International Payments Service
Need to send money overseas?
Did you know that you can send money from your bank account to an overseas bank account via our International Payments Service, otherwise known as a “Telegraphic Transfer” or “Wire”.
With our International Payments Service, you can send money to 200 countries and territories in over 130 currencies.
Benefits to you:
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Funds are normally credited within 2-3 business days1
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No surprise overseas bank fees**
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Cost-effective; you can potentially save money by sending in your beneficiary’s local currency**
What you need to send money overseas:
You will need to provide the full name of your beneficiary and full details of the beneficiary’s bank account, including their IBAN^ (International Bank Account Number) if they are in Europe.
To comply with Australian Government regulations, you must provide the beneficiary’s full street address. Include beneficiary bank’s code (sort code, SWIFT address, or routing number) **
WAW Credit Union has entered into contractual arrangements with Western Union Business Solutions (Australia) Pty Ltd (ACN 150 129 749; AFSL 404092) trading as Western Union Business Solutions (“WUBS”), to assist it in fulfilling certain foreign exchange and payment services. WUBS is a business unit of The Western Union Company. The relationship relating to the services described (other than drafts) is solely between you and WAW Credit Union Fees and charges may apply, please refer to the terms and conditions issued by WAW Credit Union. Any advice provided by WAW Credit Union is general in nature and does not take into account your personal objectives, financial situation or needs. WUBS 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.
1. Funds are usually received by the beneficiary’s bank in 2 to 3 business days, however, there may be a delay in the beneficiary bank allocating funds to the beneficiary account. There is no delivery guarantee. Some currencies may take longer than others to process.
**Please note that International Payments are sent via a network of correspondent banks, which sometimes levy a small handling charge on your payment. Any such fees, and payment delays, are out of our control.
^ IBAN is used in some countries to uniquely identify a customer’s bank account. An IBAN is necessary for payments being sent from Australia to an IBAN mandatory country
Incoming International Payments Service
Receiving payments from overseas?
With our Incoming International Payments Service powered by Western Union Business Solutions, you can receive money directly into your nominated bank account with WAW from almost anywhere in the world, in over 35 currencies.
Benefits to you:
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We do not charge beneficiary deduct fees.1
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Timely and reliable – funds are usually received in full in 2- 3 business days.2
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Exchange rate guarantee. Lock in a competitive exchange rate for 72 hours.3
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Your sender can pay you in their local currency and you can still receive in AUD.
Follow the simple steps to receive your money from overseas:
WAW customers can simply complete the form and follow the steps here.
WAW Credit Union has entered into contractual arrangements with Western Union Business Solutions (Australia) Pty Ltd (ACN 150 129 749; AFSL 404092) trading as Western Union Business Solutions (“WUBS”), to assist it in fulfilling certain foreign exchange and payment services. WUBS is a business unit of The Western Union Company. The relationship relating to the services described (other than drafts) is solely between you and WAW Credit Union Fees and charges may apply, please refer to the terms and conditions issued by WAW Credit Union. Any advice provided by WAW Credit Union is general in nature and does not take into account your personal objectives, financial situation or needs. WUBS 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.
1. Payments may be sent via a network of correspondent and/or intermediary banks. In some instances, such banks may charge a small handling fee, which is out of the control of WUBS orWAW Credit Union.
2. Funds are usually received by WAW Credit Union within 2-3 business days, funds will then be allocated to your nominated account. There is no delivery period guarantee. Some currencies may take longer than others to process.
3. Periodic comparisons are made against publicly available rates for comparable services from 4 Australian Banks. Funds must be received by Western Union Business Solutions within 72 hours of the rate quote in accordance with payment instructions for the rate guarantee to be honoured.
Need to send money via a Draft?
A Draft is a cheque made out to your nominated recipient in a specified single currency. It’s another way for you to make payments and settle a transaction overseas.
Drafts are convenient if you do not have the recipient’s bank account details.
Potential benefits to you:
When might you use a Draft?
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When you don’t know the recipient’s bank account details
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When you’re sending a small amount of money
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When you want to send a payment by mail with a letter, card or invoice
Things to note:
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Drafts are non-negotiable and can only be credited to the beneficiary’s bank account.
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In certain circumstances, Drafts can be stopped if missing in transit. Western Union Business Solutions may be able to place a stop on the Draft and issue a replacement. Conditions apply.
WAW Credit Union has entered into contractual arrangements with Western Union Business Solutions (Australia) Pty Limited (ACN 150 129 749; AFSL 404092), trading as Western Union Business Solutions (“WUBS”) whereby WUBS offers Drafts directly to our members. WUBS is a business unit of the Western Union Company. Other foreign exchange and payment services are provided to you by us. Please note that fees, charges and terms and conditions apply and may vary depending upon the financial product. If you are seeking to acquire Drafts, it is important for you to consider the Product Disclosure Statement (“PDS”) and any other relevant WUBS documents before you decide whether or not that financial product is right for you. Any advice provided is general in nature and does not take into account your personal objectives, financial situation or needs. WUBS does not give you any advice, general, personal or otherwise. Any advice provided, is provided by us or your adviser. 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.
Receiving Foreign Cheques?
If you have received a cheque in a foreign currency, you can have it converted into Australia Dollars and deposited into your bank account with the WAW.1
Typically, personal, bank, company or government cheques can be converted from a number of foreign currencies.
Need more information? Talk to us today on 1300 368 555.
Things to note:
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At the time of the cheque being converted from the foreign currency and deposited into your account, we will deduct any applicable fees
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Foreign Cheques can take up to 8 weeks or more to clear
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Exchange rate is determined once the credit is received
Do you need to receive funds quicker?
As an alternative, ask the person sending you money, to send to you via our Incoming International Payments service.
This option may save you money in fees and help you to get the money faster.2
WAW Credit Union has entered into contractual arrangements with Western Union Business Solutions (Australia) Pty Ltd (ACN 150 129 749; AFSL 404092) trading as Western Union Business Solutions (“WUBS”), to assist with processing foreign currency cheques. WUBS is a business unit of The Western Union Company. The relationship relating to the services described (other than drafts) is solely between you and WAW Credit Union. Fees and charges may apply, please refer to the terms and conditions issued by WAW Credit Union. Any advice provided by WAW Credit Union is general in nature and does not take into account your personal objectives, financial situation or needs. WUBS 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.
1. In some instances intermediary banks may levy additional fees and / or other charges. This is beyond the control of Western Union Business Solutions.
2. Funds are usually received by WAW Credit Union within 2-3 business days, funds will then be allocated to your nominated account. There is no delivery period guarantee. Some currencies may take longer than others to process.