Beyond Bank Australia - International Payments

The International Payments service allows business banking customers to buy goods from overseas and pay the supplier in their own currency. This is useful because it eliminates the need for currency conversion and potential exchange rate fluctuations, making transactions more efficient and cost-effective. Additionally, it simplifies the payment process and reduces the risk of errors or misunderstandings related to currency exchange. Overall, this service provides convenience and flexibility for businesses engaged in international trade.

Customers can use Draft or Telegraphic Transfer to transfer money overseas.

To send a Telegraphic Transfer, the customer must provide all of the mentioned information. The sender's name, address, and phone number are necessary to identify the person initiating the transfer. The bank name and address are required to specify the financial institution involved in the transfer. Lastly, the recipient's account number and name are essential to ensure that the funds are correctly deposited into the intended account. Therefore, all of the above information is required for a successful Telegraphic Transfer.

The fee for a customer purchasing an In-branch Telegraphic Transfer in a foreign currency is $25.

All of the above customers might find the service particularly useful because they all have a need to transact with overseas entities. Business banking customers who import goods from overseas would benefit from the service as they can easily make payments to their international suppliers. Customers from a migrant community who wish to send money overseas would find the service useful as they can conveniently transfer funds to their families or businesses in their home countries. Customers who wish to buy products online from overseas would also benefit from the service as they can make secure and efficient international payments for their purchases.

A customer can send a Telegraphic Transfer overseas by placing the order either through internet banking or by visiting the bank branch in person. These are the two most common methods used by customers to initiate a Telegraphic Transfer. Fax, phone, and email are not mentioned as options for placing the order, indicating that they are not valid methods for sending a Telegraphic Transfer.

Customers can receive money from overseas through both inward telegraphic transfer and by receiving a cheque in foreign currency that can be converted into AUD. Inward Telegraphic Transfer involves the transfer of funds from a foreign bank account to the customer's account in the local currency. On the other hand, receiving a cheque in foreign currency allows customers to convert the amount into AUD at their local bank. Both options provide customers with a means to receive money from overseas.

Customers can use the Inward International Transfer Service in various situations. They can receive regular payments from overseas, such as a pension or salary. Additionally, they can receive savings or proceeds from selling an overseas asset, like a property or shares. Furthermore, customers can receive a one-off payment from family or friends overseas as a gift. Therefore, the correct answer is "All of the above" as all of these situations are applicable for using the Inward International Transfer Service.

Beyond Bank sells International Payments for all of the above reasons. By offering International Payments, they are providing an additional customer service, as customers can easily send money internationally. Additionally, selling International Payments allows Beyond Bank to earn additional revenue, as they may charge fees for these services. Lastly, it provides cross-selling opportunities for their other products, as customers who use International Payments may also be interested in other banking services offered by Beyond Bank.

A draft is a particularly convenient method for sending overseas as a gift because it can be enclosed with a Christmas or birthday card, making it a personal and thoughtful gesture. Additionally, it is relatively inexpensive compared to other methods of sending money overseas. Furthermore, a draft can be paid directly into the bank account of the overseas beneficiary, ensuring a hassle-free and secure transaction. Therefore, all of the above options make a draft a convenient choice for sending overseas as a gift.

Receiving money by Inward International Transfer has multiple advantages. Firstly, the transaction can be completed as a local transfer, eliminating the need for the sender to pay a SWIFT fee. Additionally, it is a quick method, with funds typically credited within 2-3 business days. Lastly, customers are not charged the beneficiary deduct fee, ensuring they receive the full amount of their incoming payment. Therefore, all of the above options are advantages of receiving money by Inward International Transfer.

The correct answer is "Free" because there is no fee charged for receiving an Inward International Transfer. This means that the recipient does not have to pay any additional charges for receiving money from an international source.

Sending money overseas by Telegraphic Transfer has several advantages. Firstly, it is a secure way to send money, ensuring that the funds reach the intended recipient safely. Secondly, it is a quick method, with funds usually being credited within 2-3 business days. Additionally, there are no age or credit restrictions on who can send a transfer, making it accessible to a wide range of individuals. Therefore, all of the above statements are true, highlighting the various benefits of using Telegraphic Transfer for international money transfers.

The exchange rates offered by Beyond Bank are different from those on the news or TV because rates constantly move and the rates on TV are indicative only. Additionally, the rates on TV are basically "dealers" rates, and the costs of providing the service also have to be factored in, similar to a home loan rate being higher than the official cash rate. Furthermore, every financial institution and foreign exchange provider can set its own rates. Therefore, all of the above reasons contribute to the differences in exchange rates offered by Beyond Bank compared to those on the news or TV.

To select the location you are working from in the Global Pay system, you need to choose the location from the drop-down list provided. After selecting the location, you need to click on "AoBo On" to confirm your selection. This action will set up the location for your session in the system.

When making an international payment, it is important to provide a payment reference that indicates the reason or purpose for the payment. This helps the recipient to identify and allocate the funds correctly. Including the reason or purpose for payment in the payment reference field ensures transparency and clarity in financial transactions, reducing the chances of any confusion or misallocation of funds.

All customers are eligible to use the International Payments Service. There are no specific criteria mentioned such as age, deposit amount, or length of time with the bank. Therefore, it can be inferred that the service is available to all customers, regardless of these factors.

The AUD limit for a Foreign Cheque to be sent as a "negotiation" item (also known as a "cash letter") is under $10,000.

When completing a transaction for a business, it is important to input the business name and details into the customer details area. This allows for accurate record-keeping and ensures that the transaction is properly associated with the business. By inputting the business information in the customer details area, it becomes easier to track and analyze the transactions specifically related to that business.

The Inward International Transfer Service works by allowing customers to receive funds from overseas using Western Union Business Solutions domestic bank accounts. This means that the customer can receive money from abroad through their local bank account provided by Western Union. This service enables convenient and secure transfer of funds between international accounts.