International Cheque (Bank Draft)

An International Cheque is similar to a bank cheque but is drawn on an overseas bank. Payment is made to the payee upon satisfactory identification being provided. Where this method is used, the relative currency is sold to the importer by their bank in the form of an International Cheque (on-demand bank draft).

Telegraphic Transfers

This method of transferring funds covers Inward and Outward Telegraphic Transfers.

For an Outward Telegraphic Transfer when a foreign currency is involved, the currency is sold to the importer by their bank instructing them to pay a named party (beneficiary) a specified sum of money by order of the remitter (applicant). A payment instruction advice is subsequently dispatched to the bank's overseas correspondent via SWIFT. The beneficiary will receive payment within two (2) working days depending on currency and amount.

For an Inward Telegraphic Transfer when a foreign currency is involved, the currency is bought from the exporter by their bank and funds credited to their account. A payment instruction advice is received by Arab Bank Australia from an overseas correspondent via SWIFT.

Key Benefits

• Payments are facilitated between local and overseas parties.
• Payments can be made in any major currency.
• Telegraphic Transfers are a secure means of payment.
• Telegraphic Transfers permit brief messages to be included as part of the payment instructions.
• The beneficiary generally receives payment within 48 hours of dispatch of the Telegraphic Transfer.
• Bank Drafts may be enclosed with letters or invoices and forwarded direct to the payee.
• In the event that the Bank Draft is lost or stolen, and after a stop payment has been confirmed Arab Bank Australia will refund the money or issue a new draft to the customer.
• Telegraphic Transfers and Bank Drafts provide an economical method of transferring funds to overseas countries.
• Telegraphic Transfers and Drafts are available at any Arab Bank Australia branch.