Sending International Payments

What is an International Payment?

An International Payment is the movement of money from your bank to an overseas bank account. It is often referred to as a Telegraphic Transfer (TT) or Wire Transfer. It is an electronic method of transferring cleared funds that are directly credited to a nominated payee bank account.

Ways to make an International Payment?

All International Payments to overseas bank accounts should be made via internet banking. International Payments that exceed maximum value can be processed via the Branch. See minimum and maximum note below.

What is Co-op safeguard and why do I need to register for this?

Co-op safeguard is the security measure for our online banking customers. It monitors customer’s activity in order to identify any new or unusual activity. To create an International Payee and make International Payments, your mobile phone will need to be registered with our Co-op safeguard security system. Note: There is a 30 day stand down period after registering a mobile for Co-op safeguard. Alternatively, your mobile phone may be approved immediately by either visiting a Branch or contacting our Contact Centre. Once registered and approved, you can start making International Payments. Co-op safeguard will send a verification code to your registered mobile phone to confirm that any new planned payment has been generated by you.

How long do I have to lock in the exchange rate quoted?

The shown exchange rate is live for 3 minutes before you will need to request a new quote.

How long will the International Payment take to arrive?

Payments usually take between 2 to 5 international business days for the funds to arrive at the payee’s bank. The bank is then responsible for allocating the funds to the payee’s bank account, the timing of which may depend on factors such as public holidays, bank policy etc.

What countries can I not send an International Payment to?

In line with various laws and regulations, internal policies and New Zealand’s economic and trade sanctions, The Co operative Bank does not process International Payments to certain countries. The exact list of countries and sanctioned parties have not been specified here as they are subject to revisions and change on an ongoing basis.

What currencies can’t be processed online?

International Payments to individual countries may be made in the overseas domestic currency, as well as other accepted currencies for that country. When setting up a new international payee, accepted currencies for your chosen overseas country are available for view in the ‘Currency’ drop down listing.Note: Online transfers in NZD may only be made to countries who have NZD as their domestic currency e.g. Cook Islands. Transfers in NZD to other countries (all values) may be processed via the Branch.

What accounts can I make transfers from?

You may only make transfers from your Everyday (transactional) accounts, including your Revolving Credit account.

When will my transfer be debited from my account?

The transfer from your account will be made immediately and a transaction will appear on your account online. Future payments or Automatic payments are not available.

What is the minimum and maximum value (in NZD) that I can send?

Minimum amount will be equal to NZD $20.00 or more and maximum (per day) allowed is NZD $50,000.00. For transfers above the maximum value, to help staff execute your request quickly, we recommend that you create the relevant International Payee details online before contacting a Branch or calling us on 0800 554 554.

What information do I need to make an International Payment?

You will need the following information:* Full Name, phone number (country applicable), Tax ID (country applicable) and address of the recipient (must not be a PO Box address)* Full account number or IBAN (International Bank Account Number)* Bank's name, address and SWIFT/Routing Code (where applicable - also known as a Bank Identifier Code/BIC)* Payment destination e.g. country* Currency you wish the recipient to receive* Payment purpose* Reference details

What is an IBAN?

International Bank Account Number (IBAN) is the recipient’s account number and sort code written in a standard, internationally recognized format. IBAN's are commonly used across Europe and parts of the Middle East. They help us to process your International Payments automatically, making them faster and safer to process. The IBAN consists of up to 34 alphanumeric characters comprising: a country code and a number that includes the domestic bank account number, branch identifier, and potential routing information. It allows us to confirm its integrity before submitting a transaction.

What is a SWIFT/BIC/Routing Code?

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication and BIC stands for Bank Identifier Code. A Routing Code is a bank code assigned by a central bank of that country. It is generally used for domestic transfers; however, some international transfers may require the Routing Code. They make up an 8-11-character identification code of a bank or financial services provider. When sending a payment overseas the SWIFT/BIC/Routing code helps identify the receiving bank or financial services provider. The beneficiary's bank can provide their SWIFT/BIC/Routing code in order to enable an International Payment transfer to reach the overseas account.

Who can I contact if I have questions about International Payments?

If, after reading all of the information available on International Payments, you still have a query, please call our Contact Centre on 0800 554 554 or visit a Branch.

Easy steps to follow

Log into The Co‑operative Bank internet banking* Navigate to Pay & transfer* Choose the account to make the payment From* Choose To account > International Payments > International payees* Choose an existing recipient from your list of payees or Add new international payee. Alternatively go to Payees tab, select International and Add payee.* Enter the foreign amount or NZD amount you wish to pay. Click Request quote* Review the details of the quote - the payment amount, the Co-op fee to be charged, total amount and payee summary* Confirm and acknowledge the details of the transfer and click Confirm to send money* You are able to Print a confirmation of your transfer, should you so wish

When you use the International Payment function in Online Banking, or in our Mobile App, the Terms and Conditions – International Payments apply to you.

You will need to confirm that you have read and agree to these Terms and Conditions before you may send an International Payment online.