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International Telegraphic Money Transfer

Discussion in 'Finance & Banking' started by ETREUS2K8, 29th Dec, 2008.

  1. ETREUS2K8

    ETREUS2K8 New Member

    Joined:
    9th Sep, 2008
    Posts:
    3
    Location:
    Blue Mountains, NSW
    Hi all,

    Does anyone know what sort of transactions are involved in a International Telegraphic Money Transfer? I have sent money overseas twice through different australian banks that claimed to transfer money directly into your chosen overseas bank account (as long as they work with that bank of course) but at the time the money gets to destination there is always a sum of fees that neither banks (Australian bank or Overseas bank) own up to, each bank blaming the other.
     
  2. pthm

    pthm Well-Known Member

    Joined:
    25th Aug, 2005
    Posts:
    136
    It has been very common that banks (at either end of the TT transactions) charge a fee - it used to be about $30 (not sure how much now as I have not done a TT for about 2 years). However, depending on the amount you transfer overseas, you can use one of the wholesaler FX companies, you get a better rate and no fee - EXCEPT when the money hits the overseas bank account, that bank will take out the ubiquitous $30 (or more) fee! This happened to us all the time.