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Bidvest Bank: telegraphic transfers

By Bidvest Bank
01-09-2014
In the past, telegraphic transfers were conducted utilising the telegraph as a means of transferring money from a sender to a recipient. Today, the process of sending funds between two parties has been significantly simplified and doesn’t involve using the telegraph. However, in many countries, wiring funds from one location to another is still referred to as a telegraphic transfer.

Although telegraphs are now antiquated, the process of safely and securely transferring funds from one account to another is still relevant. In fact, many people would regard this service as a necessity, especially those with accounts or dependants situated in different countries. Below are some features of telegraphic transfers that facilitate the sending of money to recipients or alternative bank accounts:
  • funds can be transferred from anywhere in the world
  • funds can be sent in any denomination or any amount
  • the transfer generally takes three working days to reach its destination
  • telegraphic transfers are often used for land arrangements and emergency  funds
Bidvest Bank offers its customers safe and reliable telegraphic transfers. Contact us for more information regarding foreign money transfer options.

Why use a telegraphic transfer?

Bidvest Bank facilitates telegraphic transfers to and from South Africa on request. If funds are being transferred into South Africa, recipients will be asked to present their identification documents before accessing the money. It is important to note that sending funds abroad using telegraphic transfers is administered under the South African Reserve Bank regulations. The below outlines some of the benefits of using telegraphic transfer services at Bidvest Bank:
  • Swiftness - Telegraphic transfers rely on SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages, which are delivered to the recipient’s bank on the day of dispatch. This means that the transaction is generally cleared within two working days.
  • Security - Built-in security features have been implemented within the SWIFT system to ensure that all transactions are safe and reliable.
  • Convenience - As a form of foreign money transfer, tele-transmissions (telegraphic transfers) offer a convenient, safe and secure form of quickly sending money to foreign bank accounts.
Telegraphic transfers are a convenient way to take care of trade transactions. These are payments to settle foreign debts that are caused by contracts that deliver services or the movement of goods. Contact  Bidvest Bank to discuss whether telegraphic transfers are something you or your business can utilise to optimise your foreign money transfers.