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Sending money via Telegraphic Transfers
A Telegraphic Transfer (also known as a “Wire”) is an electronic transfer of funds directly credited to a beneficiary’s overseas bank account. A choice of more than 130 currencies is offered – click here for more details.
Telegraphic Transfers are normally used to directly credit accounts overseas, and are a quicker method of sending funds than drafts.
By sending a Telegraphic Transfer in the beneficiary’s currency you generally receive greater certainty on your payment – you can effectively “ lock in” the exchange rate, and know exactly how much is being transferred.
You can process a Telegraphic Transfer (also known as an International Payment) via Internet Banking.
Receiving money via Telegraphic Transfers
What is an Inward Telegraphic Transfer?
An Inward Telegraphic Transfer (also known as an “Inward Wire”) is an electronic transfer of funds directly credited to your account from an overseas remitter. In most cases a TT is the quickest way to receive funds from abroad (a TT will normally take two-to-three business days to be credited to your account, although this can never be guaranteed).
How does it work?
The remitter should send the funds in their own currency, and Western Union Business Solutions will convert them into Australian Dollars before forwarding to Broken Hill Community Credit Union for credit to your account. Funds can be received in a range of currencies – click here for more information.
Why should I ask my sender to send money via this service?
· Better value for you – you are not charged a beneficiary deduct fee, so you will receive the full amount of your incoming payment.
· Better value for senders – no fee is charged by Western Union Business Solutions to process your payment
· Peace of mind – you can be confident that their payments are being handled by foreign exchange specialists with reliable systems ready to deliver your payment fast.
· Wide range of currencies
What do I need to do to receive money to my account?
1. Click on the this link
2. Choose the country you are receiving funds from.
3. Complete the relevant information in the online form and submit.
4. You will be then presented with the PDF deposit instructions. Please save it for your reference and email it to your payee/ follow payment instructions.
5. Ask the sender to :
· present these instructions to their bank when sending the payment to you
· deposit the amount into the dedicated account as stated in the instructions in local currency and not in AUD
· instruct bank teller to include payment note CAU*****-FI******* in the bank’s reference field as specified in the PDF deposit instructions.
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The services described are provided to you by The Broken Hill Community Credit Union Ltd. The Broken Hill Community Credit Union Ltd has engaged Western Union Business Solutions (Australia) Pty Limited (ACN 150 129 749; AFSL 404092) (“WUBS”) to assist it in fulfilling these services. You remain a customer of The Broken Hill Community Credit Union Ltd at all times. WUBS does not give you any advice (general, personal or otherwise). Any advice provided to you is given by The Broken Hill Community Credit Union Ltd. Western Union Business Solutions is a business unit of the Western Union Company.
1. Based on periodic comparisons against publicly available rates for comparable services from 4 Australian banks.
2 Payments are usually received by the beneficiary within 2 to 3 business days after receipt of funds by WUBS in accordance with payment instructions. There is no delivery period guarantee. Some currencies may take longer than others to process.
3 The Broken Hill Community Credit Union Ltd and WUBS do not charge fees on incoming international payments. For incoming international payments, WUBS processes over 25 currencies fee-free however some exotic or other currencies may attract fees. In some instances, intermediary banks may levy additional fees and/or charges. For outgoing international payments, please note that fees, charges, terms and conditions apply and may vary depending upon the financial product.
A Draft is like a bank cheque made out in a foreign currency. It’s another way for you to make payments and settle a transaction overseas, especially if you don’t have the receiver’s electronic bank account details. Drafts can be sent overseas via mail and are available in a wide range of currencies. A choice of more than 25 currencies is offered – click here for more details.
Drafts Product Disclosure Statement
Call us on (08) 8088 2199 for more information.