Global Payments Frequently Asked Questions
General
Setting Up Global Payments
Sending Global Payments
General
Q: What is a Telegraphic Transfer?
A Telegraphic Transfer is an electronic transfer of funds to an overseasaccount at another financial institution. The person who holds the account being credited is called the 'recipient'.
Q: What accounts can I use to make a Telegraphic Transfer?
Most Suncorp transaction, savings and business accounts can be used to make a Telegraphic Transfer.
It is not possible to make a Telegraphic Transfer from a Credit Card, Home Loan, Personal Loan, Term Deposit or multi operated accounts which require more than one signature to operate.
Q: What is an exchange rate?
The exchange rate refers to the rate that Suncorp will use to convert your Australian dollars into a foreign currency and is subject to alteration without notice. The rate quoted on screen and printed on your receipt is the rate that will apply to your payment, regardless of when your payment was processed.
The exchange rates for available currencies can also be found on the Suncorp website under Banking - Foreign Currency - Foreign Exchange Rates.
Q: What Currencies can be sent as a Telegraphic Transfer?
The only currencies that can be sent are listed in the drop down box in the first Global Payments screen under Transaction Details. These currencies and applicable exchange rates can also be found on the Suncorp website under Banking - Foreign Currency - Foreign Exchange Rates.
Alternatively you may choose to send the payment in Australian Dollars in which case the funds are converted to the local currency by the receiving bank.
Q: To which countries can I send a Telegraphic Transfer?
You will be unable to send a Telegraphic Transfer to a country that is affected by a sanction.
For more information about sanctioned countries please visit www.austrac.gov.au or www.rba.gov.au
Q: What are International Sanctions?
International Sanctions are penalties applied by one country (or group of countries) on another for a variety of reasons including economic, diplomatic, trade and military sanctions.
Economic sanctions include, but are not limited to, tariffs, trade barriers, import duties, and import or export quotas. Should a current sanction apply to the country you are trying to send your payment to, an error message will generate to advise that you can not proceed.
Setting Up Global Payments
Q: What is an IBAN?
The International Bank Account Number (IBAN) is a series of letters and numbers that uniquely identifies an account held at an overseas bank. An IBAN is not a new bank account number but a way of representing account numbers in an internationally recognised standard format.
If you have been provided an IBAN always enter it in the recipient account number field. An IBAN is a mandatory requirement when sending payments to certain European and United Kingdom countries.
All IBANs start with a two (2) letter country code and contain between sixteen (16) and thirty-four (34) letters and numbers. The length of an IBAN will differ depending on the country, but its length must be fixed for any given country.
Q: Why are IBAN's mandatory for some transfers?
The European Payments Council (EPC) passed a resolution which dictated that from the 1 January 2007 the use of the Recipient's International Bank Account Number (IBAN) is mandatory on all payments within the European Union or to a European Economic Area..
The Global Payments system has a validation preventing you from submitting a payment without an IBAN if it is required for your transfer.
Q: WHow do I obtain an IBAN?
If an IBAN is mandatory for your payment you will need to request it from the payment recipient. IBAN and SWIFT codes are often displayed on recipient's bank statements in European Union countries.
Alternatively, the payment recipient may obtain the IBAN from their bank. Suncorp can not provide an IBAN.
Q: What is a SWIFT code?
A SWIFT code is the unique identification code of a particular bank. These codes are used when transferring money between banks for international transfers. It indicates which bank a transfer payment is to be sent. Bank identifier codes are commonly known as SWIFT (or BIC) codes.
A SWIFT code is a standard format code which is comprised of eight (8) or eleven (11) letters or numbers. The SWIFT code can be a bank's general head office code, or relate to a bank's individual branch or department.
Q: How do I obtain a SWIFT code?
The recipient's bank can provide the appropriate SWIFT code in order to enable an international transfer payment to reach the overseas account. The SWIFT codes can sometimes also be found on the recipient's bank account statements.
Q: What is a SORT code?
Sort codes are a unique identifier of the individual branch or bank office where a bank account is held. Sort codes are mandatory when sending a Telegraphic Transfer to the United Kingdom.
A Sort code is always a six (6) digit number and is usually provided in one of the following two formats 123456 or 12-34-56. Either of these formats are acceptable to Suncorp.
Q: How do I obtain a SORT code?
If a Sort code is mandatory for your payment you will need to request this from the payment recipient. Alternatively the payment recipient may obtain the Sort code from their bank. Suncorp staff are not able to provide the Sort Code.
Q: What is a Routing Number?
A Routing Number is also commonly known as an ABA or Fedwire number. It is a bank code used in the United States, which identifies financial institutions. This code is also used to process automated transfers and other transactions.
Routing Numbers are always nine (9) digits in length.
Q: How do I obtain a Routing Number code?
If a Routing Number is mandatory for your international transfer payment you will need to request this from the payment Recipient. Routing Numbers are often displayed on customer's bank statements in the United States of America.
Alternatively the payment recipient may obtain the Routing Number from their bank. Suncorp staff are not able to provide any details relating to a Routing Nnumber.
Q: What is a Canadian Bank Code?
A Canadian bank code is usually provided in one of the following two formats, three (3) digits followed by five (5) digits in length. For example, 000-00000, or a nine (9) digit code.
Q: How do I pay for my Telegraphic Transfer?
You must have sufficient available cleared funds in your Suncorp account to cover the payment. The amount of your payment in Australian dollars must be within your daily payment limit.
Sending Global Payments
Q: What does SWIFT mean?
Society for Worldwide Interbank Financial Telecommunication.
Q: How does SWIFT work?
SWIFT operates a worldwide financial messaging network. Messages, including payment instructions are securely exchanged between financial institutions.
Q: When are Telegraphic Transfers processed?
You can complete a Telegraphic Transfer online and transfer up to AUD $20,000 - 24 hours a day and amounts between AUD $20,000 to AUD $50,000 during normal business hours.
Telegraphic Transfers performed on a weekend or public/bank holiday, or after 5pm AEST time on a bank business day, will be processed the following bank business day.
Q: How long will my transfer take to reach the recipient?
Under normal circumstances your money should arrive at the overseas bank of the recipient within two (2) to five (5) business days. However, we cannot guarantee this timeframe as there may be delays due to circumstances beyond Suncorp's control including international public/bank holidays and the banking practices of the overseas bank or country.
Q: What do I do if the recipient claims they haven't received the funds?
You should ensure that the:
- Recipient is aware that the amount received may have been credited on a different date and/or for a lesser amount (due to bank charges) than expected.
- Recipient confirms that the original payment instructions provided were correct.
If after the above, you still believe the funds have not been received you should contact the Suncorp Banking Call Centre on 13 11 55 (International customers please phone 61 7 3362 2222) and request a Transfer Trace. A fee of AUD $30.00 will apply and the trace is initiated on a 'best efforts basis'. Suncorp is reliant upon other banks to action and respond therefore we can not guarantee timeframes or results.
Q: What happens to my Telegraphic Transfer if I have submitted invalid information?
If you are aware that your payment instructions contained invalid details you should contact the Suncorp Banking Call Centre on 13 11 55 (International customers please phone 61 7 3362 2222) as soon as possible to request a Transfer Amendment.
It is likely that invalid payment instructions will delay or prevent the payment being processed by the overseas bank/s. For a fee of AUD $30.00, Suncorp can send a message advising the amended details to the banks involved in your transfer. Suncorp is reliant upon the other banks however to action the request and can not guarantee timeframes or its success.
Q: When does an Intermediary Bank need to be used?
An Intermediary Bank needs to be used when you are sending any currency other than the local currency to the destination country. As Australia is the only country where Australian Dollars is the local currency, all Australian dollar payments must be forwarded via an Australian Intermediary Bank.
Q: What are the additional costs?
Each payment will attract a single Suncorp fee of AUD $20.00. This fee plus the Australian equivalent of the amount being sent will be charged to your selected account.
In addition, any other financial institutions involved in the transfer of funds may seek reimbursement for their services by way of fees which may be debited from the payment. Suncorp can not advise on the fees charged by other banks.
Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722.
