International Bank Draft
- Similar to a bank cheque, a bank draft is a convenient and cost effective way to send money overseas or pay for overseas expenses.
- Bank drafts are made out to a recipient in the currency of your choice. They must be paid into the recipient’s bank account and cannot be exchanged for cash.
International Money Transfers
- An International Money Transfer (IMT) is an electronic transfer of funds for a specified currency and amount to an overseas recipient (the beneficiary).
- An IMT is a safer and more efficient way to transfer funds to or from an overseas bank account.
- IMTs are suitable for individuals and businesses.
Making a transfer to an overseas bank account
Sending an IMT is generally the quickest and easiest way to send funds overseas.
- You will need the following information about the overseas bank account you are transferring the funds to:
1. Beneficiary Name: Recipient’s full account name
2. Beneficiary Account: full account number or IBAN (International Bank Account Number)
3. Beneficiary Bank: The beneficiary bank’s name, address and SWIFT Code (also known as a Bank Identifier Code/BIC)
- This service is available through FastNet Classic and you will require a Netcode to complete the transaction.
Please note: IMTs will be subject to fees and charges imposed by overseas banks involved in the transaction. These may be deducted from the foreign payment and in such cases the beneficiary will receive a lower amount than the original amount sent. These fees vary depending on the fee policy of the overseas bank.
Receiving an overseas transfer into your ASB account.
If you have further questions, read our FAQs.