Magellan Asset Management SWIFT/BIC code

SWIFT/BIC code of Magellan Asset Management

If an invoice shows MGAGAU21 or MGAGAU21XXX, it is the identical address for Magellan Asset Management in Australia. Banks worldwide use BIC codes to direct international transfers to the correct institution. It comes up mostly for transfers between countries and payments in foreign currencies.

This page is meant to help anyone who sends money to an account at Magellan Asset Management and wants to get the details right. The SWIFT code on its own cannot identify a personal account; that is what the account number or IBAN .

Paying someone abroad from your Magellan Asset Management account

What you pay for an international transfer is made up of more than one component, and the transfer fee is only the most visible one. On top of a fixed fee, correspondent or intermediary banks can take a cut, and when the money changes currency the bank often uses a rate below the real market rate.

The real cost is often in the rate, not in the fee: many banks convert using an exchange rate that includes a margin. A simple test: set the bank’s rate against the mid-market rate and look at the difference.

For many routes, a transfer service is cheaper than a traditional bank transfer. On GoldexPay you can compare what recipients receive with different services, so you can pick the cheapest route. You can still keep your account at Magellan Asset Management to fund the transfer, while a cheaper service handles the conversion.

How long does an international transfer to Magellan Asset Management take?

There is no single answer for international payments: some arrive within a day while others need several business days. Transfers sent after the cut-off time or on weekends and holidays often go out the next business day. Extra checks on larger or unusual payments may also add a delay, even when all details are correct.

Many banks use SWIFT gpi for faster and traceable payments. Each payment carries a unique reference, the UETR, which your bank can use to see where the money is. Money transfer services often show tracking online showing where the payment has got.

If a payment has not arrived after a few business days, the person who paid needs to start with their own bank, not the receiving bank. On the receiving end, you can check your account for a slightly lower amount.

Head office or branch code at Magellan Asset Management?

Magellan Asset Management has 2 separate SWIFT/BIC codes. One of them is the head office code, MGAGAU21XXX; the rest identify branches, and sometimes specific services.

In most cases there is no need to look up a branch: payments sent to MGAGAU21XXX are routed within Magellan Asset Management without problems. When you receive a branch code, use it as it is instead of swapping it for the head office code.

The best way is to copy the code directly from the account holder’s statement. Codes for branches are more prone to change than MGAGAU21XXX.

The Australian Dollar and what conversion costs you

Australia uses the Australian Dollar. Money sent in a different currency is converted into AUD. You rarely see a separate line for the conversion – the cost sits in the rate.

Who converts the payment makes a difference, because each party uses its own rate. Transferring the money already in AUD usually prevents a second conversion.

Exchange rates move all the time – some services let you fix a rate in advance. If you pay regularly, a slightly better rate make a real difference over a year.

Where our SWIFT data comes from

Our SWIFT/BIC directory is compiled from public sources and is updated regularly. It is possible that a code here is no longer current after a merger or reorganisation. The number of codes we show are based on our own data, not official figures from Magellan Asset Management.

Treat the information on this page as a helpful check and rely on the recipient or Magellan Asset Management for the final confirmation. GoldexPay has no connection to Magellan Asset Management, we only compare transfer services. Found an error? Tell us through the contact page so we can correct it.

Scams that use SWIFT codes

Stay alert when a contact unexpectedly asks you to pay into another account abroad. The fact that MGAGAU21 exists is no guarantee that the account is genuine; criminals use the codes of real banks too.

Check changed bank details through a different channel like a call to a number from an earlier contract, never via the email that asked for the change. Watch out for time pressure, unusual wording or a sender address that is slightly off. If money was sent to a fraudster, call your bank right away – speed improves the chance of getting it back.

Scams also work the other way: someone claims to have sent more than agreed and wants you to refund the difference via a different route. A screenshot of a transfer is no proof; only your own account shows what has arrived.

MGAGAU21 or MGAGAU21XXX – which one to use?

Each SWIFT/BIC code has an 8-character core: a four-letter bank code, two letters for the country and a two-character location code. Combined, those parts make up MGAGAU21 – the version you usually see online.

Most payment forms work with both lengths. If a form requires eleven characters, enter MGAGAU21XXX, otherwise MGAGAU21 is fine.

Do not add spaces when you type MGAGAU21 or MGAGAU21XXX. Look out for the letter O and the digit 0 or I versus 1.

What to give a sender who pays you at Magellan Asset Management

A sender in another country needs a few details from you – incomplete details often cause delays. Give them your name as the bank knows it, the IBAN or account number, SWIFT code MGAGAU21XXX and your address.

Certain banks want the address of Magellan Asset Management in Sydney. A mistake in the IBAN can be more trouble than it looks, so copy the details from your online banking.

Do not be surprised if the incoming amount is below the amount on the sender’s receipt. Fees for incoming transfers differ from bank to bank – the price list of Magellan Asset Management tells you what applies. Agree with the sender who covers the fees.

Before you send: check the Magellan Asset Management code

Ask the recipient to send you their bank details straight from their online banking. When the code you were given differs from MGAGAU21 or MGAGAU21XXX, do not guess.

Mistakes in the BIC are costly rather than disastrous: often the payment comes back, minus fees. Do not forget the account number: a mistake there can be harder to undo than a wrong code.

A format check by your bank only tells you that the code exists, not that it is the right account. If your bank offers it, a name check on the recipient gives an extra layer of safety. For a first payment, many people start with a small amount first.