Blog

Author: Anne-Maree James-Yates

Down to the wire

Our Erina Branch Manager Anne-Maree James-Yates knows a secure, fast and convenient way to send or receive money from friends, family or business partners overseas. Wiring money or sending a foreign draft may be the solution for that last minute overseas Christmas gift.

Do you have an overseas relative or friend? You don’t know what to get them for Christmas and were thinking of sending them money. You don’t want to put cash in an envelope. In any case, sending Australian dollars will mean they have to pay to transfer the money into their currency.

One solution is to Telegraphic Transfer (TT) or wire the money directly into their bank account.

If you don’t have the person’s electronic bank account you can send a Foreign 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 details. Drafts can be sent overseas via mail and are available in a wide range of currencies.

You can also use these options to pay for goods you have bought overseas or to pay a tourism operator who doesn’t accept credit cards. They can also be useful for businesses purchasing from overseas partners or suppliers. Here’s a summary of the features of both options.

 

  Telegraphic Transfer (TT) or Wire 

 

Foreign Draft
Advantages The money goes straight into a person’s account in the exact foreign currency amount 

 

If you don’t have the person’s bank details or want them to receive something in the mail
Speed One to two business days 

 

Depends on postal times
Choice of        currencies

130

 

24

What information        do I need? The beneficiary’s:
  • Full name
  • Bank account, including their IBAN (International Bank Account Number) if they are in Europe
  • Street address
The beneficiary’s:
  • Full name
  • Street address
Fees Yes. TT’s are sent via a network of correspondent banks, which sometimes levy a small handling charge on your payment. 

Yes.

Security The money goes straight into the person’s bank account. Drafts are non-negotiable and can only be credited to the beneficiary’s bank account unless the beneficiary endorses the draft. 

 

Of course you can also have money sent to you from overseas using a draft or TT. For a TT simply advise the overseas sender your details plus The Greater's SWIFT code: ASLLAU2CGBS.

Organising an international money transfer via a telegraphic transfer or a foreign draft is easy. Simply call us on 1300 651 400 or visit your nearest Greater Building Society branch.

 

Comments

Leave a comment