Receiving a Telegraphic Transfer

When you’re bringing money from another country, transaction charges from the banks can take a big chunk out of your payment. With Inward Telegraphic Transfer Service from Fire Service Credit Union you’ll get a better deal on fast, reliable foreign currency payments to your Australian account.

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 us for credit to your account.

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 – no fee is charged by Western Union Business Solutions to process your payment
  • Peace of mind – you can be confident that their payments are being handled by foreign exchange specialists with reliable systems ready to deliver your payment fast.
  • Wide range of currencies

What do I need to do to receive money to my account?

  1. Click on the following 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 to 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 FSCU 01915-FI and your name in the bank’s reference field as specified in the PDF deposit instructions

      The financial products referred to in this communication are provided by Western Union Business Solutions (Australia) Pty Ltd ABN 24 150 129 749 AFSL 404092, trading as Western Union Business Solutions (“WUBS”), under its agreement(s) with your Financial Institution. Fees & Charges and Terms & Conditions apply.

      It's important for you to consider the relevant Product Disclosure Statement (“PDS”) and any other relevant WUBS documents before you decide whether or not a financial product is right for you. A PDS is available for each financial product issued by WUBS from your Financial Institution or on the compliance section of our website. Any advice provided above is general and does not take account of your personal objectives, financial situation or needs.

      This communication has been prepared solely for informational purposes and does not in any way create any binding obligations. The relationship relating to the financial products referred to in this communication are solely between you and the Financial Institution. No representations, warranties or conditions of any kind, express or implied, are made in this communication.

      Western Union Business Solutions is an operating division of the Western Union Company. Western Union is the issuer of the financial products referred to in this communication.

Sending a Telegraphic Transfer

Send money overseas anytime, from anywhere!

You can use Fire Service Credit Union’s internet banking service to reliably and conveniently send money overseas to more than 200 countries and territories, in over 40 different currencies.

If you can’t make it into a branch, or need to send money overseas on the fly, you can easily make an International Telegraphic Transfer (TT) using our online banking service via your computer or laptop.

Simply log on to your online banking account, go to the Transfer tab and select Telegraphic Transfers. The country specific information and ‘help text’ will guide you through your transfer from start to finish.

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 40 currencies offered via internet banking and more than 130 currencies in branch.

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), and is a reliable way to send funds to a bank account internationally.
  • 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”

What details do I need to send a TT?

  • 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 Fire Service 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 can not be guaranteed.

If you have decided that a TT is the payment method for you, please contact Fire Service Credit Union to organise your payment.

Sending AUD overseas can create additional costs for your recipent

By sending a TT in the beneficiary's currency you generally receive greater certainty on your payment – you can effectively “lock-in” the exchange rate, and know exactly how much is being transferred.

When you make a transaction in AUD you may not know what a foreign bank will charge and what foreign exchange rate they will apply, and hence it may be difficult to find out how much will be credited to the beneficiary's account.

We generally only suggest sending funds in Australian Dollars 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) currency. If there is a problem with the TT, it is usually easier to trace if the funds have been converted from Australian dollars to the beneficiary's currency.

Paying by credit card can actually increase the cost of your international bills

When paying by credit card it may be difficult to find out how much it will cost you when the Foreign Exchange and other fees are applied to your transaction by the correspondent banks. You will find out when you see the final cost in your credit card statement.

The financial products referred to in this communication are provided by Western Union Business Solutions (Australia) Pty Ltd ABN 24 150 129 749 AFSL 404092, trading as Western Union Business Solutions (“WUBS”), under its agreement(s) with your Financial Institution. Fees & Charges and Terms & Conditions apply.

It’s important for you to consider the relevant Product Disclosure Statement (“PDS”) and any other relevant WUBS documents before you decide whether or not a financial product is right for you. A PDS is available for each financial product issued by WUBS from your Financial Institution or on the compliance section of our website. Any advice provided above is general and does not take account of your personal objectives, financial situation or needs.

This communication has been prepared solely for informational purposes and does not in any way create any binding obligations. The relationship relating to the financial products referred to in this communication are solely between you and the Financial Institution. No representations, warranties or conditions of any kind, express or implied, are made in this communication.

Western Union Business Solutions is an operating division of the Western Union Company. Western Union is the issuer of the financial products referred to in this communication

More information