Drafts & Telegraphic Transfers

Drafts

If you are looking for a cost effective way to send money overseas, then consider sending your funds via a Draft.

So long as 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.

Available Currencies

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 usually 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

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.

Document Purchases

If you have a foreign document i.e. an overseas pension cheque, a foreign Draft, Travellers Cheques left over from your holiday, or a foreign cheque you have received for goods or services, we can assist. Working in conjunction with our partner Travelex, we can arrange the cashing of these documents as you require.

This is a very handy service if you are a regular traveller dealing in foreign cheques or your salary is paid by cheque from a foreign bank. If you would like to know more about this service, talk to us today.

Cash Repurchase

Through our partner Travelex, we can repurchase cash from you, once you have returned from your overseas holiday. We offer a fast and efficient service and the funds are credited to your account overnight. We accept a large range of currencies for repurchase and our customer service team are always on hand to assist.

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

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
• They are an economical way of transferring a large amount of funds overseas

What details do I need to provide?

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 the residential address for the receiver, as well as details of the account that the funds will be transferred to.

You may also 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

How much do they cost?

Telegraphic Transfers sent in AUD to a country with different currency will attract a $50.00 fee.

If Telegraphic Transfer is sent to a country in accepted currency (e.g. USD to USA) a $30.00 fee will be charged. Also a $30.00 fee will be applicable for Telegraphic Transfers within Australia.

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.