In Australia, wire transfers generally refer to international payments. Businesses use them to pay overseas vendors or global partners, or to move large sums across borders or accounts.

Below, we explain how wire transfers in Australia differ from domestic bank transfers and how to operate in compliance with Australian rules.

What’s in this article?

• What are wire transfers in Australia?
  
• How do wire transfers differ from domestic bank transfers?
  
• How do Australian businesses initiate wire transfers?
  
• What factors influence the speed and cost of Australian wire transfers?
  
• What risks come with sending or receiving wire transfers?
  
• What compliance issues come with international wire transfers?
  
• How Stripe Payments can help
  

What are wire transfers in Australia?

In Australia, a wire transfer, often called a telegraphic transfer (TT), is a way to move money electronically between bank accounts. This method is generally used for international payments. Your bank sends the instructions, and the recipient’s bank deposits the money. It’s simple, direct, and built for business payments.

Wire transfers sent from Australia typically move through the SWIFT network, a global messaging system that links thousands of banks. These transfers usually take one to three business days, depending on the currency, destination, and time zone.

Domestic transfers aren’t typically called wire transfers in Australia. Some banks still offer domestic telegraphic transfer (DTT) payments (same-day domestic bank transfers), but these have largely been replaced by real-time payments sent via the New Payments Platform (NPP).

How do wire transfers differ from domestic bank transfers?

Australia’s payments system has evolved fast, but wire transfers still fill a specific need. Here’s how wire transfers compare to domestic real-time transfers and direct debits.

Wire transfers

Wire transfers are for cross-border payments or sending large, urgent payments internationally. They’re processed during business hours only, with funds typically arriving in one to three business days. Some business banking platforms support wire transfers online, but you might need to call your bank or visit a branch to initiate a transfer.

Osko and PayTo

Osko and PayTo run on NPP, which most banks now support. If the recipient is set up, money arrives in seconds. They run 24 hours a day, including nights, weekends, and holidays. With Osko, you send money to an email, phone number, or Australian Business Number (ABN). With PayTo, you can authorize payments directly from your bank account. Transfers over a few thousand dollars might be paused for review, especially if the money is going to a new payee. NPP-based systems are increasingly becoming the standard for smaller transactions.

BECS Direct Debit

BECS Direct Debits are standard bank transfers that customers use for many types of recurring payments. They’re processed in daily batches and usually take two business days to clear. BECS is an older system that will be decommissioned by 2030.

How do Australian businesses initiate wire transfers?

If international transfers are enabled for your account, initiating online is the simplest route. You’ll need the recipient’s full name and address, their SWIFT/BIC code, their account number or International Bank Account Number (IBAN), the purpose of payment or invoice reference, and the chosen currency and amount. For large transfers, you might need to contact your bank directly or use its foreign exchange desk. You might also need to call your bank or submit a form in person if online tools don’t support the currency or destination.

Third-party providers can offer better foreign exchange (FX) rates and faster settlement for certain routes, but make sure they’re registered with AUSTRAC, Australia’s financial intelligence agency.

Once the transfer is sent, you’ll receive a reference number or SWIFT ID. Share this information with the recipient to help them trace the transfer. The typical processing time for major currencies and banks is one to three business days. Remote destinations or unusual currencies can take longer.

What factors influence the speed and cost of Australian wire transfers?

Several factors can influence the speed and cost of wire transfers to and from Australia.

Speed depends on four things:

• Where it’s going: International payments take longer than domestic ones. One to three business days is typical, but less common currencies or destinations can take longer.

• Which network moves the money: SWIFT-based international wire transfers need to pass through multiple banks, and each transition adds time.

• When you send it: A wire transfer initiated at 4 p.m. Friday won’t move until Monday. Business hours, weekends, and public holidays all affect timing, both in Australia and the destination country.

• Whether it prompts a check: Large amounts, new recipients, or flagged destinations can activate payment security or compliance reviews that slow things down.

Cost comes down to the following:

• Transfer fees: Wire transfer fees are generally set by the bank and often start at 25–30 Australian dollars (AUD), though some payments can have higher fees.

• Hidden deductions: Intermediaries or the recipient’s bank might take fees from international payments. You can sometimes prepay these (“OUR” in SWIFT terms).

• Exchange rates: The rate your bank gives you might look close to the market rate, but even a 2% spread increases fast on large transfers.

• Urgency: Banks can charge more for manual or same-day setups, or if you go through a dealer.

What risks come with sending or receiving wire transfers?

Wire transfers move and settle quickly, which makes them both useful and unforgiving. Once the funds leave your account, they’re gone. Recovery, if possible, is slow and uncertain. Risk management with wire transfers focuses on having the correct inputs and policies from the start.

Here are some of the risks of sending or receiving wire transfers.

Fraud, scams, and social engineering

Business email compromise is a top threat. Attackers impersonate suppliers or executives to trick your team into sending money to a scammer’s account. Always verify changes to payment instructions, especially for international payees. Don’t rely on email alone; call a known number. Build internal workflows, such as dual approvals, role-based banking access, and daily limits that require escalation, that interrupt risky decisions and mitigate payment fraud opportunities.

Irreversible errors

If you mistype the account number, the money could go to someone else, and recovery depends on their cooperation. Always double-check SWIFT codes, IBANs, and currency details.

Security risk

Outdated signatories, expired tokens, or unclear approval chains cause significant delays. Keep authorized users current in your banking portal. Have a documented process for initiating and approving wire transfers, especially for high-value payments.

Compliance gaps

Some outbound transfers could prompt sanctions screening or Anti-Money Laundering (AML) reviews, especially for high-risk destinations. Maintain clear records of what the payment is for with contracts, invoices, or email trails. Your bank or AUSTRAC might ask for those documents if a transfer is flagged.

What compliance issues come with international wire transfers?

Every time money moves into or out of Australia, it’s automatically reported to tax and customs authorities.

Banks and remittance providers file International Funds Transfer Instructions (IFTIs) to AUSTRAC for every inbound or outbound wire, regardless of amount. You don’t need to file anything separately.

Transferring money across borders isn’t taxable by itself—the purpose of the funds determines whether it’s taxable. Incoming wire transfers tied to business income are taxable and should be declared. Outgoing payments such as royalties or interest might carry withholding obligations. The Australian Taxation Office (ATO) cross-references AUSTRAC data with tax filings, and mismatches can cause reviews.

Keep contracts, invoices, and communications tied to every wire transfer. If a regulator asks what a 250,000 AUD inbound wire was for, you should be able to answer with comprehensive documentation.

How Stripe Payments can help

Stripe Payments enables businesses to set up and accept 100+ payment methods, including wire transfers, and makes reconciliation automatic. It provides a unified, global payments solution that helps any business—from scaling startups to global enterprises—accept payments online, in person, and around the world.

Stripe Payments can help you:

• Reconcile payments automatically: Easily reconcile wire transfers to a specific payment or invoice with an automatic reconciliation engine that uses virtual bank accounts for each customer and tools for troubleshooting.

• Simplify refunds: Make refunds or return excess funds to the customer.

• Optimise your checkout experience: Create a frictionless customer experience and save thousands of engineering hours with prebuilt payment UIs and Link, Stripe’s digital wallet.

• Unify payments in person and online: Build a unified commerce experience across online and in-person channels to personalise interactions, reward loyalty, and grow revenue.

• Improve payments performance: Increase revenue with a range of customizable, easy-to-configure payment tools, including no-code fraud protection and advanced capabilities to improve authorisation rates.

• Move faster with a flexible, reliable platform for growth: Build on a platform designed to scale with you, with 99.999% historical uptime and industry-leading reliability.

Learn more about how Stripe Payments can power your online and in-person payments, or get started today.