Telegraphic Transfers
Telegraphic Transfers
Telegraphic Transfers
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<strong>Telegraphic</strong> <strong>Transfers</strong><br />
Do you want to buy an overseas property but are unsure as to how you can make the payment from<br />
here? Maybe you need to send wages or salaries to employees working abroad? Or do you simply want to<br />
send funds to a family member or friend living overseas.<br />
<strong>Telegraphic</strong> transfers are an easy way to send large amounts of money overseas quickly. A normal<br />
transfer takes approximately 72 hours. This enables you to respond swiftly to a special deal or financial<br />
agreement efficiently and with confidence.<br />
How do they work?<br />
In simple terms, a telegraphic transfer transmits funds electronically to an overseas bank account in a<br />
specified currency. Funds are deposited directly into the Payee’s bank account where they can be easily<br />
accessed by the Payee.<br />
Available Currencies<br />
Code Currency Code Currency<br />
AED United Arab Emirates Dirham SAR Saudi Arabian Riyal<br />
CAD Canadian Dollar SBD Solomon Islands Dollar<br />
CHF Swiss Francs SEK Swedish Krona<br />
DKK Danish Krone SGD Singapore Dollar<br />
EURO Euro Dollar THB Thai Baht (Govt. Restrictions)<br />
FJD Fijian Dollar YTL New Turkish Lira<br />
HKD Hong Kong Dollar TOP Tonga Pa’anga<br />
JPY Japanese Yen GBP British Pounds<br />
MXN Mexican Peso USD United States Dollar<br />
NOK Norwegian Krone VUV Vanuatu Vatu<br />
NZD New Zealand Dollar WST Western Soma Tala<br />
PGK Papua New Guinea Kina XPF French Pacific Franc<br />
PHP Philippine Peso ZAR South African Rand<br />
Why choose a <strong>Telegraphic</strong> transfer?<br />
• You get certainty about when the payment was received.<br />
• Payments can be made between local and overseas organisations or people.<br />
• You can send a payment in most major currencies.<br />
• A telegraphic transfer is an electronic instruction to the nominated Payee’s bank. This means it is<br />
more secure than physical payment means such as cheques or drafts (provided you have used the<br />
correct account details).<br />
• You can include brief messages as part of the payment transaction.<br />
• They generally are faster than drafts as the Payee normally receives payment within 48 - 72 hours of<br />
the telegraphic transfer being sent (in some cases it may take slightly longer).<br />
• They are an economical way of transferring a large amount of funds overseas.<br />
You will need to provide some additional information when sending a telegraphic transfer to the following<br />
countries:<br />
√ Europe: International Bank Account number (IBAN) – the IBAN incorporates the bank, sort code<br />
and account number<br />
√ United Kingdom: IBAN<br />
Travelex Limited ABN 36 004 179 953
Important to note:<br />
The <strong>Telegraphic</strong> Transfer details must be clearly communicated and 100 % accurate. Any errors may<br />
increase the time taken for Your Payee to receive funds.<br />
To request a <strong>Telegraphic</strong> Transfer you will need to provide your residential address and a residential<br />
address for the receiver of the transfer, as well as details of the account that the funds will be<br />
transferred to.<br />
How much do they cost?<br />
There is a $20.00 fee for each <strong>Telegraphic</strong> Transfer. However, commissions are subject to change from<br />
time to time and there may be additional intermediary fees that apply beyond our control. We<br />
recommend you seek advice from your Financial institution should you have any concerns. The exchange<br />
rate for your <strong>Telegraphic</strong> Transfer will be determined at the time of the transfer.<br />
Travelex Limited ABN 36 004 179 953 2
Drafts<br />
If you are looking for a cost effective way to send money overseas, then consider sending your funds via a<br />
draft.<br />
If you have no time constraints, are happy using the mail and you don’t need the funds to be paid directly<br />
into an account, then a Draft would be suitable.<br />
How do they work?<br />
A draft is like a bank cheque made out in a foreign currency. It’s a very easy and affordable way for you<br />
to make payments or settle a transaction overseas. Drafts can be sent overseas via the mail and are<br />
available in a wide range of currencies.<br />
Note: Before acquiring a Foreign Draft, you should refer to Travelex’s Drafts Product Disclosure<br />
Statement and the accompanying Financial Services Guide.<br />
Available Currencies<br />
Code Currency Code Currency<br />
AED United Arab Emirates Dirham SAR Saudi Arabian Riyal<br />
CAD Canadian Dollar SBD Solomon Islands Dollar<br />
CHF Swiss Francs SEK Swedish Krona<br />
DKK Danish Krone SGD Singapore Dollar<br />
EURO Euro Dollar THB Thai Baht<br />
FJD Fijian Dollar TOP Tonga Pa’anga<br />
HKD Hong Kong Dollar GBP British Pounds<br />
JPY Japanese Yen USD United States Dollar<br />
NOK Norwegian Krone VUV Vanuatu Vatu<br />
NZD New Zealand Dollar WST Western Soma Tala<br />
PGK Papua New Guinea Kina XPF French Pacific Franc<br />
PHP Philippine Peso ZAR South African Rand<br />
Talk to us today about how we can help you sell and repurchase foreign documents.<br />
Why are Drafts so popular for overseas payments?<br />
• Drafts may be enclosed with letters or invoices and forwarded direct to the Payee.<br />
• If a draft is lost or stolen the draft can usually be stopped and a new draft issued. However, it is<br />
important to note that a draft can only be stopped once it has been confirmed that the draft has not<br />
already been presented for payment. If a draft has been presented for payment it is not possible<br />
for it to be stopped.<br />
• A Draft is an economical method of transferring funds to a specific company or person overseas.<br />
• A Draft provides security of payment as it is a non-negotiable instrument and can only be credited to<br />
the Payee’s bank account unless the Payee has endorsed the draft.<br />
Fees & Commissions<br />
How much do they cost?<br />
On average the cost is approximately $7.50. However, commissions are subject to change from time to<br />
time. To confirm the cost come in and talk to us today. There are fees related to the stopping and reissue<br />
of drafts and you should refer to the Product Disclosure Statement for Drafts.<br />
The exchange rate that will apply to the purchase of a foreign currency draft varies from day to day and<br />
will be determined at the time of order.<br />
Travelex Limited ABN 36 004 179 953 3