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TELEGRAPHIC TRANSFER

A telegraphic transfer is an instruction from the Customer, transmitted electronically,to credit a nominated Payee’s bank account in a specified currency located overseas. Telegraphic transfers can be used for settling transactions in a foreign currency on a particular day. The Payee ordinarily receives value for the transaction on the day that the Customer purchases the foreign currency.

BENEFITS OF TELEGRAPHIC TRANSFERS

• They give greater certainty for the timing of receipt of payments.
• Payments can be facilitated between local and overseas organizations or persons.
• Payments can be made in most major currencies.
• Telegraphic transfers consist of an electronic instruction to the nominated Payee’s bank. As a telegraphic transfer is not represented by a physical instrument they are a more secure means of payment in comparison to cheques or drafts.
• They allow brief messages to be included as part of the payment transaction.
• They generally are a faster form of payment than drafts as the Payee normally receives payment within 24 to 48 hours of despatch of the telegraphic transfer.
• They provide an economical method of transferring funds to overseas countries.

PAYMENT METHOD

Payment methods for telegraphic transfers If you want to send money to an account overseas by a telegraphic transfer you must provide us with the MUR cash or office cheque equivalent to the amount of foreign currency you wish to send

The exchange rate to be applied for the telegraphic transfer will be determined at the time your make the transfer.