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.