Receiving money via Inward Telegraphic Transfer
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 Coastline for credit to your account. Funds can be received in a range of currencies. Click here to see the list.
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
- 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
What do I need to do to receive money to my account?
1. Click on the link– Receive money from overseas
2. Choose the country you are receiving funds from.
3. Complete the relevant information in the online form and submit.
4. 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.
5. 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 Coastline Credit Union in the bank’s reference field as specified in the PDF deposit instructions