How do I send money or receive money overseas?

How do I send money or receive money overseas?

Telegraphic transfers

Teachers Mutual Bank has partnered with American Express to offer you a variety of foreign currency services so you have the confidence of security and convenience when sending and receiving money from overseas.   

Sending money overseas

A Telegraphic Transfer (TT) allows you to electronically send funds directly into your beneficiary’s account in a specified currency, for overseas and within Australia. TT’s are the preferred method to make large value international payments as they are processed quickly, cost-effectively and securely in over 100 currencies.

You can choose for the funds to be either in Australian dollars or the currency of the destination country (note some restrictions may apply*). Please note TT’s are not immediate – they can take anywhere between 7 and 10 working days to arrive, depending on the country.

To arrange for a TT complete the Telegraphic Transfer form before printing and posting, faxing or emailing to us.

How to receive money from overseas 

An incoming overseas deposit allows you to receive foreign currency into your account that is then converted into Australian dollars (AUD). Receiving foreign currency from an overseas account is easy. 

The overseas financial institution can use one of two intermediaries to transfer the deposit to your Bank account.

Learn more about sending money overseas

Receiving money using American Express

To start the process, Teachers Mutual Bank members can simply visit the American Express Portal, complete the online form and then send the information provided to your payment sender. 

The Inward Currency and Account Details document contains all the information you need to receive an incoming telegraphic transfer.


When sending funds, please advise the sending financial institution that the transfer must remain in the same currency and NOT be converted. This can also be included in the ‘Payment notes’. Teachers Mutual Bank will arrange the conversion to AUD through our partners at American Express. To avoid intermediary bank fees, YOU SHOULD SEND MONEY IN THE CURRENCY OF THAT SENDING COUNTRY. 
It is essential to include ‘FFC (For Further Credit) TMB [INSERT FULL NAME AND MEMBER NUMBER]’ in the ‘Payment notes’.

Learn more about receiving money from overseas