BankVic has an agency arrangement with American Express International Inc. to offer simple solutions for your foreign currency requirements. Whether you're going overseas for a shopping spree or sending money to a family member abroad for their birthday, there's a range of secure and convenient options to suit your needs.
With over 150 years of experience in foreign exchange, you can trust American Express with your foreign currency requirements. Benefit from their exceptional service and superior foreign exchange expertise as one of the most established and respected providers of foreign exchange, globally.
Make quick and cost effective international payments in over 100 currencies. A telegraphic transfer (TT) is a secure, convenient and electronic means of depositing funds directly into your beneficiary's account in a specified currency, both overseas and within Australia. You should note that telegraphic transfers are not immediate - they can take anywhere between 5 and 7 working days to arrive, depending on the country.
You'll be required to provide the following information in order to process a TT with us:
Fees and charges apply to telegraphic transfers. For full details, refer to our Fees & Charges PDS (PDF). Please note the corresponding bank/s may also charge a handling and acceptance fee/s.
We recommend that you review the amount of money you are sending against the possible fees the corresponding financial institution may charge.
For more information, please refer to the Telegraphic Transfers Product Disclosure Statement PDS (PDF) and Fees & Charges PDS (PDF), which is also available at our branch - or by calling 13 63 73.
Incoming telegraphic transfers
An incoming overseas deposit allows you to receive foreign currency converted into Australian dollars (AUD) into your account. You should note that telegraphic transfers are not immediate - they can take anywhere between 5 and 7 working days to arrive, depending on the country. Where an inbound transfer of AUD is received, a handling fee is applied by American Express (AMEX) of AUD$5. No fee is applied by BankVic.
The easiest way for you to provide instructions to your overseas sender is to complete the American Express Inward TT instructions online form. After you submit the form, a PDF file will appear on your screen, containing all of the important information you'll need to process your transfer, including the SWIFT Code (or Bank Code). You can then save and email that PDF file to your overseas sender.
Please note that the exchange rate applied is the rate available to AMEX on the date and time AMEX receives the funds from the corresponding financial institution. This rate cannot be set in advance and will be disclosed to you after the exchange has occurred.
Foreign currency drafts
Foreign currency bank drafts, commonly called drafts or foreign currency cheques, are simply bank cheques (drawn on a foreign bank) made to a recipient who can deposit the cheque directly into their own account.
Foreign currency bank drafts are issued in 16 major currencies and are an ideal secure payment method when you have small amounts to pay or you don't know the banking details of the person or beneficiary you need to send the money to.
When the draft is ready, it can be collected at any one of our branches, an American Express branch or mailed directly to you.
See our FAQ for detailed information about services offered by American Express Foreign Exchange Services.
The information and any advice contained in this document is general so it may not be right for you. Before acting on the advice you should consider whether the advice is appropriate for you. Before you make any decision to acquire a non-cash payment product you should obtain and consider the Product Disclosure Statement (PDS). BankVic is acting as an agent of American Express International Inc ABN 15 000 618 208 AFSL 237996 in the provision of foreign currency cheque and cash conversion, international telegraphic transfers and drafts. ® Registered Trademark of American Express Company.
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