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. Select the account the payment is coming from
4. Enter the payee
   • For an existing payee, select the saved payee details from the ‘Account you’re paying to’ selection box and skip to the next step
   • For a new payee, click New payee on the top right hand side and enter the payee’s details and the payee’s bank details. To save this payee, simply:
     • Click Save to payee list to save your new payee to your payee list so you can make future payments to them
     • Click Confirm
     • Review your payee details and click Finish
5. Select whether the payment is For Further Credit (FFC). FFC is only used in electronic funds transfers to record a second recipient
   • If you have FFC details, select Yes and enter the beneficiary name and account number
   • If you don’t require FFC details, select No
6. Click Next
7. Select the amount you would like to pay in either Australian dollars (AUD) or the equivalent foreign currency amount
   • 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
8. Enter the amount
9. Select a reason from the menu for making this payment
10. If required, add a reference to your payment, or a separate description to appear on your statement
11. Select Next
12. Enter sender’s details
13. Select Next
14. On the Confirm details screen, check all details are correct and select either Approve or Submit for approval.

Make sure you know who you’re paying. Always verify that the details of the payee are correct by confirming with them directly. If your payment is being sent to a new or modified payee, this payee will be approved when the payment is approved.

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 a third party bank that facilitates the transfer of funds from us to the payee’s bank.

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.

In MBO, you can view the status of your payment in Task Centre.  The status will change to complete when the payment is on its way to your payee.

ITTs will normally be received within 2 business days for major currencies and within 4 business days for less common currencies. If you send in a currency that is not the local currency of the payee country (e.g. sending AUD to Europe), it may take additional time.

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.