How to send money overseas

At RACQ Bank, we make it easy for you to send money overseas. Whether you’re buying from an international supplier, or you’ve got friends and family abroad, we’ve got two secure ways you can make international transfers. With the help of a Telegraphic Transfer or bank draft, RACQ Bank can ensure your international money transfer needs are met.

Telegraphic Transfer

Telegraphic Transfer – also known as wire transfer – allows you to transfer money to an overseas bank account in over 200 countries and territories with over 130 currencies available. Funds are deposited directly to the beneficiaries bank account.

  • Fast and reliable
    Telegraphic Transfers can be more secure than sending a cheque or Draft, as funds are credited directly to the beneficiaries account. In most cases a Telegraphic Transfer is the quickest way to send funds internationally, taking an average of 5 business days, this does depend on the banks involved as well as the currency and country.
  • Cost effective
    A Telegraphic Transfer is a cost-effective way of sending large amounts of money overseas. Check out the Foreign Exchange Fees section of our Fees & Charges Schedule for more information on Overseas Telegraphic Transfer fees.
  • Wide range of countries and currencies
    • Send in over 130 currencies
    • Send to over 200 countries and territories

Bank Draft

A bank draft is like a bank cheque, but it’s made out in a foreign currency. It’s a straightforward way to make an international money transfer, as you don’t need to know the receiver’s bank account details. Bank drafts can be sent in the mail, which makes them particularly handy if you need to send documents or invoices to the recipient.

  • Easy
    Drafts may be purchased in a variety of foreign currencies. The currencies available are subject to change.
  • Simple
    A draft provides an economical method of transferring funds to a specific company or persons overseas. There’s no need to know the recipient’s bank details.
  • Convenient
    Send the draft with accompanying letters or invoices enclosed.
  • Protected
    If your draft goes missing, a replacement may be issued. Check the Drafts Product Disclosure Statement available on our downloads page for more information.
  • Secure
    Bank drafts are non-negotiable and, unless you’ve endorsed the draft, they can only be credited to the recipient’s bank account.

Frequently asked questions about sending money overseas

While you're here

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Receiving money from overseas

Find out how RACQ Bank can help you securely receive money from international senders.
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Taking money overseas

Use your RACQ Bank Visa Debit card to spend your money overseas and use international ATMs.

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 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 (other than Drafts) 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. WUBS offers Drafts directly to our members. If you are seeking to acquire Drafts, it is important for you to consider the Product Disclosure Statement (“PDS”) and any other relevant WUBS documents before you decide whether or not that financial product is right for you. A PDS is available either from RACQ Bank or on the Compliance & Legal section of the WUBS website (http://business.westernunion.com.au/).

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.

1Funds are usually transferred from your account by the next business day. The beneficiary bank will then allocate the funds to the beneficiary’s account. There is no delivery time guarantee. Some currencies may take longer than others to process.

2IBAN is used in some countries to uniquely identify a customer’s bank account. An IBAN is necessary for payments being sent from Australia to an IBAN mandatory country.

3Please note that International Payments are sent via a network of correspondent banks, which sometimes levy a small handling charge on your payment. Any such fees, and payment delays, are out of our control.