Bank transfer is one of the most frequently used methods for transferring transfer money locally within Australia. The recipient normally will receive the fund transferred instantly if funds are transferred within the same bank. If the money being transferred between a different bank, the recipient will receive the money on the next working day.
In Australia, a bank transfer can be made either by visiting the bank’s branch, through ATM that is available throughout the country or the most convenience way via internet banking. Normally, bank imposed a transfer limit of up to a maximum of $5,000 per day if the transfer made through internet banking. Fund transfer can be made to own or to somebody else’s account.
To make bank transfer locally within Australia, you will need the recipient’s BSB Number, Account Number and Recipient name. Please be aware that when transferring to an account in Australia, only the BSB and Account Number information is used. Banks will not check the Account Name provided. As such, it is very important to ensure that the BSB Number and Account Number provided are correct. Recipient street address and postcode are also not required for local bank transfer.
For inward international fund transfer to the Australia, swift code is also needed on top of recipient name, bank name, BSB Number and account number. International fund transfer to Australia may take approximately between 1 to 3 days.