Inward wired funds just got better.
Another part of our Better Banking strategy is our Inward Payments service. Here, Members receive funds from overseas via telegraphic transfers, but with no ‘beneficiary deduct’ fees.
What is an Inward Telegraphic Transfer?
An Inward Telegraphic Transfer (also known as an “Inward Wire”) is an electronic transfer of funds directly credited to your account from an overseas remitter. In most cases a TT is the quickest way to receive funds from abroad (a TT will normally take two-to-three business days to be credited to your account, although this can never be guaranteed).
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 Police Credit Union for credit to your account. Funds can be received in a range of currencies. Click here to see the pdf of currencies.
Why should I ask my sender to send money via this service?
Better value for you – you are not charged a beneficiary deduct fee, so you will receive the full amount of your incoming payment.*
Better value for senders – the transaction is completed as a local transfer.
Better 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.
Wide range of currencies – receive transfers from more currencies worldwide.
What do I need to do to receive money to my account?
- Click on the link Receive money from overseas.
- Choose the country you are receiving funds from.
- Complete the relevant information in the online form and submit.
- You will be then presented with the PDF deposit instructions.
Please save it for your reference and email it to your payee/follow payment instructions.
- 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 bank teller to include payment note POLSA 01942-FI >your name< in the bank’s reference field as specified in the PDF deposit instructions. This will be self-generated when the web tool is used.
Need more information? Please contact us: