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Welcome to the World

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Enjoy No Sending Fee International Payments via Internet Banking until 31st March 2017**

“Since 2008 residents departing for international travel now exceed visitors to Australia.” – (Australia Post Travel Team, Article Published 22 August 2016.)

While we have already come leaps and bounds with making travel easier and more convenient, it’s going to be even simpler once we release our latest update to the internet banking platform.

We feel that 2017 is the time to give our members’ even more freedom with their finances, with the ability to transfer funds internationally to almost any country, all from the convenience of your internet banking.

That’s right, LCU is pleased to announce our latest feature, international transfers through Western Union, with a simple, easy-to-use interface accessed within your internet banking. You’ll be able to quickly and conveniently pay for tours and accommodation, as well as send money to relatives living overseas.

With the introduction of this new feature all International payments made via Internet Banking will be fee free until the end of March!

Before you dive in and start using this new feature, take a moment to peruse our quick guide to international transfers.

1. What you need to transfer funds internationally:

  • The full name and address of the account holder and their bank's name & address.
  • The bank account number or International Bank Account Number (IBAN – for Europe & UK IBAN’s are mandatory)
  • The SWIFT Bank Identifier Code (SWIFTBIC) – this helps identify which bank to send the payment to.
  • Importantly, you must be registered for our SMS One Time Password Security to use this international transfer facility.

2. Some handy hints and tips:

  • If you’re dealing with a business overseas, get them to send you an invoice with their complete bank details.
  • Verify that the person or business you’re sending money to is legitimate. Scams are everywhere, constant vigilance is a must when sending money overseas. If it seems too good to be true, it is. ASIC has a search function that includes foreign companies that are registered to operate in Australia, check the company you’re paying has a listing with ASIC here.
  • Always have a clear, easily defined reason for your payment, and provide as much detail as possible if you selected “Other” from the drop down list.
  • If transferring to the EU (and UK), entering an IBAN for the beneficiary’s financial institution will bring up a list of all the branches for that institution, select the one you are looking for and it will automatically populate the financial institution’s details.
  • Stop and check – EVERYTHING!
  • Keep in mind - Payments may be held or recalled if LCU has concerns about their legitimacy.

If you’re not sure about anything at all, don’t hesitate to call one of our staff on 02 9859 0585 and we will be happy to answer any questions you have.

Otherwise, you can jump right in, the world is your oyster, or rather, you can buy an oyster from (almost) anywhere in the world!

*Offer ends 31st March 2017

**LCU and Western Union Business Solutions will not charge any fees in respect of transactions included in this promotional campaign however please note that some correspondent banks may levy fees or charges (this is beyond our control).

  Terms & Conditions

LCU has entered into an agreement with Western Union Business Solutions (Australia) Pty Ltd ABN 24 150 129 749 AFSL 404092, trading as Western Union Business Solutions (“WUBS”) to fulfill certain foreign exchange products and services that we offer to our members. Please note that (other than for Drafts), you are a customer of LCU in respect of these products and services. The relationship relating to these services is solely between you and LCU. Fees, charges and terms and conditions apply and may vary depending upon the product or service. Promotional campaigns may alter or waive fees, charges and terms and conditions on a temporary basis. Drafts are provided to you directly by WUBS. If you are seeking to acquire Drafts, it is important for you to consider the Product Disclosure Statement (“PDS”) and any other relevant WUBS documents before you decide whether or not that financial product is right for you. The Drafts PDS is available from LCU or on the compliance section of the WUBS website (http://business.westernunion.com.au/).  WUBS does not give you any advice, general, personal or otherwise. WUBS is an operating division of the Western Union Company.

 

 

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