Sending money overseas

You can send money overseas through internet banking for business using either a telegraphic transfer or an international direct credit.

Telegraphic transfers

If you want to pay someone or send money to an overseas account quickly, this is the fastest way to do it. You just need to be aware, that with a telegraphic transfer, unlike an international direct credit, the bank at the other end of the transfer may also deduct fees, so the full amount you send may not be credited to the recipient’s account.

How it works

Speed

Money should arrive in the account you’re sending it to within two to three business days, although the final delivery time is up to the receiving bank.

Fees

The other banks involved in processing the transfer may also deduct fees, so the full amount you send may not be credited to the recipient’s account. See our fees.

Reference

You can include reference details with the payment so it can be easily identified in the recipient’s bank statement (this can’t be done with international direct credits).

International direct credits

With international direct credits, no fees will be charged at the receiving end of the transaction, so the full amount you send will arrive in the recipient’s account. It's a bit slower than telegraphic transfers and is only available if you're paying someone in the UK, Australia or Canada.

How it works

Speed

It can take three to five business days to arrive in the account, depending on the country you’re sending money to.

Fees

There are no fees for the recipient, so what you send is what they get. See our fees.

Where to?

Only available when sending British pounds to a bank account in the United Kingdom, Australian dollars to an Australian bank account or Canadian dollars to a Canadian bank account. International direct credits can only be made to bank accounts, not credit cards.

Reference

Unlike with telegraphic transfers, you can’t include reference information like invoice numbers or messages that will appear on the recipient’s statement.

How to send

You can make both telegraphic transfers or international direct credits via:

Outward payment fees

Outward international payment fee: telegraphic transfers and international direct credits

When you send an international payment to an overseas bank account from your NZD account or your foreign currency account.

  • NZ$25 equivalent when done person to person at a Kiwibank branch or by fax
  • NZ$20 equivalent when done by internet banking.

With international direct credits, there are no fees for the recipient, i.e. what you send is what they get. With telegraphic transfers, other banks involved in processing the transfer may deduct fees from the amount transferred. These fees vary from bank to bank.

Outward international payment investigation, amendment and cancellation fee

When you ask for an investigation in respect of an international payment, or ask for the amendment or cancellation of an international payment.

  • NZ$25 per investigation, amendment or cancellation.

Other banks involved in the amendment or cancellation may charge fees. These fees vary from bank to bank. We’ll pass these fees onto you.

Information you need to make international transfers

When your business sends money overseas you need specific details about the person or organisation you’re sending money to.

Australia (direct credits and telegraphic transfers)
  • Bank and branch number (often referred to in Australia as BSB number)
  • Account number
  • Recipient’s account name
  • Recipient’s physical address, including postcode and state.
Canada (direct credits and telegraphic transfers)
  • Bank and branch name
  • Bank and branch number (often referred to in Canada as institution and transit number or Electronic Fund Transactions (EFT) routing number) - note: a full EFT is 9 numbers long and includes a 0 at the start
  • Account number
  • Recipient’s account name
  • Recipient’s physical address
Europe (telegraphic transfers only)
  • IBAN number
  • SWIFT code (preferrable)
  • Recipient’s account name
  • Recipient’s physical address
Hong Kong, Japan and Singapore (telegraphic transfers only)
  • Bank and branch name
  • SWIFT code
  • Account number
  • Recipient’s account name
  • Recipient’s physical address
India (telegraphic transfers only)
  • Bank and branch name
  • SWIFT code
  • Account number
  • Recipient’s account name
  • Recipient’s physical address
  • IFSC code* (for transfers over 100,000 INR)
  • Bank address including PIN code*
  • If recipient is not an Indian resident you’ll need to refer to them as a NRE*.

*For internet banking, put this information in payee’s details.

UK (direct credits and telegraphic transfers)
  • Bank and branch number (often referred to in the UK as sort code)
  • Account number or IBAN
  • Recipient’s account name
  • Recipient’s physical address
US (telegraphic transfer only)
  • Bank and branch number (often referred to in the US as ABA or FedWire)
  • Bank and branch name
  • SWIFT code
  • Account number
  • Recipient’s account name
  • Recipient’s physical address
Other countries

For other countries we recommend that you ask the recipient to confirm the details their bank needs.

The most common requirements are:

  • Bank and branch name
  • SWIFT code
  • Account number
  • Recipient’s account name
  • Recipient’s physical address

Some countries may have additional requirements.