Receiving International Payments

Receiving an International Payment - How to Guide

How can I receive an Incoming International Payment to my Co-op Bank account?

You can choose to create a Payment Instruction via the link below. The Payment Instruction will provide the sender with all the details required to make a payment to your Co-op Everyday (transactional) account via our Incoming International Payment service. This service is facilitated by Convera.¹

Create a Payment Instruction

Easy steps to follow

• Click on the link above.
• Please refer to the online form for the list of available currencies.
• Choose the country you are receiving funds from.
• Complete the relevant information in the online form and submit. The account number entered will be for credit of the NZD amount upon arrival of transfer.
• You will be then presented with the PDF Payment Instructions. Please save it for your reference and email it to your payee (the person sending you funds) and ask them to follow these Payment Instructions.

What if I don’t want to use the Incoming International Payments service to receive funds from overseas?
Then you’ll need to supply the sender with the following receipt details in order for us to credit your account:

Your details:

Your account number you want the funds to arrive in: 02-124#-#######-###
Your full name: No initials.
Your physical address: Must not be a PO Box address.

Co-op Bank details

Bank: Bank of New Zealand, 1 Whitmore Street, Wellington, NZ
SWIFT/BIC Code: BKNZNZ22

In order for us to credit your account when we receive the money, we need to comply with Anti-Money Laundering legislation.

So, make sure the person sending you the money includes:

Their account number: At the sending bank
Their full name: No initials
Their physical address: Must not be a PO Box address.

^{1 Convera is a global leader in providing foreign exchange products and services and payment solutions. In New Zealand, services are provided by Western Union Business Solutions (Australia) Pty Ltd, NZ Branch (company number 3527631 and FSP 168204) (“Convera”). Convera provides services to The Co‑operative Bank. Customers of The Co‑operative Bank do not become customers of Convera by virtue of acquiring any International Payment product or service from The Co‑operative Bank.}

Why should I choose to receive International Payments electronically?
Receiving an International Payment electronically is generally the fastest way people overseas can get money to you. A deposit can be made directly into your Everyday (transactional) bank account from another bank from just about anywhere in the world. Receiving International Payments is often referred to as an Inward Telegraphic Transfer (TT), Incoming International Payment or Inward Wire Transfer.

How does it work?
As a global foreign exchange and payment specialist, Convera facilitates Inward TT in approximately 35 currencies. The sender transfers the funds in their own currency through a domestic deposit into a local Convera account in their country. Convera will convert the funds into New Zealand Dollars before forwarding to The Co‑operative Bank for credit to your account.¹

Why should I ask my sender to transfer money via Inward TT?

• Great value for money: Neither The Co‑operative Bank nor Convera charge fees in respect of the Inward TT Service. ²
• Better value for senders: The transaction is completed as a local money transfer - a cost effective alternative to SWIFT payments and foreign cheques.
• Wide range of currencies offered.²
• Competitive exchange rate upfront.³
• Peace of mind: you can be confident that payments are being handled by foreign exchange specialists with reliable systems ready to deliver payments promptly and efficiently. Payments are normally received by The Co‑operative Bank within 2-3 business days after receipt of funds by Convera. ⁴

The Co‑operative Bank does not charge customers a fee for any international payments credited electronically to a Co‑operative Bank account in NZD through Convera or via a New Zealand registered bank, however, other banks may charge fees to provide their services.

^The exchange rate quoted when the Payment Instructions are initially generated is held for 72 hours by Convera. After 72 hours, the exchange rate may change. Any subsequent payments would be at the applicable exchange rate on the date of receipt of funds by Convera.

^^In some instances intermediary banks may levy additional fees and/or charges. This is beyond the control of Co-op Bank and Convera. Approximately 35 currencies are available with this inward service. Over 25 currencies are processed fee-free however some exotic or other currencies may attract fees.