Western Union Business Solutions

Quick and affordable international payments

South West Slopes Credit Union, in association with Western Union® Business Solutions, is the one-stop shop for international transactions of any size. As the leading non-bank provider of international payments and foreign exchange, Western Union Business Solutions works with thousands of financial institutions and corporate clients around the world to ensure overseas transactions are processed quickly and reliably. Send money to 200 countries in more than 130 currencies.

How do I send money overseas?

South West Slopes Credit Union, in association with Western Union Business Solutions offers two options to send funds abroad:

• Telegraphic Transfer (TT)
• Draft

What is a Telegraphic Transfer (TT)?

A Telegraphic Transfer (also known as a “Wire”) is an electronic transfer of funds directly credited to a beneficiary’s overseas bank account. A choice of more than 130 currencies is offered.

Why should I use a TT?

In most cases a TT is the quickest way to send funds abroad (a TT will normally take one to two business days to reach the beneficiary)

Sending a TT in the beneficiary’s currency is usually more cost effective and helps ensure the funds are credited more quickly, as the payment can go “straight through” .

How does a Draft work?

A Draft is like a bank cheque made out in a foreign currency. It’s another way for you to make payments and settle a transaction overseas, especially if you don’t have the receiver’s electronic bank account details. Drafts can be sent overseas via mail and are available in a wide range of currencies.

Why should I use a Draft?

• Access to more than 24 currencies.
• Can be enclosed with letters or invoices and forwarded direct to the beneficiary
• Should your Draft go missing in transit, upon your notification, Western Union Business Solutions will normally be able to put a stop on it and issue a replacement. Conditions apply – click here for a Drafts Product Disclosure Statement.
• Offers security around payment – Drafts are a non-negotiable instrument and can only be credited to the beneficiary’s bank account, unless the beneficiary has endorsed the draft.