A wire transfer is one of the fastest ways to transfer money electronically from one person to another through a bank or a nonbank provider such as Wise, formerly TransferWise. For a domestic wire transfer, you'll need the routing number, account number, the name of the recipient and possibly the recipient's address.
Bank-to-bank transfer
You can transfer money electronically from your Australian bank account to another bank account overseas, using online or mobile banking, or by visiting a branch. You'll need the recipient's name and bank details, such as their BSB, account number and SWIFT or BIC code, to process the transfer.
NEFT (National Electronic Fund Transfer)
To make any NEFT transaction, you just need two important pieces of information -- firstly, account number and secondly, the IFSC Code of the destination account. In NEFT, there is no cap on the amount of money that can be transferred.
ACH transfer limits vs wire transfer limits
ACH transfers are subject to limits on how much money can be moved. These limits can be per day, per single transaction or per single month and range from $10,000 per month to as high as $25,000 a month depending on the bank.
You can use an ACH transfer to move money between your own bank accounts at different banks, or send money directly to another person's bank account. You can also use ACH to receive money, such as a paycheck from an employer, or pay bills. ACH transfers typically take one to five business days to process.
Banks will require additional documentation for transfers that involve more than $10,000. Depending on the amount you're sending, you might have to provide additional information, such as proof of your source of wealth. You might have to show your monthly payslips.
There are no restrictions on the minimum/maximum amount that can be transferred to a bank account via cheque.
Transfers up to Rs 2 lakhs to Other Bank Accounts are done through IMPS (Immediate Payment Service) which is real-time and available 24×7 including Sundays and bank holidays. Transfers greater than Rs 2 lakhs and up to Rs 10 lakhs to Other Bank Accounts are done through NEFT (National Electronic Funds Transfer).
Payment limits in Internet Banking
To change your limit in Internet Banking, simply go to Payments and Change my Pay Anyone limit then follow the prompts.
Under current Federal legislation, all Australian banks are required to report cash transactions of $10,000 or more (or foreign equivalent), including details of the relevant account holders, to the regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC).
The maximum limits you can apply online are:
BPAY (bill payment): $100,000. International Money Transfer (IMT): $5,000.
Savings accounts are a safe place to keep your money because all deposits made by consumers are guaranteed by the FDIC for bank accounts or the NCUA for credit union accounts. Certificates of deposit (CDs) issued by banks and credit unions also carry deposit insurance.
You'll probably have to pay a fee to the bank which receives the funds – typically around 0.5% of the transfer amount, though this depends on which bank you use. Remember too that the exchange rate you are offered when you make a large international money transfer can affect the cost of the transaction.
Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions must file a Form 8300.
Yes. While the amount of taxes you owe won't change, you can save money by choosing a transfer provider with competitive exchange rates.
Generally, domestic bank wires are completed in three days, at most. If transfers occur between accounts at the same financial institution, they can take less than 24 hours. Wire transfers via a non-bank money transfer service may happen within minutes.
There is no limit to the amount of physical currency that may be brought into or taken out of Australia. However, travellers entering and departing Australia must report any currency they are carrying of $10,000 or more in Australian dollars, or the foreign currency equivalent.
The ATO can, and will, check your bank accounts, cross reference payments against an ABN and confirm missing income from your tax return.