This article provides you with handy tips for sending money overseas. All great information you need to be ready with before you start.
Use A Reputable International Money Transfer Service
There are different services and apps out there that offer money transfer services. To ensure you are using a reliable and secure service, ask your bank if they can transfer money overseas. Horizon is able to send money overseas via a Telegraphic Transfer (TT) payment through Convera.
In most cases a TT is the quickest way to send funds abroad, and is a reliable way to send funds to a bank account internationally. Whilst we can typically deliver funds to beneficiary banks in 2-3 business days, beneficiary banks can sometimes take up to 5 business days to credit those funds to the applicable beneficiary account.
Sending a TT in the beneficiary’s currency is usually more cost effective and helps ensure the funds are credited more quickly, as the payment can go “straight through”.
Stay On Top of Exchange Rates
If you have some time before needing to send a payment, check exchange rates before you proceed with the money transfer to maximise your dollars. Within Horizon’s Online Banking, you will be shown the exchange rate (provided by Convera) for the currency you are choosing to send. The exchange rate is refreshed to the current rate at the time the transfer is submitted.
If sending money to a European country, you will need an International Bank Account Number (IBAN). Double-check any details you enter before confirming your transfer to avoid any mistakes. It is a requirement to obtain the recipients full name, street address, mobile number and account number as well as the recipient’s bank details.
Make Sure You Have The Correct Details
If sending money to a European country, you will need an International Bank Account Number (IBAN). Double-check any details you enter before confirming your transfer to avoid any mistakes. It is a requirement to obtain the recipients full name, street address, mobile number and account number as well as the recipient’s bank details.
Transfer limits
If you are making transfers from your bank, be sure to check your transfer limit. You may need to get in touch and request a temporary limit increase to complete your international transaction.
If you’re looking for a convenient, secure way to transfer money overseas then get in touch with us about our telegraphic transfer service. We’re here to make the process easy and provide a great experience.
Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.
*Please note that TT's are sent via a network of correspondent, intermediary and/or beneficiary banks, which sometimes levy a small handling charge on your payment. Any such fees, and payment delays, are out of our control.
** Horizon Bank has appointed Western Union Business Solutions (Australia) Pty Ltd (ACN 150 129 749; AFSL 404092) trading as Convera (“Convera”) to assist it in fulfilling certain foreign exchange and payment services, including telegraphic transfers. These services are provided to you by Horizon Bank. Fees and charges may apply, please refer to the terms and conditions and Fees and Charges brochure issued by Horizon Bank. This communication has been prepared solely for informational purposes and does not in any way create any binding obligations. No representations, warranties or conditions of any kind, express or implied, are made in this communication.
