Telegraphic transfers are an easy way to send large amounts of money overseas quickly. A normal transfer takes approximately 72 hours. This enables you to respond swiftly to a special deal or financial agreement efficiently and with confidence.
How do they work?
In simple terms, a telegraphic transfer transmits funds electronically to an overseas bank account in a specified currency. Funds are deposited directly into the Payee’s bank account where they can be easily accessed by the Payee.
Available Currencies
| Code | Currency | Code | Currency |
| AED | United Arab Emirates Dirham |
SAR | Saudi Arabian Riyal |
| CAD | Canadian Dollar |
SBD | Solomon Islands Dollar |
| CHF | Swiss Francs |
SEK | Swedish Krona |
| DKK | Danish Krone |
SGD | Singapore Dollar |
| EUR | Euro Dollar |
THB | Thai Baht |
| FJD | Fijian Dollar |
YTL | New Turkish Lira |
| HKD | Hong Kong Dollar |
TOP | Tonga Pa'anga |
| JPY | Japanese Yen |
GBP | British Pounds |
| MXN | Mexican Peso | USD |
United States Dollar |
| NOK | Norwegian Krone |
VUV | Vanuatu Vatu |
| NZD | New Zealand Dollar |
WST | Western Soma Tala |
| PGK | Papua New Guina Kina | XPF | French Pacific Franc |
| PHP | Philippine Peso |
ZAR | South African Rand |
Why choose a Telegraphic transfer?
- You get certainty about when the payment was received.
- Payments can be made between local and overseas organisations or people.
- You can send a payment in most major currencies.
- A telegraphic transfer is an electronic instruction to the nominated Payee’s bank. This means it is more secure than physical payment means such as cheques or drafts (provided you have used the correct account details).
- You can include brief messages as part of the payment transaction.
- They generally are faster than drafts as the Payee normally receives payment within 24 - 72 hours of the telegraphic transfer being sent (in some cases it may take slightly longer).
- They are an economical way of transferring a large amount of funds overseas.
You will need to provide some additional information when sending a telegraphic transfer to the following countries:
- Europe: International Bank Account number (IBAN) – the IBAN incorporates the bank, sort code and account number
- United Kingdom: IBAN or sort code
- New Zealand: BSB
- Malaysia: National ID number
Important to note:
The Telegraphic Transfer details must be clearly communicated and 100 % accurate. Any errors may increase the time taken for Your Payee to receive funds.
To request a Telegraphic Transfer you will need to provide your residential address and a residential address for the receiver of the transfer, as well as details of the account that the funds will be transferred to.
How much do they cost?
There is a $33.00 fee for each Telegraphic Transfer. However, commissions are subject to change from time to time. The exchange rate for your Telegraphic Transfer will be determined at the time of the transfer.
