A Telegraphic Transfer (also known as a “Wire”) is an electronic transfer of funds directly credited to a beneficiary’s overseas bank account. A choice of more than 130 currencies is offered.
Why should I use a TT?
In most cases sending a TT in the beneficiary’s currency is usually more cost effective and helps ensure the funds are credited more quickly (normally one to two business days to reach the beneficiary).
What details do I need to send a TT?
You will need to provide full details of the receiver’s bank account, including their IBAN (International Bank Account Number) if they are in Europe.
To comply with Australian Government regulations you must also provide the beneficiary’s full street address. Please note that TT’s are sent via a network of correspondent banks, which sometimes levy a small handling charge on your payment. Any such fees are totally out of Hume Bank and Western Union Business Solutions' control. Given that a network of banks is used to complete your telegraphic transfer, the time it takes for your payment to be credited cannot be guaranteed.