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Drafts and Outward Telegraphic Transfers


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?

Like a bank cheque made out in a foreign currency, Drafts are an easy and affordable way to make payments overseas. Drafts can be sent via the mail and are available in a wide range of currencies.

Available Currencies

AED United Arab Emirates Dirham KES Kenyan Shilling
AUD Australian Dollar MXN Mexican Peso
BHD Bahraini Dinar NOK Norwegian Krone
CAD Canadian Dollar NZD New Zealand Dollar
CHF Swiss Francs PHP Philippine Peso
DKK Danish Krone SAR Saudi Arabian Riyal
EUR Euro SED Swedish Krona
FJD Fijian Dollar SGD Singapore Dollar
GBP British Pound Sterling THB Thai Baht
HKD Hong Kong Dollar USD United States Dollar
INR Indian Rupee XPF Tahitian Franc
JPY Japanese Yen ZAR South African Rand

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 $12.50. 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.

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. This enables you to respond swiftly to a special deal or financial agreement efficiently and with confidence. If the information provided for the transfer is correct, the funds transferred overseas will usually reach the receiver's account within three business days, if not sooner. Please note, it may take longer depending on the currency, country and bank that you are sending money to. 

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 - Over 130 currencies available

AED United Arab Emirates Dirham NOK Norwegian Krone
CAD Canadian Dollar NZD New Zealand Dollar
CHF Swiss Francs SEK Swedish Krona
DKK Danish Krone SGD Singapore Dollar
EUR Euro THB Thai Baht (Govt. Restrictions)
FJD Fijian Dollar GBP British Pounds Sterling
HKD Hong Kong Dollar USD United States Dollar
JPY Japanese Yen ZAR South African Rand
Other currencies - we can also send Telegraphic Transfers in a range of minor currencies. Contact us to enquire.

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 3 business days 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 complete the Telegraphic Transfers Order Form, 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. This includes:

  • Beneficiary Bank Full Name
  • Beneficiary Bank Full Address
  • Account Number
  • Beneficiary's Full Name
  • Beneficiary's Residential Address
  • Purpose (Reference)

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
  • New Zealand: Bank code
  • Malaysia: National ID number or Company number
  • USA: ABA or routing code

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.

WARNING: The advice contained in this document has not taken into account your objectives, financial situation or needs. Before acting upon it, you should consider its appropriateness with regard to your objectives, financial situation and needs.

All product terms and conditions are subject to change.

The financial products (Drafts and Telegraphic Transfers) referred to in this communication are provided by Western Union Business Solutions (Australia) Pty Ltd ABN 24 150 129 749 AFSL 40409, trading as Western Union Business Solutions under its agreement(s) with Heritage Bank. Fees & Charges and Terms & Conditions apply. Disclosure documents (PDS) are available for the Telegraphic Transfers and Drafts products and can be obtained from your local Heritage branch, or the Drafts PDS is available here. Travelex is a registered trademark and is used by Travelex Global Business Payments Limited and its group of companies under licence.

* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Interest rates are on a per annum basis. Rates and special offers are correct as stated but subject to change without notice. Discounts shown are not available in conjunction with any other interest rate discount or special offer, and do not apply to internal refinances.