How do I transfer money overseas?

At RACQ Bank we make it easy for you to manage your money - whether you’re making purchases at home or overseas. If you’re buying from an international supplier, or you’ve got friends and family abroad, we’ve got two secure ways you can transfer money overseas.

Through a telegraphic transfer or a simple draft; our seamless international money transfers ensure your money’s going exactly where you need it to, every time. You can trust RACQ Bank to break down the barriers of international transfers so you can pay with ease.

What’s a telegraphic transfer?

A Telegraphic Transfer, also known as a wire or TT for short, is an electronic transfer of funds to an overseas bank account. It’s a super flexible way to complete an international money transfer, plus with a choice of more than 130 currencies available – you can make sure you’re sending the right amount, every time.

Why should I use a telegraphic transfer?

A telegraphic transfer is usually the quickest way to send money overseas to a recipient1. It’s usually more cost effective for you and easier for the recipient as the money’s available in their currency as soon as it’s cleared. Because your money goes through a network of other banks the time it takes to be cleared can’t be 100% guaranteed.

How do I send a telegraphic transfer?

You’ll need a few details to complete a telegraphic transfer. Ensure you’ve got the full details of the receiver’s bank account, including their International Bank Account Number (IBAN)2 if they’re in Europe, and you may also need their full street address.

What does it cost to send a telegraphic transfer?

When you arrange a telegraphic transfer your money will go through a network of correspondent banks that may charge a small handling fee3. Any such charges are totally out of RACQ Bank and Western Union Business Solutions’ control. You can check out our Fees and Charges Schedule to see exactly what you’ll pay to arrange a TT with RACQ Bank.

Send a telegraphic transfer

Ready to send money overseas? Just download and complete our Foreign Bank Telegraphic Transfer form, or visit your closest RACQ Bank branch to get started.

What’s a draft?

A draft is like a bank cheque but it’s made out in a foreign currency. 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.

Why should I use a draft?

A draft offers a range of benefits including;

  • easy – available in more than 25 currencies
  • simple – no need to know the recipients bank details
  • convenient – send the draft enclosed with letters or invoices
  • protected – if your draft goes missing a replacement may be issued. Check our Drafts PDS for more info
  • secure – non-negotiable and can only be credited to the recipient’s bank account, unless you’ve endorsed the draft.

How do I send a draft?

We can arrange the draft if you provide us with the following details;

  • recipient’s full name
  • recipient’s full street address
  • any special instructions for the transfer
  • currency and amount.

Please note: AUD and NZD draft services are not available. If you have an AUD or NZD payment to make, an alternate option is a telegraphic transfer.

What does it cost to send a draft?

Check out our Fees and Charges Schedule and see exactly what you’ll pay to arrange a draft with RACQ Bank.

Send a draft

Ready to make an international transfer? Download and complete a Foreign Bank Draft Order form or visit your closest RACQ Bank branch to get started.

International exchange rates

Want to know what your cash is worth in another currency? View the exchange rate calculator and list of rates.