Sending and Receiving Money Overseas
Whether you want to send money overseas or travel there yourself with access to your money, MyState Bank has everything you need to process payments quickly and securely from wherever you are.
Looking to send money overseas to family, friends or business suppliers? Telegraphic transfers make it easy, no matter the amount. With a telegraphic transfer, funds are transferred electronically to an international bank account in a specified currency, making it a secure and efficient way to transfer funds overseas.
Find out more about telegraphic transfers.
An International Draft is like a bank cheque made out in a foreign currency, and is a really easy and affordable way to send money overseas. They are available in more than 25 currencies and are sent via mail, so they’re a great option if you’re not working to a tight deadline or if you don’t have the bank account details of the person you’re paying. International Drafts are also non-negotiable and can be enclosed with letters, invoices, and birthday or Christmas cards. If lost or stolen, a draft can usually be stopped and a new one issued, just as long as it hasn’t been presented.
To arrange an international draft, all you need to do is visit your nearest MyState Bank branch with the following details of the person you’re sending funds to:
- Person’s full name
- Person’s full street address
- Any special instructions for the transfer
- Currency and amount
Please note that once the payee deposits the International Draft into their account it will be subject to any clearance periods of the bank that the payee holds their account with.
Inward telegraphic transfers
An inward telegraphic transfer is an electronic transfer of funds from an overseas account that is directly credited to your account. In most cases, a telegraphic transfer is the quickest way to receive funds from abroad, with most transfers normally taking two to three business days to be credited to your account.
Find out more about telegraphic transfers.
Conversion of foreign currency drafts and cheques
If you’ve received a draft or cheque in a foreign currency, MyState Bank, in association with Western Union Business Solutions, will usually be able to convert it into Australian dollars for credit to your account quite easily. Typically, any personal, bank, company or government foreign currency cheques can be converted (although money orders are not accepted), but please be aware that some conditions do apply. We’d recommend chatting to a branch staff member for more information.
We can help with all your travel money needs so you can make sure you’ve got cash in your hand as soon as you land. Our partnership with Travelex, the world’s largest foreign exchange specialist, means you get a choice of over 35 currencies in a variety of denominations and at a competitive rate.
Pick-up is normally available within 2 working days, and a choice of denominations is available for most currencies, making things even more convenient.
To organise your foreign currency cash before you travel overseas, please drop into your nearest MyState Bank branch.
Multi-Currency Cash Passport Card
Forget having to find a bank or currency exchange when travelling overseas. With a Multi-currency Cash Passport Prepaid MasterCard® Currency Card (Multi-currency Cash Passport Card) you can access multiple currencies easily and securely 24 hours a day, 7 days a week.
Whether you’re planning a short break interstate or the overseas trip of a lifetime, the cost of a holiday can soon add up. A personal loan can make budgeting easier and ensures you have the funds on hand to make the most of your trip.
When you’re on holidays, the last thing you want to think about is what happens if something goes wrong. CGU Travel Insurance through MyState Bank offers a variety of policies to choose from to cover unexpected medical expenses, loss and damage to personal property, and interruption of your holiday. Plus, with a 24-hour worldwide emergency hotline, you can relax knowing that everything is taken care of.
Emergency contact numbers
In the event something does go wrong while you’re overseas, for example loss of cards or credit card fraud, please get in touch with us immediately so we can help.