Travelling with Money Overseas
Transferring Money Overseas
A Telegraphic Transfer (T/T) also known as a International Money Transfer (IMT) from Police Bank, is a secure and convenient electronic transfer of funds to a nominated overseas account at another financial institution.
A telegraphic transfer is a secure transfer of funds to an overseas bank account, available via Police Bank.
Multiple currencies available
Police Bank have partnered with Travelex Global Business Payments, which means you can send money to over 70 countries across the globe in the destination currency.
Sending a Telegraphic Transfer
In order to send a Telegraphic Transfer, you will need to provide the beneficiary’s name, address and account number, as well as the beneficiary’s bank details (including full branch address and the SWIFT code).
For payments to Europe and the UK, you must also provide an International Bank Account Number (IBAN).
An Overseas Draft is a bank cheque that can be drawn in foreign currency, or Australian Dollars, and deposited at an overseas financial institution. (May be subject to clearance period in country of deposit.) It is a traditional and simple method of making foreign payments which is still favoured by many members.
Just let us know who the draft is to be made payable to, the currency you want the draft in and the amount of money you want to send.
Your draft will normally be available next working day. You can then post it to the recipient overseas, and they deposit it into their bank account.
Receiving Money from Overseas
Police Bank can assist you when receiving payments from overseas in a foreign currency. We can help you determine the best way to handle these payments and provide the services to deposit them into your Police Bank Account.
In general, the quickest and most convenient way for someone to send you funds from overseas is via a Telegraphic Transfer.
If you’re receiving a large amount of money, we recommend you request a Telegraphic Transfer for security and speed.
What do I need to do to receive money to my account?
1. Click on the link below – Receive money from overseas through our partnership with Western Union Business Solutions.
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/ 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 the “Payment Notes” in the bank’s reference field as specified in the PDF deposit instructions;
- please request your remitter (sender) email you a copy of the bank transfer receipt showing the date, amount and transaction number. This information maybe of assistance in locating the transaction (if required).
Many entities overseas still choose to send people in Australia a foreign payment in the form of a Foreign Draft or a Foreign Cheque. This is known as a Cash Letter.
Cash Letters are foreign Cheques or foreign drafts drawn on a bank in the same foreign country. Police Bank can exchange these documents into Australian dollars on your behalf. Clearance time for funds being converted into Australian dollars can vary, contact your local branch for clearance time frames.
International Collection items are foreign currency cheques or drafts drawn on a bank not in the same country as the currency of issue. With items such as these, Police Bank will send this item off for collection, clearance time for funds being converted into Australian dollars can vary, contact your local branch for clearance time frames.
Other Foreign Money Services
Choice of over 35 currencies available
Convenient: Ideal for arrival overseas to pay for taxis, tips etc
Save on fees: No need to go to banks or bureaux
Secure: Cheques are refunded if lost or stolen
24 hour Assistance: available
Convenient: Available in 7 currencies and in a mixture of denominations
(can often be used like cash in shops etc, if taken in local currency)
World wide acceptance
Commissions Free when encashed at any Travelex/Thomas Cook branch