A method of transferring funds internationally. The simplest and least expensive method of remittance can be affected by Telegraphic Transfer. This is the most commonly used form of payment for export and import trade.
This method of transferring funds covers Inward and Outward Telegraphic Transfers.
For an Outward Telegraphic Transfer when a foreign currency is involved, the currency is sold to the importer by their bank instructing them to pay a named party (beneficiary) a specified sum of money by order of the remitter (applicant). A payment instruction advice is subsequently dispatched to the bank's overseas correspondent via SWIFT. The beneficiary will receive payment within two (2) working days depending on currency and amount.
For an Inward Telegraphic Transfer when a foreign currency is involved, the currency is bought from the exporter by their bank and funds credited to their account. A payment instruction advice is received by Arab Bank Australia from an overseas correspondent via SWIFT.
For our customers convenience Telegraphic Transfers are now available in Japanese Yen (JPY) and New Zealand Dollar (NZD) currency, for more information please contact your nearest Arab Bank Australia branch.
- Payments are facilitated between local and overseas parties.
- Payments can be made in any major currency.
- Telegraphic Transfers are a secure means of payment.
- Telegraphic Transfers permit brief messages to be included as part of the payment instructions.
- The beneficiary generally receives payment within 48 hours of dispatch of the Telegraphic Transfer.
- Telegraphic Transfers provide an economical method of transferring funds to overseas countries.
- Telegraphic Transfers are available at any Arab Bank Australia branch.