Telegraphic Transfers

Telegraphic Transfers

Sending money overseas #

Looking to send money overseas to family, friends or business suppliers? Telegraphic transfers make it easy, no matter the amount. With a telegraphic transfer, funds are transferred electronically to an international bank account in a specified currency.

In most cases, a telegraphic transfer is the quickest way to send funds abroad, with most transfers normally taking two to four business days to reach the person you’re paying (although this can never be guaranteed).

You can send money to 200 countries in more than 130 currencies. Plus, sending a telegraphic transfer in the payee’s currency means you can generally receive greater certainty on your payment by effectively “locking-in” the exchange rate, so you know exactly how much is being transferred.

If you’d like to send an international transfer, please drop into your nearest MyState branch with the following details:

  • Payee Account Number
  • IBAN (International Bank Account Number) if they are in Europe
  • Payee Name
  • Payee Street Address
  • Payee Bank Name
  • Payee Bank Address
  • City and Country
  • Payee Bank Swift Code
  • Payee Bank Code ( e.g. UK Sort Code, USA ABA No.)
  • Reference
  • Value of transaction and the required currency to be sent

Please note that in processing an international transfer, we will only rely on the bank account number and beneficiary bank details you provide. We do not rely on the bank account name.

Please be aware that telegraphic transfers are sent via a network of correspondent, intermediary and beneficiary banks, which sometimes levy a small handling charge on your payment. Unfortunately, any such fees are out of our control.

Receiving money from overseas #

An Inward Telegraphic Transfer is an electronic transfer of funds from an overseas account that is directly credited to your account. They’re available in a wide range of currencies, and in most cases a telegraphic transfer is the quickest way to receive funds from abroad, with most transfers normally taking two to three business days to be credited to your account (although unfortunately this cannot be guaranteed).

The person transferring the funds can send them in their own currency and the inwards transfer process involves the converting of the funds into Australian dollars before forwarding to MyState for credit to your account. This transaction is completed as a local transfer, which offer better value for senders, and you won’t be charged a beneficiary deduct fee, so you’ll receive the full amount of your incoming payment.

If you’d like to receive an international telegraphic transfer to your account, please complete the Inward Transfers form. After completing this form, you’ll be provided with all the details you need to give to the person transferring the funds.