rnpeg

Hi all,

Joined up with TransferMate and attempted to add my Australian bank account as a beneficiary account but its requiring an IBAN. I only have the BSB/Swift info.

I've checked my Aussie account online and can't see it. Might have to call them (Commonwealth)

Funny thing is on the page in transfermate it states the IBAN is only required for Euro beneficiaries, but it still requires it for an Aussie dollar account... ?

Does everybody else use an IBAN ? I thought it was a European thing.

Cheers

ABCDiamond

Never heard of an IBAN before. Not required for any Australian bank account I have opened.

Bix

BSB (Bank/State/Branch)
Australian so not much use to overseas institutions.

IBAN (International Bank Account Number)
Europe and some other parts of the world use the IBAN system but Australia has not yet adopted it.

BIC (Bank Identifier Code)
Owned and administered by the Society for Worldwide Interbank Financial Telecommunication.
Referred to as the SWIFT system or SWIFT code.
This one should be acceptable.

elice_in_oz

HSBC here use IBAN. I know because my parents always ask me for a SWIFT code and I always have to explain that they need to use the IBAN. I guess it depends on the bank, but I have never used a SWIFT or BIC to transfer money from Europe.

Bix

There are 51 countries using the IBAN system of which 31 are IBAN mandatory countries.
(UK is not a mandatory one BTW)

Australia is not a member of the IBAN system

If sending from Australia to one of the overseas mandatory countries an IBAN for the receiving bank must be quoted.

If sending from one of these mandatory countries to Australia they may insist on having an IBAN and some of the banks have a work-around for this.

eg Commonwealth Bank:-
IBANs are not used in Australia, but for some payments being received into Australia from IBAN mandatory countries the sender may need to provide an IBAN. To satisfy this requirement, your Commonwealth Bank BSB and account number should be combined and given to the sender. Note no spaces, dashes or hyphens should be used.

However, for those transferring from the UK to Australia the SWIFT code should be sufficient for your UK bank or financial institution.

rnpeg

Thanks for the responses on this.

Some feedback on TransferMate :

(a) Their website is a bit misleading in some areas. Their FAQ's aren't correct in places eg. they require additional identification documents than the ones listed. I pointed this out to them and they said they'd update the faq section. The transfer process description (having to go via their client account) wasn't clear and after you login the 'account login' option is still presented.

(b) Live chat advice wasn't correct. I was told I needed an IBAN for my aussie bank account which is daft as Australia doesn't support this system. BSB and Account number is all thats required.

(c) I bought $5000 aussie dollars for our validation trip on a Monday morning and it appeared in my aussie account the following Monday. So about a week start to finish. Don't know how this compares with other companies.

(d) Customer service on the phone was excellent. You get through to a real person straight away and they were very helpful. There minimum transfer is $1000 but they let me transfer $100 dollars to test the system first.

Now that things are setup with them I will use them again.

Cheers