Incoming International Payments Service
Are you receiving payments from overseas?
With our Incoming International Payments Service powered by Western Union Business Solutions, you can receive money directly into your nominated bank account from almost anywhere in the world, in over 35 currencies.
Benefits to you:
- We do not charge beneficiary deduct fees1
- Timely and reliable – funds are usually received in full in 2-3 business days2
- Exchange rate guarantee. Lock in a competitive exchange rate for 72 hours,4
- Your sender can pay you in their local currency, you can still receive in AUD
Why use our Incoming Payments service over SWIFT payments?
- SWIFT transactions typically incur fees on incoming payments
- SWIFT payments can take up to 60 days to clear
If you have received a foreign cheque…
If you have received a cheque in a foreign currency, you can have it converted into Australia Dollars and deposited into your Australian bank account.5
Typically, personal, bank, company or government foreign currency cheques can be converted from over 8 currencies including USD, AUD, NZD, CAD, GBP, Euro, HKD, SFD.
At Police Credit Union, cheques are processed on collection basis.
Things to note:
- At the time of the cheque being converted from the foreign currency and deposited into your account, we will deduct any applicable fees.
- Foreign Cheques can take up to 8 weeks or more to clear
- Exchange rate is determined once the credit is received
Need funds quicker?
As an alternative, ask the person sending you money to do so via our Incoming International Payments service. This option may save you money in fees and help you receive the money within 2-3 business days.2
International Payments Service
Do you need to send money overseas?
Did you know that you can send money from your bank account to an overseas bank account via our International Payments Service, otherwise known as a “Telegraphic Transfer” or “Wire”.
With our International Payments Service, you can send money to 200 countries and territories in over 130 currencies.
Benefits to you:
- Funds are normally credited within 2-3 business days3
- No surprise overseas bank fees**
- Cost-effective; you can potentially save money by sending in your beneficiary’s local currency**
To send money overseas, you will need to provide:
- The full name of your beneficiary
- All details of the beneficiary’s bank account, including their ^IBAN (International Bank Account Number) if they are in Europe
- The beneficiary’s full street address (in order to comply with Australian Government regulations)
- The beneficiary bank’s code (sort code, SWIFT address, or routing number)**
What is a Draft?
A Draft is a company cheque made out to your nominated recipient in a specified single currency. It’s another way for you to make payments and settle a transaction overseas.
Drafts are convenient if you do not have the recipient’s electronic bank account details.
Potential benefits to you:
- Send a Draft via mail
- Drafts are available in more than 24 different currencies
When to use a Draft:
- When you don’t know the recipient’s bank account details
- When you’re sending a small amount of money
- When you want to send a payment by mail with a letter, card or invoice
Things to remember:
- Drafts are non-negotiable and can only be credited to the beneficiary’s bank account (unless the beneficiary has endorsed the Draft in favour of another payee).
- In certain circumstances, Drafts can be stopped if missing in transit. Western Union Business Solutions may be able to place a stop on the Draft and issue a replacement. Conditions apply.