1. Convera
Teachers Mutual Bank Limited ABN 30 087 650 459 trading as Teachers Mutual Bank (“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. The relationship relating to the services described is solely between you and The Bank. Fees and charges may apply, please refer to the International Telegraphic Transfers terms and conditions issued by The Bank. Any advice provided by The Bank is general in nature and does not take into account your personal objectives, financial situation or needs. Convera does not give you any advice, general, personal or otherwise. This communication has been prepared solely for informational purposes and does not in any way create binding obligations. No representations, warranties or conditions of any kind, express or implied, are made in this communication. 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.
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 arranges telegraphic transfers for its Members via Convera Australia Pty Ltd (ACN 150 129 749; AFSL 404092) (“Convera”). The Bank receives commissions for foreign exchange services provided by Convera. These may vary from transaction to transaction. This is because the commissions are 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 the commission we will receive from the service we provide you with at the time of the transaction.
- the contractual relationship for the provision of telegraphic transfers is solely between you and the Bank;
- requests for telegraphic transfers should be made on the Bank’s International Telegraphic Transfer form;
- requests for telegraphic transfers are subject to daily cut off times. Please refer to the International Telegraphic Transfer form for details.
- 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 should ensure that all information provided to us on your application form is complete and accurate. 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, please note: depending on the circumstances, a transfer may pass through a number of 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 you at cost;
- we prefer that you do not send funds in AUD. Telegraphic transfers for AUD will be converted to the local currency by the beneficiary bank and this may add to 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;
- if a payment is returned for any reason, you will be responsible for all charges and any differentials in exchange rates.
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, it may not be possible to recover moneys from an unintended recipient; and
- be aware of the possibility of frauds, including investment scams. You should be satisfied that the beneficiary is acting legitimately, particularly if you have not dealt with them previously.
Fees & Charges
The following fees and charges apply:
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 from overseas banks: At cost.
2. 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.