A new service available through Police Credit Union’s internet banking.
You can now use our internet banking service to reliably and conveniently send money overseas to more than 200 countries and territories, in over 130 different currencies.
If you can’t make it into a branch, or need to send money overseas on the fly, you can easily make an International Telegraphic Transfer (TT) using our online banking service via your computer or laptop.
Simply log on to your online banking account, go to the Transfer tab and select Telegraphic Transfers. The country specific information and ‘help text’ will guide you through your transfer from start to finish.
What is a Telegraphic Transfer (TT)?
A Telegraphic Transfer (also known as a “Wire”) is an electronic transfer of funds directly credited to a beneficiary’s overseas bank account. A choice of more than 130 currencies is offered. Click here to see the pdf of currencies.
Why should I use a TT?
- In most cases a TT is the quickest way to send funds abroad (a TT will normally take one to two business days* to reach the beneficiary), and is a reliable way to send funds to a bank account internationally.
- 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 TT?
- You will need to provide full details of the beneficiary’s bank account.
- To comply with Australian Government regulations you must also provide the beneficiary’s full street address.
- We recommend that you arrange for a TT to be sent in the beneficiary’s currency, as this removes any need for further currency conversion, making it a quicker and cheaper process.
- When transferring to an overseas account there are a few countries that need a bit of extra information, so make sure you have it handy:
- Europe: International Bank Account Number (IBAN)
- United Kingdom: Bank Sort Code or IBAN
- New Zealand: BSB & account number
- China: A reason for sending funds
- Malaysia: National ID number
- Please note that TT’s are sent via a network of correspondent banks, which sometimes levy a small handling charge on your payment. Any such fees are out of Police Credit Union’s and Western Union Business Solutions control. Given that a network of banks are used to complete your telegraphic transfer, the time it takes for your payment to be credited cannot be guaranteed.