bank mecu - responsible banking

telegraphic transfers

• saving & investing account rates, fees and charges
• saving & investing account significant terms and conditions

features & comparisons

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.

• Available

  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

  available currencies

  Code	Currency	Code	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	TOP	Tonga Pa’anga
  JPY	Japanese Yen	GBP	British Pounds
  MXN	Mexican Peso	USD	United States Dollar
  Fiji	Fijian Dollar	Solomon Islands**	Solomon Islands 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

• Available

  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
• Available

  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.

• Available

  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.

• Available

  frequently asked questions

  Click here to view answers to some frequently asked questions about telegraphic transfers.

want to know more?

call bankmecu on 132 888 or email us at mail@bankmecu.com.au