International Payment Services

Sending and receiving payments overseas has never been easier

Telegraphic Transfers

Need to send money overseas?

Did you know that you can send money from your bank account to an overseas bank account via our International Payments Service, otherwise known as a “Telegraphic Transfer” or “Wire”.

With our International Payments Service, you can send money to 200 countries and territories in over 130 currencies.

Benefits to you:

  • Funds are normally credited within 2-3 business days1
  • No surprise overseas bank fees**
  • Cost-effective; you can potentially save money by sending in your beneficiary’s local currency**

What you need to send money overseas:

You will need to provide the full name of your beneficiary and 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 provide the beneficiary’s full street address. Include beneficiary bank’s code (sort code, SWIFT address, or routing number) **

Incoming International Payments Service

Receiving payments from overseas?

With our Incoming International Payments Service powered by Western Union Business Solutions, you can receive money directly into your nominated bank account from almost anywhere in the world, in over 35 currencies.

Benefits to you:

  • We do not charge beneficiary deduct fees
  • Timely and reliable – funds are usually received in full in 2- 3 business days
  • Exchange rate guarantee. Lock in a competitive exchange rate for 72hours
  • Your sender can pay you in their local currency, you can still receive in AUD

Why use our Incoming Payments service over SWIFT payments?

  • SWIFT transactions typically incur fees on incoming payments
  • SWIFT payments can take up to 60 days to clear.

To get a quote and set up to claim incoming international payments Family First Credit Union members can simply visit our Incoming Payments Portal and complete the form and follow the steps

Foreign Cheques

Receiving Foreign Cheques?

If you have received a cheque in a foreign currency, you can have it converted into Australia Dollars and deposited into your Australian bank account1.

Typically, personal, bank, company or government foreign currency cheques can be converted from over 8 currencies including USD, AUD, NZD, CAD, GBP, Euro, HKD, SFD.

Cheques are processed as either:

  • Cash Letters
  • Collection basis

The amount of the cheque determines if it is to be processed as a cash letter or collection. At Family First Credit Union our threshold for Foreign Cheques varies by currency as below:

Canadian Dollar 2,000
Danish Kroner 12,000
Euro 1,600
British Pound 1,200
Hong Kong Dollar 12,000
Norwegian Kroner 12,000
New Zealand Dollar 2,000
Swedish Kronor 13,200
Singapore Dollar 2,000
U.S. Dollar 1,600

If the value of the cheque is below the thresholds, this will be processed as a “Cash Letter” and funds are paid out based on the exchange rate on the day of processing.

If the value is over the thresholds, this will be processed on a “Collection Basis” and funds are paid out upon clearance of the cheque and exchange rate on clearance date.

Need more information? Contact us today.

Things to note:

  • At the time of the cheque being converted from the foreign currency and deposited into your account, we will deduct any applicable fees.
  • Foreign Cheques can take up to 8 weeks or more to clear
  • Exchange rate is determined once the credit is received

Do you need funds quicker?

As an alternative, ask the person sending you money, to send to you via our Incoming International Payments service.

This option may save you money in fees and help you to get the money within 2-3 business days.2

Foreign Currency Drafts

Need to send money via a Draft?

A Draft is a company cheque made out to your nominated recipient in a specified single currency. It’s another way for you to make payments and settle a transaction overseas.

Drafts are convenient if you do not have the recipient’s electronic bank account details.

Potential benefits to you:

  • Send a Draft via mail
  • Drafts are available in more than 24 different currencies

When might I use a Draft?

  • When you don’t know the recipient’s bank account details
  • When you’re sending a small amount of money
  • When you want to send a payment by mail with a letter, card or invoice

Things to note:

  • Drafts are non-negotiable and can only be credited to the beneficiary’s bank account (unless the beneficiary has endorsed the Draft in favour of another payee)
  • In certain circumstances, Drafts can be stopped if missing in transit. Western Union Business Solutions may be able to place a stop on the Draft and issue a replacement. Conditions apply

Disclaimers:
© 2019 Western Union Holdings Inc. All rights reserved.
Western Union Business Solutions is a business unit of The Western Union Company. In Australia, Western Union Business Solutions (Australia) Pty Limited (ACN 150 129 749; AFSL 404092) (“WUBS”) is the issuer of the financial products (if any) referred to in this communication. A product disclosure statement is available for each of the financial products that WUBS issues (if any) and can be obtained by visiting https://business.westernunion.com/en-au/compliance-legal/compliance. Before you decide to acquire a financial product from WUBS you should read and consider the relevant product disclosure statement. This communication has been prepared solely for informational purposes and does not in any way create any binding obligations on either party. Relations between you and WUBS shall be governed by the applicable terms and conditions provided to you before you trade. No representations, warranties or conditions of any kind, express or implied, are made in this communication. This communication is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject WUBS and/or its affiliates to any registration or licensing requirement within such jurisdiction.

Telegraphic Transfers: 1. Funds are usually received by the beneficiary’s bank in 2 to 3 business days, however, there may be a delay in the beneficiary bank allocating funds to the beneficiary account. There is no delivery guarantee. Some currencies may take longer than others to process. **Please note that International Payments are sent via a network of correspondent banks, which sometimes levy a small handling charge on your payment. Any such fees, and payment delays, are out of our control. ^ IBAN is used in some countries to uniquely identify a customer’s bank account. An IBAN is necessary for payments being sent from Australia to an IBAN mandatory country.

Incoming International Payments Service: 1. Payments may be sent via a network of correspondent and/or intermediary banks. In some instances, such banks may charge a small handling fee, which is out of the control of WUBS or Family First Credit Union. 2. Funds are usually received by Family First Credit Union within 2-3 business days, funds will then be allocated to your nominated account. There is no delivery period guarantee. Some currencies may take longer than others to process. 3. Periodic comparisons are made against publicly available rates for comparable services from 4 Australian Banks. Funds must be received by Western Union Business Solutions within 72 hours of the rate quote in accordance with payment instructions for the rate guarantee to be honoured.

Foreign Cheques: Family First Credit Union Limited has engaged Western Union Business Solutions (Australia) Pty Limited (ACN 150 129 749; AFSL 404092) trading as Western Union Business Solutions (“WUBS”) to assist with processing foreign currency cheques. WUBS is a business unit of The Western Union Company. Please note that fees, charges and terms and conditions apply and may vary depending upon the financial product. This communication has been prepared solely for informational purposes and does not in any way create any binding obligations on any person. No representations, warranties or conditions of any kind, express or implied, are made in this communication. 1. In some instances intermediary banks may levy additional fees and / or charges. This is beyond the control of Western Union Business Solutions. 2. Funds are usually received within 2 to 3 business days after receipt of funds by Western Union Business Solutions in accordance with payment instructions. There is no delivery guarantee as some currencies may take longer than others to process.

Foreign Currency Drafts: Family First Credit Union Limited  has entered into arrangements with Western Union Business Solutions (Australia) Pty Limited (ACN 150 129 749; AFSL 404092), trading as Western Union Business Solutions (“WUBS”) whereby WUBS offers Drafts directly to our members. Other financial products are provided to you by us. We have appointed WUBS to assist in facilitating some financial products. Please note that fees, charges and terms and conditions apply and may vary depending upon the financial product. If you are seeking to acquire Drafts, it is important for you to consider the Product Disclosure Statement (“PDS”) and any other relevant WUBS documents before you decide whether or not that financial product is right for you. Any advice provided is general in nature and does not take into account your personal objectives, financial situation or needs. WUBS does not give you any advice, general, personal or otherwise. Any advice provided, is provided by us or your adviser. This communication has been prepared solely for informational purposes and does not in any way create binding obligations. No representations, warranties or conditions of any kind, express or implied, are made in this communication. WUBS is a business unit of the Western Union Company.

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