Foreign Currency Services
Travelling with Money Overseas
Cash Passport
If you are travelling overseas either for work or for leisure purposes, Cash Passport is the ideal way to carry your travel spending money.
It is accepted at over 29 million MasterCard retailers globally and it allows you access to your money in local currency from over 1.9 million MasterCard ATMs worldwide.
Key features
- Ability to carry multiple currencies on one card and manage currencies easily online
- International ATM transaction fee free (some ATM operators may charge their own fee)
- No transaction fee when using the card to pay for goods or services in store, online or over the phone (some merchants may charge a surcharge)
- Lock in your rate for the funds you load at the relevant exchange rate on the day of purchase
- Chip and PIN protected for wider acceptance, greater security and peace of mind
- Option to load up to a maximum of $100,000 (AUD) onto a card
- 24/7 Global Emergency Assistance including free replacement cards and emergency cash to your destination
- Reload funds via BPay
- Free second card as a back-up
- Card is issued instantly at purchase and activated within 2 business hours of purchase
To get a Cash Passport contact your nearest Branch
Transferring Money Overseas
Telegraphic Transfer
A Telegraphic Transfer (T/T) also known as a International Money Transfer (IMT), is a secure and convenient electronic transfer of funds to a nominated overseas account at another financial institution.
Key features
Convenience
A telegraphic transfer is a secure transfer of funds to an overseas bank account, available via Police Credit Union.
Multiple currencies available
Police Credit Union have partnered with Travelex Global Business Payments, which means you can send money to over 70 countries across the globe in the destination currency.
Sending a Telegraphic Transfer
In order to send a Telegraphic Transfer, you will need to provide the beneficiary’s name, address and account number, as well as the beneficiary’s bank details (including full branch address and the SWIFT code).
For payments to Europe and the UK, you must also provide an International Bank Account Number (IBAN).
Overseas Drafts
An Overseas Draft is a bank cheque that can be drawn in foreign currency, or Australian Dollars, and deposited at an overseas financial institution. (May be subject to clearance period in country of deposit.) It is a traditional and simple method of making foreign payments which is still favoured by many members.
Just let us know who the draft is to be made payable to, the currency you want the draft in and the amount of money you want to send.
Your draft will normally be available next working day. You can then post it to the recipient overseas, and they deposit it into their bank account.
Receiving Money from Overseas
Telegraphic Transfer
PCU can assist you when receiving payments from overseas in a foreign currency. We can help you determine the best way to handle these payments and provide the services to deposit them into your PCU Account.
In general, the quickest and most convenient way for someone to send you funds from overseas is via a Telegraphic Transfer.
If you’re receiving a large amount of money, we recommend you request a Telegraphic Transfer for security and speed.
You will need to provide the sender with the relevant Currency Settlement instructions.
1. Choose the country you are receiving funds from.
2. Complete the relevant information in the online form and submit.
3. You will then receive deposit instructions via return e-mail (Please check your Trash/Junk section of your email if not received immediately).
Euro Zone Countries (EUR)
Foreign Currency Cheques (Cash Letters)
Many entities overseas still choose to send people in Australia a foreign payment in the form of a Foreign Draft or a Foreign Cheque. This is known as a Cash Letter.
Cash Letters are foreign Cheques or foreign drafts drawn on a bank in the same foreign country. Police Credit Union can exchange these documents into Australian dollars on your behalf. Clearance time for funds being converted into Australian dollars can vary, contact your local branch for clearance time frames.
International Collections
International Collection items are foreign currency cheques or drafts drawn on a bank not in the same country as the currency of issue. With items such as these, Police Credit Union will send this item off for collection, clearance time for funds being converted into Australian dollars can vary, contact your local branch for clearance time frames.
Other Foreign Money Services
Foreign Cash
Choice of over 35 currencies available
Convenient: Ideal for arrival overseas to pay for taxis, tips etc
Save on fees: No need to go to banks or bureaux
Travellers Cheques
Secure: Cheques are refunded if lost or stolen
24 hour Assistance: available
Convenient: Available in 7 currencies and in a mixture of denominations
(can often be used like cash in shops etc, if taken in local currency)
World wide acceptance
Commissions Free when encashed at any Travelex/Thomas Cook branch
