Organising to ship goods overseas and make sure you get paid in return can be daunting but rest assured we have some solutions:
- Electronic transfers
- Card payments
- Drafts and cheques
I want to accept electronic transfers
Telegraphic transfers are a fast, economical and secure way to receive electronic payments. The funds will arrive in your account as ‘cleared funds’ so you have immediate access, and you can monitor them online from your home or office.
You will need to provide your customers with:
- Your name
- Business address – not a PO box
- Phone number
- Branch (BSB) number and full account name
- Our Westpac SWIFT code WPACAU2S
- Note: for those banks requiring an 11-character SWIFT code, use WPACAU2SXXX.
I want to accept card payments
Research shows that customers may spend more when they’re able to pay by card. As well as potentially increasing sales, accepting payment by card increases flexibility of payment options as you can accept payments online, by phone, or mail.
Review your options
I want to accept drafts and cheques
If you want to accept drafts and cheques from overseas, you'll usually need to wait for the funds to be cleared. However, on certain transactions (subject to credit approval) proceeds can be made available to you immediately. Cheques or drafts in Australian dollars drawn on an Australian bank require 3 business days to clear. If they are drawn on an overseas bank, then it can take 4-6 weeks for (cleared) funds to be received from the drawee bank.
What if I’m an exporter?
We can organise the collection of your export proceeds, freeing up your time with an Export documentary collection.
How can I reduce exchange rate risk?
If you regularly receive and pay funds in foreign currencies, a Foreign Currency Account may provide protection against foreign exchange rate fluctuations. We have a range of other International Trade solutions to meet your needs.
How can I reduce the risk of non-payment?
If you’re concerned about being paid, we can guarantee payment from the buyer's bank (assuming certain Terms and Conditions are met) using export documentary letter of credit.
Things you should know
To be eligible to apply for Business One – Low Plan, your business must be registered in Australia.
General advice: This information is general only and does not constitute any recommendation or advice. It is current at the time of publication, and is subject to change. It has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on the information, consider its appropriateness, having regard to these matters. Consider obtaining personalised advice from a professional financial adviser and your accountant before making any financial decisions in relation to the matters discussed in this document, including when considering the finance options for your business.