Business > Travelex Trade > Wires & Drafts
Wires - Telegraphic Transfers/Wires give you or your customers the ability to transmit funds electronically to credit a nominated payee’s overseas bank account in a specified currency.
Drafts - issue either a bank or company cheque, made out to your nominated payee in a foreign currency. It’s similar to a personal cheque and can be used to make payments or for settling transactions overseas. Drafts can be sent via overseas mail, and are available in a wide range of foreign currencies.
The benefits of Wires - Wires allow you or your customers to transfer money electronically to most major cities around the world.
Certainty - greater assurance for the timing of receipt of payments
Easy - payments can be made between local and overseas organisations or persons
Flexible - payments can be made in most major currencies
Secure - electronic transfer is a safer way to pay than cheques or drafts
Convenient - brief messages can be sent as part of the payment
Faster - payment is usually received within 24 to 48 hours of the transfer, so it’s faster than drafts
The benefits of a Travelex Draft - Funds relating to a Telegraphic Transfer are directly deposited into the payee’s bank account.
Safety - drafts can be enclosed with letters or invoices and forwarded direct to the payee. If the draft is lost or stolen, and once we have confirmed a stop- payment, we will refund the money or issue a new draft to the customer
Value - a draft is an affordable way to transfer funds to a specific company or person overseas
Security - it’s a secure form of payment that can only be credited to the payee’s bank account if the payee
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