Receive money from overseas

How to receive money from overseas 

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

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

Receiving money using American Express¹

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

Please instruct your overseas payer as follows:

• Please do NOT pay in AUD.
• When receiving 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 limit intermediary bank fees, you should send money in the currency of the sending country.
• It is essential to include ‘FFC (For Further Credit) TMB [INSERT FULL NAME AND MEMBER NUMBER]’ in the ‘Payment notes’.

Please note that TTs’ from overseas recipients are sent via a network of correspondent banks, each of which may levy their own charge or commission. This is outside of our control. As the fees and charges which may apply will vary according to the circumstances, we are unable to advise the amount of fees which may apply to any particular transaction. The amounts which may be charged depend on a number of factors, including (but not limited to) –

• the amount being transferred and
• the number of intermediaries involved in the transaction.

Receiving money using Cuscal³

You may also receive money from overseas using Cuscal's service. Cuscal will not accept funds transferred from overseas directly to themselves, therefore your funds will need to be processed through an intermediary bank. You must contact the sending institution for the Intermediary Bank SWIFT code.

These details are for use by the sending bank:

Please be aware that Cuscal takes an AUD $7.59 fee from the amount you receive via an overseas TT. Please also note that TTs’ from overseas recipients are sent via a network of correspondent banks, each of which may levy their own charge or commission. This is outside of our control. As the fees and charges which may apply will vary according to the circumstances, we are unable to advise the amount of fees which may apply to any particular transaction. The amounts which may be charged depend on a number of factors, including (but not limited to) –

• the amount being transferred; and
• the number of intermediaries involved in the transaction.

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+61 2 9735 9111 Contact us from overseas

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