When your family in India, the Philippines or Nepal asks how to receive money from you, they may mention “bank transfer” or “telegraphic transfer” or “TT.” When your bank quotes you fees for sending money overseas, they are almost certainly describing a SWIFT transfer.

Understanding what a SWIFT transfer is — and why it costs so much and takes so long — including the phrase what is SWIFT transfer Australia — is the first step to understanding why specialist money transfer services like OrbitRemit exist and why they are almost always cheaper.

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What is SWIFT?

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It is a Belgian-based cooperative that was founded in 1973 and runs the secure messaging network that banks use to send payment instructions across borders.

SWIFT is not a bank. It does not hold or move money directly. It is a secure messaging system — the digital equivalent of a trusted postal service that carries instructions between banks, telling them: “please move X amount from account A to account B.”

SWIFT is used by over 11,000 banks and financial institutions in more than 200 countries. When you instruct your Australian bank to send money to India, the UK, the Philippines or Nepal, they almost certainly use the SWIFT network to communicate with the receiving bank.

SWIFT codes (BIC codes): Every bank on the SWIFT network has a unique 8-11 character identifier called a SWIFT code or BIC (Bank Identifier Code). When you send a SWIFT transfer, you need to provide the recipient bank’s SWIFT code — this tells the network exactly which bank to route the funds to.

Examples:

• Commonwealth Bank of Australia: CTBAAU2S
• ANZ Australia: ANZBAU3M
• State Bank of India: SBININBB
• HDFC Bank India: HDFCINBB
• BDO Philippines: BNORPHMM

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What is a telegraphic transfer (TT)?

A telegraphic transfer (TT) is the same thing as a SWIFT transfer — the terms are used interchangeably in Australia. The name dates from an era when banks sent payment instructions via telegram or telex cables. The technology changed decades ago, but the name stuck.

In Australia, New Zealand and the UK, the term “telegraphic transfer” or “TT” is commonly used. In the USA, the same thing is usually called a “wire transfer” or “international wire.” They all refer to the same underlying system: a bank-to-bank international transfer processed via SWIFT.

When you see “TT” on an invoice: If a supplier overseas sends you an invoice that says “payment by TT” or “T/T within 30 days,” they want an international bank transfer via SWIFT to their bank account — not a card payment, digital wallet or cheque.

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How a SWIFT transfer works — step by step

When you instruct your Australian bank to send money overseas, here is what actually happens:

Step 1 — You give the instruction You provide your bank with: the recipient’s name, their bank account number (or IBAN for European accounts), the recipient bank’s SWIFT/BIC code, the bank name and address, the amount and currency, and the purpose of the transfer.

Step 2 — Your bank sends a SWIFT message Your bank sends a standardised SWIFT message (called an MT103) to the recipient’s bank containing the payment instructions.

Step 3 — The money travels through intermediary banks If your Australian bank does not have a direct relationship with the recipient’s bank, the payment routes through one or more correspondent banks (also called intermediary banks). Each correspondent bank:

• Receives the SWIFT message
• Deducts its own processing fee
• Forwards the message to the next bank in the chain

A typical transfer from Australia to India might route: CommBank → a US correspondent bank → a local Indian correspondent bank → HDFC Bank. Three hops, three sets of fees.

Step 4 — The receiving bank credits the account The final bank in the chain credits the recipient’s account. By this point, some of the original transfer amount may have been deducted by intermediary banks.

Step 5 — You wait The entire process typically takes 1 to 5 business days, depending on the destination, time zones, compliance checks and cut-off times. Most Australian banks have a SWIFT cut-off in the early afternoon — transfers initiated after the cut-off are processed the next business day.

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What does a SWIFT transfer cost in Australia?

SWIFT transfers from Australian banks typically involve three layers of cost:

1. Sending bank fee

Australia’s four major banks have largely eliminated flat transfer fees for foreign currency transfers made online. However fees still apply for same-currency transfers and branch transfers:

Bank	Online foreign currency transfer	Branch transfer
CommBank	Free (cross-currency, NetBank/app)	AUD $30
ANZ	Free (foreign currency, online/app)	AUD $32
Westpac	Free (foreign currency, online/app)	AUD $30+
NAB	Free (foreign currency, online/app)	AUD $30

Source: Bank official pages and ausbusinessregister.com.au (June 2026)

The catch: While the flat fee has been removed for most online transfers, the exchange rate markup — explained below — remains the primary cost.

2. Exchange rate margin Australian banks do not use the mid-market exchange rate (the rate you see on Google). They apply their own margin — typically 2-6% above the mid-market rate depending on the bank and currency — without explicitly labelling it as a fee. This is almost always the largest cost of a bank transfer.

On a AUD $1,000 transfer to India at a 4% exchange rate margin, your family receives the equivalent of AUD $960 worth of rupees — not AUD $1,000. The bank keeps the AUD $40 difference silently in the exchange rate.

3. Intermediary bank fees Correspondent banks along the route deduct their own fees — typically USD $10-$25 each. These are not disclosed upfront and are deducted from the transfer amount, meaning the recipient receives less than expected.

Total cost example: AUD $1,000 sent to India via a major Australian bank online (no flat fee) with a 4% exchange rate margin costs AUD $40 in hidden margin. Add intermediary bank deductions of USD $10-$25 and the recipient may receive the equivalent of AUD $930-$960 — not AUD $1,000.

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How long does a SWIFT transfer take?

Route	Typical time
Australia to UK/Europe (GBP/EUR)	1-2 business days
Australia to USA (USD)	1-2 business days
Australia to India (INR)	2-4 business days
Australia to Philippines (PHP)	2-4 business days
Australia to Nepal (NPR)	3-5 business days
Australia to Pacific Islands	2-5 business days

SWIFT gpi: The SWIFT Global Payments Innovation (gpi) upgrade has improved speeds — around half of all gpi payments credit within 30 minutes and most complete within 24 hours. However, not all banks and routes have adopted gpi, and the improvement is not universal.

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What information do you need for a SWIFT transfer?

To send a SWIFT transfer from your Australian bank, you will typically need:

• Recipient’s full name — exactly as it appears on their bank account
• Recipient’s account number — or IBAN (International Bank Account Number) for European bank accounts
• Recipient bank name and address
• SWIFT/BIC code of the recipient’s bank
• Purpose of transfer — many banks and countries require this for regulatory compliance

Where to find the SWIFT code: Your bank’s website, the recipient bank’s website, or ask the recipient to check their bank app or statement.

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SWIFT transfer vs specialist money transfer

	SWIFT (bank)	OrbitRemit
Fee	AUD $6-$32 flat + 4-6% margin	AUD $0-$4 flat, no margin
Speed	1-5 business days	Within 2 hours (85%+ Asia-Pacific)
Exchange rate	Bank’s rate (2-6% markup)	Mid-market rate, no markup
Intermediary fees	Yes — deducted from amount	No — amount sent is amount received
Transparency	Fees not always disclosed upfront	Fees shown before confirmation
Required info	SWIFT code, full bank details	Recipient’s mobile, bank account or UPI ID

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Why specialist providers are cheaper

Services like OrbitRemit bypass the SWIFT correspondent banking network entirely. Instead of routing money through chains of intermediary banks, specialist providers:

• Hold local currency pools in each country
• Move money between their own local accounts
• Settle directly with local banks in the destination country

The result: no SWIFT messaging fees, no intermediary bank deductions, and no 4-6% exchange rate markup. The fee is transparent and fixed — AUD $0 for India from Australia (fee-free), AUD $4 for most other corridors.

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When is a SWIFT transfer the right choice?

SWIFT transfers via your bank are appropriate when:

• The amount is very large (above AUD $50,000) — some specialist providers have limits below this
• The destination country is not supported by specialist providers — SWIFT reaches 200+ countries; specialists typically cover 50-100
• Business or legal documentation requires a bank record — some transactions require a bank-issued receipt
• The recipient can only receive SWIFT payments — some institutional recipients require SWIFT

For personal remittances to India, Philippines, Vietnam, Nepal, Samoa, Fiji, Tonga, the UK and most other popular corridors, a specialist provider is almost always cheaper and faster.

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FAQs (frequently asked questions)

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Related guides

• What is PayID? How to send money in Australia →
• How to send money to India from Australia →
• How to send money to the Philippines from Australia →

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What it means for your transfers

Every time you use a bank SWIFT transfer instead of OrbitRemit, the difference in fees and exchange rate margin goes to the bank — not your family. On a AUD $1,000 transfer to India, OrbitRemit’s fee-free AUD to INR service delivers the full AUD $1,000 worth of rupees. A bank SWIFT transfer might deliver AUD $900-$950 worth after all costs.

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This guide is for general information only. Bank fees and exchange rate margins vary and are subject to change. Always compare total costs before sending. Last updated August 2026.

Sources: moneytransfer.com.au — SWIFT and Correspondent Fees (December 2025) | Airwallex — Telegraphic Transfer (July 13, 2026) | Statrys — Telegraphic Transfer (April 2026) | savings.com.au — What is a Telegraphic Transfer (January 2026) | Revolut Australia — What is a Telegraphic Transfer (May 2026) | Cambridge Currencies — SWIFT Transfers Guide (April 2026) | Stripe — Wire Transfers in Australia (February 2026)