General
Overview
A Foreign Exchange (FX) Deal Telegraphic Transfer (TT) is an electronic transfer of funds to a beneficiary in a foreign currency. It has the same characteristics as a Foreign Telegraphic Transfer, however instead of the rate being determined on the day of the transaction customers are able to negotiate a ‘deal’ with our Treasury Operations department. This deal allows customers to enter a pre-specified authorised FX Deal Number, FX Deal Rate and FX Deal Delivery Date when setting up a Telegraphic Transfer.
To access the Telegraphic Transfer service you must have previously purchased a Security Token. You can then register for the service by contacting us on 1300 BENDIGO (1300 236 344) or by sending us a Secure Email. At the time of registration you will be asked to nominate a daily transaction limit. This daily limit will include any fees charged for the transaction (if applicable).
To organise Foreign Exchange deals you must be a client of our Treasury Operations department. For further information please contact us on 1300 BENDIGO (1300 236 344)
For further information regarding daily limits please refer to the Payments section of our Frequently Asked Questions.
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To make an FX Deal payment:
Choose the Payments category from the top navigation menu and click the Telegraphic Transfer item from the side navigation menu then select the FX Deal tab from under the screen title line. The FX Deal TT screen will be displayed where you will need to complete the following information: From
Select the account you wish to make the payment from. The drop down list labelled From displays all of your eligible transaction accounts registered with Bendigo e-banking.
Note: Only those accounts where you have an Access Limit of Full Access will be available for selection in the From accounts list. Those accounts where you have an Access Limit of No Withdrawals will not be shown in the From accounts list. You can view the Access Limit on each of your accounts by using the Account Signatories function under the Accounts menu.
To
Select the payee you wish to pay. The drop down list labelled To displays any payees that you have previously set up.
Note:
If the payee is not listed you will need to set up a new payee. You can do this by selecting either the ‘Add New Foreign TT’ entry from the drop down list labelled Add New Payee, or you can select the Payee List item from the side navigation menu.
When you add a payee by using the Add New Payee drop down list, you can choose whether or not to add the new payee to your Payee List. If you choose not to add it to your Payee List the payee will appear temporarily in the drop down list labelled To with a Payee ID of ‘TTF000’, but will not be retained after your session is complete.
For further details about creating and modifying payees refer to the Payee List function.
Payment Currency
Using the drop down list labelled Payment Currency select the currency in which you would like the funds transferred. As an example, by selecting ‘USD - United States Dollar’ your payment will be sent to the beneficiary in United States Dollars.
Two radio buttons allow you to specify if the amount to be sent is in the ‘Payment Currency’ or the ‘AUD (Australian Dollar) Equivalent’. Click inside the appropriate radio button to indicate your preferred method. When you click inside the button, a dot will appear in the middle to indicate that it is selected.
Note: The default selection is 'Payment Currency'. This indicates that the amount you are entering is to be sent in the currency that you have selected (e.g. USD - United States Dollar).
If you select ‘AUD Equivalent’ the amount being entered is to be the Australian Dollar equivalent of the foreign payment currency selected. The ‘AUD Equivalent’ option is beneficial when you do not know the total foreign amount or you only want to send a certain AUD amount.
Amount
Enter the amount you wish to pay including the decimal point (e.g. 99.45).
FX Deal Number
Enter the deal number of the Foreign Exchange Deal that has been negotiated with our Treasury Operations department.
FX Deal Rate
Enter the Foreign Exchange rate from the Foreign Exchange Deal that has been negotiated with our Treasury Operations department.
FX Deal Delivery Date
Enter the Deal Delivery or Settlement date from the Foreign Exchange Deal that has been negotiated with our Treasury Operations department.
When
Three radio buttons allow you to choose when the payment is to take place. When you click inside the button, a dot will appear in the middle to indicate that it is selected. Click inside the appropriate radio button to indicate:
Now
The default is Now. Funds will be withdrawn from your nominated account as soon as Bendigo e-banking processes the transaction and it is authorised by our Treasury Operations department.
Once on
A one-off payment to occur up to one (1) year in advance. Select the day, month and year from the drop down boxes to the right of the "Once On" field. The amount will be withdrawn from your account on the morning of the date you have nominated after it has been authorised by our Treasury Operations department.
Recurring
A scheduled payment to be repeated at a regular frequency. Use the Frequency option to select how often the transactions should occur. Options available are Weekly, Fortnightly and Monthly. Use the Starting option to select when the transactions should commence and the Ending option to select when they should cease.
Note: A monthly payment, if scheduled for the 29th 30th or 31st will be processed on the last day of the same month if that date is not valid. For example, if you select a monthly payment for the 29th, January's payment will be processed on January 29th, while February's (if not a leap year) will be processed on February 28th, etc. You can review and/or cancel future dated transactions by selecting the Future Payments List option from the side navigation menu.
For further details refer to Future Payments List.
Action Buttons
There are two action buttons available:
Make Payment
Pressing the Make Payment button will direct you to the Foreign Deal Telegraphic Transfer - Verification screen where you can verify and, if required, amend certain payee and payment information.
Clear
Pressing the Clear button will clear the input fields on the screen.
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Foreign Exchange Deal Telegraphic Transfer - Verification
After selecting the Make Payment button on the FX Deal TT screen you will be directed to te Foreign Deal Telegraphic Transfer - Verification screen. This screen allows you to verify, and if required change the Fee Account, Payment Currency, Payment Currency/AUD Equivalent, Amount, FX Deal Number, FX Deal Rate, Deal Delivery Date, Ordering Customer Name, Ordering Customer Address and Country, SWIFT Code, and Reference Comments.
The Foreign Deal Telegraphic Transfer – Verification screen displays all information that has been resourced from Payee List including beneficiary details and bank details.
This screen also displays the amount of Payment Currency that will be sent to the beneficiary and also the amount that will be debited from your specified account in AUD – Australian Dollars. There is also a check box option to update your Payee List with any changed information on the screen
Action Buttons
There are two action buttons available:
Continue
Pressing the Continue button will direct you to the Foreign Deal Telegraphic Transfer - Approval screen where you can submit the transaction for processing
Cancel
Pressing the Cancel button will cancel the transaction and return you to the initial Telegraphic Transfer screen.
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Foreign Exchange Deal Telegraphic Transfer - Approval
Once you select the Continue button on the Foreign Deal Telegraphic Transfer – Verification screen you will be presented with the Foreign Deal Telegraphic Transfer - Approval screen containing the information you have selected.
Action Buttons
There are three action buttons available:
Approve
Pressing the Approve button will submit the transaction for processing. This is the final point where you can decide whether or not to proceed, so you should ensure the details are correct before selecting this option.
If you choose to approve the transaction you will be advised the details have been accepted and issued with an Acknowledgment Number for use as a reference, should you need to confirm the transaction at a later date. You will also be presented with a Print Receipt option. For further details refer to Print Receipt.
Modify
Pressing the Modify button will return you to the Foreign Deal Telegraphic Transfer - Verification screen. On this screen you are able to change some of your payee or payment details.
Cancel
Pressing the Cancel button will cancel the transaction and return you to the initial Telegraphic Transfer screen.
Transfer Authentication
As a Security Token is attached to your Telegraphic Transfer service, a Transfer Authentication input box will be displayed within the Approval screen. As the person who is creating the Telegraphic Transfer, you will need to enter the Authentication Key in order to approve the transfer. This key is generated by the Security Token that is linked to your Bendigo e-banking access.
Note: If the authorisation of another signatory is required to authorise the payment, you will be presented with additional input boxes where one of the other signatories can enter their Access ID and PIN. If, as an authorised signatory, you have not independently logged on for some time, you may receive a message advising that you need to log on. This is to read and possibly accept any important information that may have been updated since your last log on.
If a second signature is not entered at this time, any of the other authorised signatories can review the payment later by logging on to Bendigo e-banking and selecting the hyperlink from the Account Balances screen that shows you how many Authorisations are Pending. (e.g. You have 2 Authorisations Pending) Alternatively they can choose the Accounts category from the top navigation menu and then select the Authorisations Pending item from the side navigation menu.
If the Fee Account selected differs from the account the payment is made from, and a second signature is required to authorise the payment, the second signatory must also be a signatory on the Fee Account otherwise the payment will fail.
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Print Receipt
To print a receipt for the transaction simply press the Print Receipt option and you will be presented with a new window containing the details of the transaction. To print these details you should use the Print button on the screen or you can use the standard Print function of your browser which is located within the File menu (i.e. click on File and then Print).
When finished you should shut down the new Print Receipt browser window by using the Close button on the screen, or by using the Close function within the File menu, or by using the Close Window button at the top right hand side of the screen
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Confirmation
After the Telegraphic Transfer request has been sent and processed by our Treasury Operations department you will be notified about the success or failure of the request by Secure Email. In addition, an associated Internet (unsecured) email will be generated to inform you that "You have Secure Email", but only if you enter a valid email address in your Bendigo e-banking profile. For more information on entering your email address in your profile refer to Change My Details.
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Cut Off Times
Foreign Telegraphic Transfers will be processed on a best endeavours basis to an overseas financial institution if requested before 3.00pm (Eastern Standard Time or Eastern Daylight Savings Time) on a Banking Business day (i.e. Monday to Friday excluding Sydney Public holidays and Bank holidays). Otherwise payments will be forwarded on the following Sydney Banking Business day. If requested before the cut off time, the transfer should reach the recipient within 48 hours, but may take up to seven (7) days.
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Payment History
The Telegraphic Transfer will only be visible in the Payment History of the person who initiated the transfer. |
