International Telegraphic Transfers

An International Telegraphic Transfer (ITT) is an electronic payment to an overseas bank account. It can also be referred to as a foreign exchange or FX payment.

1. Log in to Macquarie Business Online
2. On the menu, navigate to Pay then click International Telegraphic Transfer
3. Enter the payee’s name and address (please note, the address cannot be a PO Box)
4. Select the currency you would like the payee to receive in their account (e.g. USD)
5. Enter the payee’s bank details
   • You may be required to provide the Correspondent bank SWIFT Code.
   • If you don’t know the correspondent bank, please select the tick box and we’ll source this on your behalf
     
6. Click Next
7. Select the account you wish to make this payment from
8. Select the currency you want to pay with (e.g. Australian dollars or another foreign currency amount)
   • When sending foreign currency, you can elect to enter either the Australian dollar or foreign currency amount you wish to transfer
   • If you select ‘Nominate AUD value’ and you elected for your payee to receive a foreign currency in Step 4, the Australian dollars will be converted to the nominated foreign currency at the time of processing
9. Enter the amount
10. Select a reason from the menu for making this payment
    
11. Select whether the payment is a For Further Credit (FFC). FFC is only used in electronic funds transfers to record a second recipient
    • If you were provided FFC details, select Yes and enter the beneficiary name and account number
    • If you weren’t provided FFC details, you don’t need to complete this. Select No
12. Enter details for your reference (optional)
13. Select Next
14. Enter sender’s details
15. Check all details are correct and select either Approve or Submit for approval.

Note: You're currently unable to save international payees.

We won’t charge a fee for facilitating an ITT, but a correspondent bank may charge fees and deduct them from the funds being transferred. A correspondent bank is the bank in the foreign country who we liaise with to transfer funds.

Please note, this can result in the payee receiving an amount less than expected. We cannot control or refund any fees of this nature that are incurred.

Any ITT fully approved prior to 3:00pm (Sydney time) will be submitted to our payment’s processor on the same day but may be subject to additional checks that can affect timing. Telegraphic Transfers approved after this time will be submitted on the next business day.

ITTs will normally be received within 48 hours by the correspondent bank. A correspondent bank is the bank in the foreign country who we liaise with to transfer funds. If the correspondent bank is a different bank to your payee’s bank, it may take additional time to receive funds.

Incorrect or insufficient information provided for an ITT can result in processing delays, additional fees/charges, or even non-receipt of funds that may require lengthy investigations to trace.

It’s important to note that:

• we aren’t responsible for any delays or payment/transmission failures
• we accept no liability for any loss of any kind (including any consequential loss and expense, for example changes in FX rates during processing)
• we may delay, block, or refuse to make a payment if we believe on reasonable grounds that making the payment may breach any law in Australia or any other country, and we’ll incur no liability to you if we do so.