|ME BANK||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to AUD||no service||no service||no service||no service|
|EUR € - to AUD||no service||no service||no service||no service|
|TORFX||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to AUD||FROM £250||FROM 1 DAY||0.7%||$1.755|
|EUR € - to AUD||FROM £250||FROM 1 DAY||0.7%||$1.587|
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Currently you cannot use ME Bank accounts to make money transfers overseas, or to accept international payments – you can only move money to and from Australian bank accounts.
Sending foreign currency to or from your bank account in Australia needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead.
Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.
Example: A typical overseas currency transfer of $100,000 Australian dollars (AUD) using general bank services would have a transaction exchange rate margin of between 2% to 6%. Using a specialist broker, in this example TorFX – the exchange rate margin would work out at 0.7% – or only S700 AUD in total, which is a large saving over the bank service.
ME Bank suggests it’s customers to use ME credit or debit cards to pay sellers outside Australia (with additional fees or charges for international payments).
ME Bank (Members Equity Bank) was created in 1994 is an Australian branchless bank with it’s head office based in Melbourne, Victoria. ME Bank offers direct telephone and online private and business banking services. Members Equity Bank is 100% owned by Australian industry super funds.