Microsoft word - telegraphic transfers and drafts website copy _nov 09_.doc

Telegraphic Transfers
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
Currency
Currency

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 general y are faster than drafts as the Payee normally receives payment within 48 - 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 wil 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
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.
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 and there may be additional intermediary fees that apply beyond our control. We
recommend you seek advice from your Financial institution should you have any concerns. The exchange
rate for your Telegraphic Transfer will be determined at the time of the transfer.
Drafts
If you are looking for a cost effective way to send money overseas, then consider sending your funds via a
draft.
If you have no time constraints, are happy using the mail and you don’t need the funds to be paid directly
into an account, then a Draft would be suitable.
How do they work?
A draft is like a bank cheque made out in a foreign currency. It’s a very easy and affordable way for you
to make payments or settle a transaction overseas. Drafts can be sent overseas via the mail and are
available in a wide range of currencies.
Note: Before acquiring a Foreign Draft, you should refer to Travelex’s Drafts Product Disclosure
Statement and the accompanying Financial Services Guide.
Available Currencies
Code
Currency
Currency

Talk to us today about how we can help you sell and repurchase foreign documents.

Why are Drafts so popular for overseas payments?
• Drafts may be enclosed with letters or invoices and forwarded direct to the Payee.
• If a draft is lost or stolen the draft can usual y be stopped and a new draft issued. However, it is
important to note that a draft can only be stopped once it has been confirmed that the draft has not
already been presented for payment. If a draft has been presented for payment it is not possible
for it to be stopped.
• A Draft is an economical method of transferring funds to a specific company or person overseas. • A Draft provides security of payment as it is a non-negotiable instrument and can only be credited to the Payee’s bank account unless the Payee has endorsed the draft.
Fees & Commissions

How much do they cost?
On average the cost is approximately $7.50. However, commissions are subject to change from time to
time. To confirm the cost come in and talk to us today. There are fees related to the stopping and re-
issue of drafts and you should refer to the Product Disclosure Statement for Drafts.
The exchange rate that will apply to the purchase of a foreign currency draft varies from day to day and
will be determined at the time of order.

Source: http://www.qccu.com.au/sites/default/files/pdf/Telegraphic%20transfers%20and%20Drafts%20website%20copy%20(Nov%2009).pdf