International Telegraphic Transfers Terms and Conditions
Telegraphic transfers are available to Members. Telegraphic transfers allow Members to send funds in certain specified currencies directly to their beneficiaries’ accounts.
The Bank has entered into contractual arrangements with Convera Australia Pty Ltd (ACN 150 129 749; AFSL 404092) ("Convera"), to assist it in fulfilling certain foreign exchange and payment services, including telegraphic transfers. The Bank has a revenue share arrangement with Convera, where the Bank receives a percentage of the foreign exchange margin revenue and fee revenue (where applicable) for the relevant foreign exchange or payment service. These may vary from transaction to transaction. This is because each transaction is based on the total revenue made from the services provided to the Bank, calculated on a tiered basis. If you ask us, we can let you know what the revenue share we will receive from the service we provide you with at the time of the transaction.
The following key terms apply to telegraphic transfers:
- the contractual relationship for the provision of telegraphic transfers is solely between you and the Bank;
- requests for telegraphic transfers should be made either: on the Bank’s International Telegraphic Transfer form (submitted through our contact centre, in branch or otherwise outside Internet Banking); or through Internet Banking (where available).
- telegraphic transfers requested via Internet Banking may be subject to transaction limits (including daily limits), as notified by the Bank from time to time. Currently, a daily transfer limit of $5,000 applies to telegraphic transfers requested via Internet Banking;
- requests for telegraphic transfers are subject to daily cut off times. Applicable cut-off times will be advised at the time of your request, including in Internet Banking or on the International Telegraphic Transfer form (submitted outside Internet Banking);
- not all currencies are available for purchase and transfer. The currencies we offer at any time may be found on our website;
- major exchange rates are available on our website. You should note that exchange rates are subject to change at any time without notice;
- you must ensure that all information provided to us in relation to your telegraphic transfer is complete and accurate. We may refuse to process, or delay processing of, a telegraphic transfer where the information provided by you is incomplete, unclear or inaccurate. We will not be responsible for delays caused by incomplete or inaccurate information. Please see below regarding the importance of providing correct details;
- funds are usually received by the beneficiary bank within 2 to 5 business days. However, depending on the circumstances, a transfer may pass through a number of intermediary or correspondent banks before reaching your beneficiary’s bank. Delays may be encountered in the chain of correspondent banks and the internal processing of funds at the beneficiary’s bank. There may also be additional charges imposed by banks in the transfer chain. We will pass these on to you at cost;
- while you may send funds in AUD, telegraphic transfers made in AUD will be converted to the local currency by the beneficiary bank and this may add to cost and delays. We have no control over whatever exchange rate may be selected by the beneficiary bank;
- we may be prevented by law from transferring monies to some countries and some beneficiaries. Please check with us beforehand if you are uncertain; and
- if a payment is returned for any reason, you will be responsible for all charges and any differentials in exchange rates.
The Bank may delay, block, freeze or refuse to make a telegraphic transfer where the Bank has reasonable grounds to believe that making the telegraphic transfer may breach Australian law or the law of any other country. Any telegraphic transfer we make for you may be affected by certain laws and regulations. Telegraphic transfers may be interrupted, prevented, delayed or otherwise adversely affected, fully or partially, because of such laws or regulations. This includes instances where we or any intermediary, correspondent or beneficiary banks consider that a law or regulation may apply, or where a government or regulatory authority says that a law or regulation may apply. It is entirely your risk if any telegraphic transfer to be made or received by you is affected by law or regulations. We are not obliged to contest or challenge any act of any government or regulatory authority.
Your acknowledgements and agreements
By requesting a telegraphic transfer, you acknowledge and agree that:
- you authorise us to debit your nominated account for the amount of the telegraphic transfer, together with any applicable fees, charges and foreign exchange costs (as applicable);
- you request the Bank to issue a telegraphic transfer in accordance with your instructions;
- you have read and understood the Important Information about Fraud;
- you have read and understood the Important Information about Telegraphic Transfers;
- you accept the exchange rate as quoted by the Bank for the transaction;
- all information provided by you in relation to the telegraphic transfer is complete and accurate; and
- you acknowledge and agree to the matters set out in these terms and conditions.
Important Information about Telegraphic Transfers
You acknowledge that you have read and understood the following:
- telegraphic transfers may pass through intermediary or correspondent banks before reaching the beneficiary bank;
- delays may occur in the processing of telegraphic transfers, including delays caused by intermediary or correspondent banks or the beneficiary bank;
- additional charges may be imposed by banks in the transfer chain; and
- where funds are sent in AUD, the beneficiary bank may convert the funds to local currency at an exchange rate determined by that bank.
Important Information about Fraud
Telegraphic transfers are commonly used in fraudulent and scam transactions, including investment scams.
You should carefully consider the risks before proceeding and be satisfied that the beneficiary is acting legitimately, particularly if you have not dealt with them previously or have been asked to transfer funds urgently.
You are responsible for verifying the legitimacy of the beneficiary and the payment instructions. The Bank does not accept responsibility for any loss arising from fraud where you have authorised the telegraphic transfer.
Once a telegraphic transfer has been processed, it may not be possible to cancel, stop or recover the funds.
For further information regarding scams and fraud we recommend researching “Companies you should not deal with” on the Moneysmart website moneysmart.gov.au or visiting scamwatch.gov.au
Important:
You must:
- ensure that you have provided us with the correct account details for the beneficiary. The Bank does not check that the beneficiary name matches with the account details you have provided.
- If you provide incorrect Swift/Bic/Routing codes or account number, funds may be paid to an unintended recipient and it may not be possible to recover those funds.
You acknowledge that telegraphic transfers are sent at your risk, except to the extent of any error by the Bank;
be aware that telegraphic transfers are commonly used in fraudulent and scam transactions, including investment scams. You should be satisfied that the beneficiary is acting legitimately, particularly if you have not dealt with them previously; and
you may be required to provide additional information regarding your telegraphic transfer, including the purpose of the payment and other information required for regulatory, compliance or risk management purposes. If you do, you agree that all information may be passed on by the Bank to third parties as required.
In order to process your request for a telegraphic transfer, the Bank may disclose your personal information to third parties including, but not limited, to Convera, other banks and beneficiaries overseas for the purpose of processing your telegraphic transfer. For the purposes of these terms and conditions, the term “Other Bank" means an intermediary (including Convera) and/or beneficiary bank, in Australia or overseas, that may or may not be appointed by us for the purposes of making a telegraphic transfer. You authorise us to provide to the Other Bank information that Other Bank requests us to provide about you in order to manage that Other Bank’s obligations under law or regulations including anti-money laundering or countering the financing of terrorism laws. You authorise us to provide to Convera in order for Convera to collect and use your personal information to: (i) provide and facilitate the provision the telegraphic transfer; (ii) comply with regulations relating to anti-money laundering or countering the financing of terrorism; (iii) prevent and detect fraud; (iv) to monitor compliance between the Bank and Convera; (v) for debt recovery purposes; and, to help Convera improve its products, services and operations. You acknowledge that Convera may disclose your personal information it holds to: (i) a member of the Convera group for the purposes of fulfilling telegraphic transfer services that you instruct the Bank to make; (ii) providing benefits, products or services to you or us; (iii) any third party providing services to a member of the Convera group company in respect of telegraphic transfers; (iv) to third parties in countries other than the country in which the information was originally collected or created including third parties in the United States; (v) to any person if required to do so by regulations or legal process; or, (vi) where required by regulations, law enforcement authorities for purposes such as detecting, investigating, prosecuting and preventing crimes, including money laundering and related criminal activity, and the recipients may further disclose the information for these and other related purposes.
Fees & Charges
The following fees and charges apply:
Telegraphic transfers via Internet Banking
- No Bank fee applies to telegraphic transfers submitted via Internet Banking
- Additional charges applied by overseas banks: At cost
Telegraphic transfers via the Bank’s International Telegraphic Transfer form (submitted outside Internet Banking)
- International Telegraphic Transfers sent in foreign currency (charged at the time of transfer) $25.00
- International Telegraphic Transfers sent in AUD (charged at the time of transfer) $40.00
- Additional charges applied by overseas banks: At cost
Cuscal
Cuscal is Australia's leading provider of transactional banking, liquidity and capital management products and superannuation solutions to more than 150 specialist financial services institutions across Australia. They provide clients access to Australian capital markets, payment systems, card schemes, inter-institutional settlement arrangements, and is one of the nation's largest ATM networks.
