There are a few ways to send money overseas, each has its own cost and funds are received in different amounts of time. We’ll explore these different services and share our top tips for what you should be mindful of.

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 Western Union.

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”.

International money order

An international money order is when a bank gives you an internationally guaranteed cheque. This is also called an international bank draft.

This is effectively a cheque where the funds for the transaction are withdrawn from the institution rather than from the cheque drawer’s account. When a person requests a bank draft they must immediately transfer the funds from their account to cover the amount of the cheque. This adds a crucial extra level of security over a personal cheque, which could bounce if you don’t have enough funds in your account.

Drafts can be drawn in the foreign currency you choose and are available for personal or business use. You then post the cheque to the other person, and they cash or deposit it at their bank.

An international bank draft is more secure than sending a personal cheque, but it's much slower than an online transfer.

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 Western Union) for the currency you are choosing to send. You can also refresh the rate if you choose to come back to the transfer later. Use our foreign exchange calculator to see how much you will get for your Australian dollar.

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. To be safe, you should obtain details like the recipients full name, street address, mobile number and account number. The recipient's street address is required to comply with the Australian government standards.

Remember your 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.


The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant Product Disclosure Statement and Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.