Sending money via Telegraphic Transfer
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 for more details.
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)
• 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”
In order to send your TT, you must complete all sections of the order form. Please note:
• you must enter full street addresses (PO Box addresses are not acceptable)
• payments to all European, and certain other, countries require an International Bank Account Number (“ IBAN” ) – this may be obtained from the beneficiary
• no symbols can be used in the beneficiary name (e.g. “ &” , “ /” etc)
• we are unable to send funds to certain countries – view list of countries here .
What details do I need to send a TT?
• You will need to provide full details of the receiver’s bank account, including their IBAN (International Bank Account Number) if they are in Europe.
• To comply with Australian Government regulations you must also provide the beneficiary’s full street address.
• 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 totally out of Coastline Credit Union and Western Union Business Solutions control. Given that a network of banks is used to complete your telegraphic transfer, the time it takes for your payment to be credited cannot be guaranteed.