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Options to suit you

Whether it’s making a payment to an international supplier or providing funds to family or friends abroad, we provide you with a couple of different options to choose from. Each option is simple and secure, and offers a different way to send money, based on your needs and whether or not you have the recipient’s bank account details.

Telegraphic Transfer

What is a Telegraphic Transfer?

A Telegraphic Transfer (TT), which is also known as a “wire”, is an electronic transfer of funds directly credited to a beneficiary’s overseas bank account. It’s a super flexible way to send money internationally, with a choice of more than 130 currencies on offer – download the complete list of currencies available.

Why should I use a Telegraphic Transfer?

In most cases, a TT is the quickest way to send funds abroad, normally taking one to two business days to reach the beneficiary. Sending a TT in the beneficiary’s currency is usually more cost effective and helps ensure the funds are credited more quickly, as the payment can go "straight through".

What details do I need to send a Telegraphic Transfer?

You will need to provide full details of the receiver’s bank account, including their International Bank Account Number (IBAN) if they are in Europe. To comply with Australian Government regulations, you must also provide the beneficiary’s full street address.

Please note that TTs are sent via a network of correspondent banks, which sometimes levy a small handling charge on your payment. Any such fees are totally out of RACQ Bank and Western Union Business Solutions’ control. Given that a network of banks is used to complete your TT, the time it takes for your payment to be credited cannot be guaranteed.

Get started

If you have decided that a TT is the payment method for you, download and complete a Foreign Bank Telegraphic Transfer form or visit your local RACQ Bank branch.

Draft

What is a Draft?

A Draft is like a bank cheque made out in a foreign currency. It’s another way for you to make payments and settle a transaction overseas, especially if you don’t have the receiver’s electronic bank account details. Drafts can be sent overseas via mail and are available in a wide range of currencies.

Why should I use a Draft?

A Draft offers a range of benefits, including:

  • Access to more than 25 currencies – download the complete list of currencies available .
  • Convenience, as it can be enclosed with letters or invoices and forwarded direct to the payee.
  • Should your Draft go missing in transit, upon your notification, Western Union Business Solutions will normally be able to put a stop on it and issue a replacement. Conditions apply – click here for a Drafts Product Disclosure Statement.
  • Added security, as Drafts are a non-negotiable instrument and can only be credited to the payee’s bank account, unless the payee has endorsed the Draft.

What transfer details do I need to supply?

For us to arrange the Draft, you will need to provide us the details of the person you’re sending the money to (the beneficiary). We will need their:

  • Full name
  • Full street address.
  • We will also need from you:
  • Any special instructions for the transfer
  • Currency and amount.

Get started

If you have decided that a Draft is the payment method for you, download and complete the Foreign Bank Draft Order form or visit your local RACQ Bank branch.

Work out the numbers

To get an idea of what you money is worth against overseas currencies, get in touch with your local RACQ Bank branch for today’s foreign exchange rates.