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Telegraphic Transfers

THE SAFE WAY TO TRANSFER MONEY OVERSEAS

Do you want to buy an overseas property but are unsure as to how you can make the payment from here? Maybe you need to send wages or salaries to employees working abroad? Or do you simply want to send funds to a family member or friend living overseas.

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    CurrencyCode 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 (Govt. Restrictions)
 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 Guinea 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.


Fees & Commissions

How much do they cost?

There is a $20.00 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.


How to order

Simply pop into your local Queenslanders branch or call QConnect on 1800 177 278 and speak with one of our friendly service officers.

 

 

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