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”. By sending your TT in the currency of the country it is being sent to, you generally receive greater certainty on your payment – you can effectively “lock-in” the exchange rate, and know exactly how much is being transferred. If you were to send the funds in Australian Dollars, it may be difficult to find out the exchange rate that the overseas bank will apply, and hence it may be difficult to find out how much will be credited to the beneficiary’s account.
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 Woolworths Employees’ 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 a branch to organise your payment.
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 ,
Order form, which can be printed or emailed
If you have any questions, please contact us