Telegraphic Transfers

If you need to send a large amount of money to or from an overseas bank, a Telegraphic Transfer may be the best option for you.

Asset ALT

A Telegraphic Transfer usually takes around 72 hours and provides a safe way to send and receive your money.

For a step-by-step guide showing just how easy this process is, please watch this video: http://www.youtube.com/watch?v=4JxbOrEJ47U

Requesting a transfer to an overseas bank:

Complete a Telegraphic Transfer Order Form and return it to your nearest branch. Please note the extra information below required for certain countries.

Requesting a transfer from an overseas bank:

Click on the link below to complete your request online -
https://secure.westernunion.com/forms/tt/Default.aspx?ClientId=01940-FI

Please refer to the online form for the list of available currencies.

For more detailed information and a step by step guide please refer to the additional information below.

More Information

Transfer to an overseas bank:

When transferring to an overseas account there are a few countries that need a bit of extra information, so make sure you have it handy:

  • Europe: International Bank Account Number (IBAN)
  • United Kingdom: Bank Sort Code or IBAN
  • New Zealand: BSB & account number
  • China: A reason for sending funds
  • Malaysia: National ID number

Transfer from an overseas bank:

What is an Inward Telegraphic Transfer (TT)?

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 People’s Choice for credit to your account. Please refer to the online form for the list of available currencies.

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 – the transaction is completed as a local transfer
  • Peace of mind – you can be confident that their payments are being handled by foreign exchange specialists with reliable systems ready to deliver their payments fast.

To receive money to my account please follow the steps below.

- 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 the “Payment Notes” in the bank’s reference field as specified in the PDF deposit instructions For more detailed information please refer to the Telegraphic Transfer Request page.

  1. Click on the link – Receive money from overseas
  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 the “Payment Notes” in the bank’s reference field as specified in the PDF deposit instructions

All foreign currency is issued by People's Choice Credit Union, a trading name of Australian Central Credit Union Ltd ABN 11 087 651 125 AFSL 244310 via an arrangement with Travelex Ltd ABN 36 004 179 953 and/or Access Prepaid Australia Pty Ltd ABN 47 145 452 044 . When you carry out certain foreign currency transactions - 0.20% to 1.20% of the value of the transaction is paid to us by Travelex and/or Access Prepaid.

You should consider our Product Disclosure Statements and other Disclosure Documents. This information and advice is provided without reference to your personal circumstances so you should consider whether this product fits your objectives, financial situation and needs. Contact us on 13 11 82 with any questions, or visit your nearest branch to talk with a consultant.

Copyright © 2014 People's Choice Credit Union, a trading name of Australian Central Credit Union Ltd
ABN 11 087 651 125    Australian Financial Services Licence (244310) and Australian Credit Licence (244310)    BSB 805-050