How do I receive money from overseas?
When you’re expecting money from someone abroad, you want to know it will make it into your account as fast as possible, and with minimal stress and hassle. That’s exactly what we offer. You can count on us for a reliable and secure transaction.
Inward Telegraphic Transfer
What is an Inward Telegraphic Transfer?
An Inward Telegraphic Transfer (ITT), which is also known as an “inward wire”, is an electronic transfer of funds directly credited to your account from an overseas remitter. In most cases, an ITT is the quickest way to receive funds from abroad, normally taking two to three business days1 to be credited to your account, although this time may vary.
How does it work?
The remitter should send the funds in their own currency, and Western Union Business Solutions will convert them into Australian dollars before forwarding to RACQ Bank for credit to your account. Funds can be received in a range of currencies.
Why should I ask my sender to use this service?
ITTs provide a number of benefits for both you and the sender, including:
- Better value for you – you are not charged a beneficiary deduct fee2, so you will receive the full amount of your incoming payment.
- Better value for senders – the transaction is completed as a local transfer.
- Peace of mind – you can be confident that their payments are being handled by foreign exchange specialists with reliable systems ready to deliver their payments fast.
- Exchange rate guarantee. Lock in a competitive exchange rate for 72 hours3.
- Wide range of currencies available.
What do I need to do to receive money?
The quickest way to receive money from overseas is to complete the Inward Payment form.
It should only takes a few minutes, and requires you to:
- Choose the country from which you are receiving funds
- Complete the relevant information in the form and submit.
You will then be presented with the PDF deposit instructions. Please save this for your reference and email it to your payer to follow payment instructions.
You will need to ask the sender to:
- Present these instructions to their bank when sending the payment to you
- Deposit the amount into the dedicated account as stated in the instructions, in local currency and not in AUD
- Instruct the bank teller to include a payment note to RACQ Bank in the bank's reference field, as specified in the PDF deposit instructions.
Complete the Inward Payment form
To learn more about ITTs, take a look at the video below.
If you’ve received a draft or cheque in a foreign currency, we can arrange to have it converted into Australian dollars for credit to your account4. Typically, personal, bank, company or government foreign currency cheques can be converted, while money orders are not accepted. You can also acquire a draft to make an overseas payment. It’s a simple way to make an international money transfer as you don’t need to know the receiver’s bank account details. Bank drafts are super handy, especially if you need to send documents or invoices to the recipient as they can be sent overseas in the mail.
Please note some conditions apply. For further information, get in touch with us or visit your local RACQ Bank branch.