An outward 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. In addition, a TT is an economical way to send large amounts of money. The option of sending to 200 countries and territories is available.
You can use internet banking to complete an overseas funds transfer (see above) or complete a Telegraphic Transfer Request form which can be found here.
An International Transfer will usually take two to three business days to reach the beneficiary, although this does depend on the banks involved, the currency and country.
Telegraphic Transfer's (TT) are sent via a network of correspondent banks which sometimes levy a small handling charge on your payment. Any such fees are beyond QBANK and Convera control.
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 addition, you generally receive greater certainty on your payment i.e. you effectively “lock-in” the exchange rate and know exactly how much is being transferred.
If you send an outward TT in AUD you may not know what a foreign bank will charge and what foreign exchange rate they will apply. Hence, it may not be possible to find out how much will be credited to the beneficiary’s account.
For these reasons we generally suggest sending funds in Australian Dollars only if the beneficiary holds an AUD account with the overseas bank. In all other cases, we suggest funds should be sent in the beneficiary’s (i.e. payee’s) local currency.
If you pay for a TT by credit card it may be difficult to determine how much it will ultimately cost you after foreign exchange and other fees are applied to your transaction by the correspondent banks. You will only find out when you see the final cost on your credit card statement.
You will need to provide your full name and residential address. You will also need to provide full details of the beneficiary including name, residential address, receiving bank and bank account. In some cases confirmation of the payment purpose and/or other details may be required.
A special International Bank Account Number (IBAN) is required for transfers to the UK and Europe. This may be obtained from the beneficiary.
In order to send a telegraphic transfer, you must complete all sections of the order form. Please enter full street addresses (PO Box addresses are not acceptable). 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 telegraphic transfer is the quickest way to receive funds from abroad taking usually two to three business days to be credited to your account depending on the network of banks involved.
The remitter should send the funds in their own currency, and Convera will convert these into Australian Dollars before forwarding to QBANK for credit to your account. Funds can be sent in a range of currencies.
