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. Simply decide if a Telegraphic Transfer or a foreign cheque is best suited to your needs, and we’ll help you with the rest.

Inward Telegraphic Transfer

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

  • Full funds transfer

    RACQ Bank won’t charge you an Inward Overseas Telegraphic Transfer fee2, so you’ll get the full amount of your incoming payment.

  • Better value for senders
    Inward Telegraphic Transfers are completed as a local transfer and Western Union doesn’t charge the sender a payment processing fee.
  • Reliable systems
    You can feel confident knowing foreign exchange specialists are using reliable, fast systems to handle your payment.
  • Lock in an exchange rate
    Western Union will guarantee a competitive exchange rate for 72 hours3.
  • Currency converted
    The remitter should send funds in their own currency, and Western Union Business Solutions will convert them to Australian dollars for you.

How to receive money via Inward Telegraphic Transfer

  • icon-step-1
    Fill out the Inward Payment form
    It takes ten minutes to fill out Western Union’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. Save this file for future reference and email it to your payer so they can complete the next step.
  • icon-step-3
    Sender organises the transfer
    The sender must present the PDF Payment Instructions to their bank, deposit the amount into the account listed on the PDF (in local currency not AUD).

Foreign cheque

If you’ve received a cheque in a foreign currency, we can arrange to have it converted into Australian dollars and credited to your account4. Personal, bank, company, and government foreign currency cheques can be converted, while money orders are not accepted.

Please note some conditions apply. For further information, call 13 1905 or visit your local RACQ store.

Frequently asked questions about receiving money from overseas

While you're here


Sending money overseas

Know your international transfer will arrive on time with an RACQ Bank Telegraphic Transfer.

Taking money overseas

Use your RACQ Bank Visa debit card to spend and withdraw money overseas quickly and securely.

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 Western Union Business Solutions (Australia) Pty Ltd (ACN 150 129 749; AFSL 404092) trading as Western Union Business Solutions (“WUBS”), to assist it with processing foreign currency cheques and in fulfilling certain foreign exchange and payment services. WUBS is a business unit of The Western Union Company. 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. WUBS 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.

1 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.

2 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 WUBS or RACQ Bank.

3 Periodic comparisons are made against publicly available rates for comparable services from 4 Australian Banks. Funds must be received by Western Union Business Solutions within 72 hours of the rate quote in accordance with payment instructions for the rate guarantee to be honoured.

4 In some instances intermediary banks may levy additional fees and / or other charges. This is beyond the control of Western Union Business Solutions.