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.
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.
Transfer will be determined at the time of the transfer.
How to order?
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Travelex Limited (ABN 36 004 179 953, AFSL 222444) is the issuer of, or may arrange for, the issue of these products to you. For further details, Product Disclosure Statements (PDS) are available and can be obtained from ECU, or can be viewed at www.travelex.com.au. You should review the relevant PDS before deciding to acquire the product.
For further information, please refer to the relevant (Telegraphic Transfers and Forward Exchange Contracts) Product Disclosure Statement (PDS). The information contained in this document has been prepared without taking into account your objectives, financial situation or needs. You should read the PDS and consider the appropriateness of International Payments in relation to your individual requirements. International Payments are arranged through American Express International, Inc. (ABN 15 000 618 208, AFSL No. 237996). Incorporated with limited liability in Delaware, USA. ® Registered trademark of American Express Company.PDF can be found here.
