Drafts and telegraphic transfers are convenient means of forwarding funds overseas. They are commonly used by businesses engaged in import or export transactions, or by people sending money overseas to relatives or friends.
A draft can be likened to a bank cheque in that payment is made to the payee, provided that they can be satisfactorily identified.
Customers may enclose drafts with their personal letters or invoices, direct to the beneficiary. In the event of a lost or stolen draft, the bank will refund the money or reissue a new draft to the customer after a stop payment has been confirmed, and necessary indemnities completed.
A telegraphic transfer is an electronic way to transfer money to an overseas correspondent, instructing them to pay to a named party (beneficiary) a specified sum of money by order of the remitter (applicant).
A telegraphic transfer is the quickest means whereby the beneficiary generally receives payment within 24 hours of dispatch in local or foreign currency.
Features at a glance
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Find out more
Find out more about arranging a draft or telegraphic transfer by visiting your local ANZ branch or call +682 21 750 to speak to an ANZ specialist today.
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