handle the payment, and each of the big four covers a different part of them. Our bank international transfer fee guide puts their published charges side by side.

Frequently asked questions

Is there one SWIFT fee for every international transfer?

No. The costs depend on the banks involved, the payment channel and any currency conversion.

Are correspondent bank fees the same as receiving bank fees?

No. A correspondent bank passes the payment along; the receiving bank holds the recipient's account. A bank that covers one may not cover the other.

Can sending AUD change the amount received?

Yes. NAB explains that another provider converts the AUD after the transfer using its own rate. The resulting amount can differ from what the sender intended.

Does a covered transfer always arrive without deductions?

Not always. As published by CommBank on 30 October 2026, its cross-currency correspondent fee coverage doesn't include payee bank fees.

Who handles a dispute about a transfer?

Moneysmart says to contact the bank or transfer business first. If the issue remains unresolved and the business is an AFCA member, a complaint can go to the Australian Financial Complaints Authority.