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.
In most cases a TT is the quickest way to send funds abroad - a TT will usually take two to three business days to reach the beneficiary, although this does depend on the currency and country.
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".
You will need to provide full details of the beneficiary'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 QBANK 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.
If you have decided that a TT is the payment method for you, complete a Telegraphic Transfer Request form.
In order to send your TT, you must complete all sections of the order form. Please enter all 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.
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).
The remitter should send the funds in their own currency, and Western Union Business Solutions will convert them into Australian Dollars before forwarding to QBANK for credit to your account. Funds can be received in a range of currencies.