How to receive money from overseas

With RACQ Bank, getting money from an overseas sender has never been easier. Whether you’re transferring savings to your Australian account, receiving money from an overseas business, or getting financial support from your family, we're here to streamline the process. RACQ Bank has teamed up with foreign exchange specialists Convera, to bring you a better deal on fast, reliable payments from overseas*.

Inward Telegraphic Transfer

An Inward Telegraphic Transfer – also known as wire transfer – allows you to receive funds from an overseas bank account. Funds are deposited directly to your RACQ Bank account from an overseas remitter.

  • No RACQ Bank transfer fees^

    RACQ Bank doesn’t charge you an Inward Overseas Telegraphic Transfer fee^, so you are more likely to get the full amount of your incoming payment.

  • Better value for senders
    Your sender can pay you in their local currency and you can still receive in Australian dollars.
  • Reliable systems
    You can feel confident knowing foreign exchange specialists are using reliable, fast systems to handle your payment.

How to receive money via Inward Telegraphic Transfer

  • icon-step-1
    Fill out the Inward Payment form
    It takes approximately ten minutes to fill out Convera's online form. Be sure to have bank account details and addresses on hand.
  • icon-step-2
    Save and share PDF Payment Instructions
    After you submit the Inward Payment form, you’ll be given a PDF containing payment instructions. Email the PDF Payment Instructions to your payer so they can organise the transfer. Save the PDF Payment Instructions file for your future reference.
  • icon-step-3
    Sender organises the transfer
    The sender must present the PDF Payment Instructions to their bank and deposit the amount into the account listed on the PDF (in local currency not AUD).

Things to note

Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.

Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

RACQ Bank has entered into contractual arrangements with Convera Australia Pty Ltd (ACN 150 129 749 AFSL 404092 formerly known as Western Union Business Solutions (Australia) Pty Ltd), to assist it with processing foreign currency cheques and in fulfilling certain foreign exchange and payment services. The relationship relating to the services described is solely between you and RACQ Bank. Fees and charges may apply, please refer to the terms and conditions issued by RACQ Bank, which will vary depending upon the financial product.

Any advice provided by RACQ Bank is general in nature and does not take into account your personal objectives, financial situation or needs. Convera Australia Pty Ltd does not give you any advice, general, personal or otherwise. This communication has been prepared solely for informational purposes and does not in any way create binding obligations. No representations, warranties or conditions of any kind, express or implied, are made in this communication. 

*Funds are usually received by RACQ Bank within 2-3 business days, funds will then be allocated to your nominated account. There is no delivery period guarantee. Some currencies may take longer than others to process.

^Payments may be sent via a network of correspondent and/or intermediary banks. In some instances, such banks may charge a small handling fee, which is out of the control of Convera Australia Pty Ltd or RACQ Bank.