How to send money overseas

How To Send Money Overseas

With the world getting smaller and more people travelling and living overseas, it is becoming common for people to send money out of the country.

There are two common ways to transfer money overseas:

  1. Telegraphic Transfer
  2. Draft

Telegraphic Transfers

A Telegraphic Transfer is a way to transfer money easily and quickly to someone overseas.

The money usually arrives in the beneficiary’s bank account within 1-2 business days, and will arrive in their currency – which you select when setting up the transfer. And with 130 currencies available you are sure to find one suitable.

Have you ever had to send money overseas? What was the experience like? Let us know in the comments below.

Similar to a transfer

A Telegraphic Transfers behave very similar to an external transfer, but because the money is heading overseas – and into a foreign bank – there are a few additional pieces of information you will need to provide above the usual BSB and Account numbers:

  • Full details of the beneficiary’s bank account, including their IBAN (International Bank Account Number) if they are in Europe
  • To comply with Australian Government regulations you must also provide the beneficiary’s full street address

Given the network of banks that may be used when transferring your money, there are a couple of things you will need to be aware of:

  • Some receiving banks levy a small handling charge on your payment.
  • The time it takes for your payment to be credited cannot be guaranteed

How do I set up a Telegraphic Transfer?

There are several ways you can organise a Telegraphic Transfer:

  • By coming into one of our branches
  • Calling us on 1800 753 377

Find out more details about Telegraphic Transfers on our product page.

Drafts

A Draft is like a bank cheque made out in a foreign currency.

The advantage of having a physical cheque (instead of using an electronic transfer like a Telegraphic Transfer) is you can send it with a letter or card. This can be handy for birthdays, Christmas, or any other celebration.

Advantages of using a Draft:

  • Access to more than 24 currencies
  • Can be enclosed with letters or invoices and forwarded direct to the beneficiary
  • Should your Draft go missing in transit, we may be able to put a stop on it and issue a replacement
  • Offers security around payment – Drafts can only be credited to the beneficiary’s bank account.

Like a Telegraphic Transfer, you will need to provide us some additional information when arranging a Draft:

  • Person’s full name
  • Person’s full street address
  • Any special instructions for the transfer
  • Currency and amount.

How do I set up a Draft?

There are several ways you can organise a Draft:

  • By coming into one of our branches
  • Calling us on 1800 753 377

To find out more about Drafts have a look at our product page.

Whether you send money to someone overseas electronically or via a Draft, it is good to know you have some options.

If you need to send money overseas, find out more about how on our website.

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Queenslanders Credit Union offers an array of awesome home loans and car loans, an online savings account, and useful everyday transaction accounts to suit every need, as well as offering insurance and financial advice. Find out more about us.


Posted in Banking Education

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