Overseas Transfers / Currency
Preparing you for your next adventure
Transfer Money Overseas
A Telegraphic Transfer (T/T) also known as a International Money Transfer (IMT) from Customs Bank, is a secure and convenient electronic transfer of funds to a nominated overseas account at another financial institution.
Customs Bank have partnered with Western Union Business Solutions, which means you can send money to over 130 countries across the globe in the destination currency.
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.
Receive Money from Overseas
Customs 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 Customs 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.
Foreign Currency Cheques (Cash Letters)
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. Customs 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 Service Centre 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, Customs Bank will send this item off for collection, clearance time for funds being converted into Australian dollars can vary, contact your local Service Centre for clearance time frames.