Foreign Exchange: What details do I need to provide to organise a Telegraphic Transfer?
The following are details needed to process a Telegraphic Transfer
- IBAN International Bank Account Number
- The Currency required
- The Foreign Amount or Local AUD Amount
- Member's Name
- Member's Address
- Member's Account Number
- Member's Contact Phone Number
- A Swift Code (optional)
- Bank Code or BSB (optional)
- Bank Name
- Bank Address
- Bank Account Number
- The Beneficiary's Name
- The Beneficiary's Address
- Any Further Instructions you may wish to send (optional)
Address details for telegraphic transfers:
mecu Limited
C/- National Australia Bank
330 Collins Street
Melbourne VIC 3000
BSB: 083 370
A/C No: 01921 3532
Include member name & number in the transfer details.
Address details for Swift Transfers (must be in Australian Dollars):
C/- CUSCAL Limited
1 Margaret Street
Sydney, NSW 2000
BIC CODE: AU // 803140
Swift Code: CUSCAU2SXXX
Include member name & number in the transfer details.
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I've made a mistake transferring funds. What do I do?
If the account details are incorrect the funds will be rejected by other Financial Institution and re-credited to your account.
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Can I transfer money to another account/ financial institution?
Yes
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My Fixed Term Deposit is maturing, what do I do?
Two weeks prior to maturity, members are sent a Renewal Advice Letter, instructing them to contact the credit union if they wish to alter the instructions on their maturing Term Deposit.
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How does the VISA Access card work?
A VISA Access card is a debit card that is linked to the funds available in your account. Using a VISA Access card, you can withdraw cash at any ATM in Australia and at any ATM worldwide displaying the VISA logo. You can also make purchases via EFTPOS terminals at supermarkets and retail stores and wherever VISA is accepted.
A VISA Access card also allows you to withdraw and deposit money into your account at over 2,900 Australia Post outlets via the Bank@Post network.
A unique Personal Identification Number (PIN) will be allocated to your VISA Access card so that you can securely access funds using ATMs, EFTPOS terminals or Bank@Post .
A monthly fee is applicable to VISA Access card and transaction related fees may be payable. Merchants may choose (but are not required) to include a surcharge for this payment method.
To obtain a VISA access card linked to your account, download and complete the access services application form.
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How does the Redicard PLUS work?
Redicard PLUS is a debit card that is linked to the funds available in your account. Using Redicard PLUS, you can withdraw cash at any ATM in Australia and you can also make purchases via EFTPOS terminals at supermarkets and retail stores.
Redicard PLUS also allows you to withdraw and deposit money into your account at over 2,900 Australia Post outlets via the Bank@Post network.
A unique Personal Identification Number (PIN) will be allocated to your Redicard PLUS so that you can securely access funds using ATMs, EFTPOS terminals or Bank@Post
There are no annual or ongoing fees attached to a Redicard PLUS, however transaction-related fees may be payable.
To obtain Redicard PLUS linked to your account, download and complete the access services application form.
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How does automatic salary crediting work?
You can have all or part of your salary automatically paid and distributed to your various mecu accounts.
To arrange for your salary to be credited to your mecu accounts, simply download and complete a payroll authority application form. This application allows you to instruct your employer to electronically send all or part of your salary to your mecu membership and also allows you to nominate the distribution of funds to your individual mecu accounts.
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What is the difference between direct credits and direct debits?
A direct credit is where a third party electronically deposits money into your account as per your authority. For example, you may provide authority to your employer to deposit your salary into your account or you may provide authority to Telstra to deposit your share dividends into your account.
The benefit of direct credits is that funds can be accessed as soon as they are received into your account. If the payment was received by cheque, in most instances, you will have to wait for the funds to be cleared before being able to access them.
A direct debit is where you give authority to a third party to withdraw funds from your accounts when a payment is due. For example you may give your insurance company authority to withdraw your premium amount from your account when it becomes due.
Direct debits eliminate the need for you to physically make the payment by cash, cheque or BPAY each time it becomes due as you authorise the third party to automatically debit your account whenever your payment is due.
You should ensure that you have enough funds to cover direct debit payments when they are due as some organisations charge a direct debit dishonour fee. mecu also charges a fee for any dishonours.
Setting up direct credits and direct debits
If you would like to set up a direct credit or direct debit, you will need to provide the relevant organisation with mecu 's BSB number and your member number (refer below for details). These transactions will automatically be made to/from the savings account listed first on your membership. If you prefer the funds to be automatically debited or credited to a different membership account, simply contact mecu on 132 888 and provide the account details.
To arrange direct electronic debiting or crediting to/from your account, simply provide the following details to the organisation involved with the payment (please read the following information carefully):
- Provide the name of your financial institution: mecu Limited
- Provide your membership name
- Provide your membership number
- Provide the following BSB number 803 - 140
Please note that prior to merging our banking systems on 5th June 2005 some members may have been required to quote a different BSB number. If this effects you don't forget to update the BSB number for any direct credits or debits you may have previously set up.
(If you have any doubt about whether or not you need to update your BSB number contact mecu on 132 888 for clarification.)
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How does Internet Banking access work?
Internet Banking offers you the convenience of having your accounts at your fingertips. You can view and actively transact on your membership accounts from the comfort of your home, workplace or anywhere you can get Internet access.
The following functions are available via Internet Banking:
- view account balances
- update personal details
- list and download transactions
- transfer up to $50,000 a day to other mecu accounts and up to $10,000 to accounts at other financial institutions
- view interest earned on accounts
- set-up, modify and delete periodical payments, recurring transfers and recurring BPAY payments
- pay bills using BPAY
- view salary and direct credits
- Apply for a loan or credit card securely and conveniently
To access your accounts via Internet Banking, simply download and complete the Internet Banking application form.
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How does Telephone Banking access work?
With our Telephone Banking service you can transact on your accounts, take out insurance, purchase foreign currency or even apply for a loan - simply by picking up the telephone and calling 132 888 or +61 3 9854 4666 from outside Australia.
The following services are available via Telephone Banking:
- automated telephone banking - available 24 hours a day
- listen to current account balances for your mecu membership accounts
- listen to your account transactions
- conduct one-off or future dated transfers of up to $50,000 per day to other mecu accounts
- pay your bills (up to $50,000 per day) using BPAY and also set-up your bills to be paid at a future date
- obtain interest earned on your accounts for the previous financial year
- order statements for your accounts, and
- obtain details of personal cheques presented
To enjoy the convenience of our Automated Telephone Banking service, you will need an Access Code. This can be obtained by calling 132 888 and following the recorded instructions.
- speak to an mecu Consultant - available from 8:00am to 6:00pm (AEST), Monday to Friday.
- general account enquiries
- obtain a quote or purchase insurance
- purchase foreign currency, and
- apply for a loan
To transact on your accounts with the help of an mecu Consultant, you will require a Passcode. To nominate your personal Passcode, simply download and complete the telephone banking passcode application. Without a Passcode, your access will be restricted to making general enquiries.
To access mecu Telephone Banking, simply call 132 888 (cost of a local call; higher costs may apply for mobile phones) from anywhere in Australia or +61 3 9854 4666 from outside Australia.
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What is BPAY?
BPAY is a network of over 12,000 billers who allow you to pay your bills via mecu Internet Banking or Telephone Banking. You can pay most of your bills using BPAY, including council rates, telephone, gas or water bills. Just look for the distinctive BPAY logo and references on the bill.
To use BPAY, you need to be a registered user of mecu 's Internet Banking or Telephone Banking services. Paying a bill via BPAY is free and does not attract any mecu fees or charges .
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What do your service centres offer?
You can make general enquiries on your accounts at any of our service centres across Australia. You can also deposit cash and cheques into your accounts at most centres, request fund transfers and change the Personal Identification Number, (PIN) on your mecu VISA cards or Redicards. For specific information regarding each service centres access services, please click here and check under service centre details.
A Deposit Box is located in some of our service centres so you can quickly deposit cheques into your account or arrange a transfer. Our Deposit Boxes are secure and are cleared on a regular basis, so you can be assured that your transaction will be completed as quickly as possible.
For a complete listing of all our service centres, including locations, opening times and services offered, click here.
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How does cheque book work?
You can link a cheque book to your account which will allow you to write personal cheques for purchases or payments. Your cheque amounts are withdrawn from your linked account when they are presented.
If you are making regular cheque payments for bills and purchases, we suggest using a VISA card or BPAY.
To obtain a cheque book on your account, download and complete the access services application.
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I would like to apply for an overdraft?
To ensure that you have enough money when you need it, you can apply for an Overdraft on your account. Once approved by mecu , your Overdraft can automatically be used at anytime, up to the available approved limit.
There are no ongoing or monthly fees associated with an mecu Overdraft.
To apply for an Overdraft, simply complete the Secure Online Loan/Overdraft application or download the loan/overdraft application form.
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What does 'no minimum balance requirements' mean?
There are no minimum balance requirements for the Access account and there are also no fees charged for dropping below a certain balance.
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What does 'no monthly or account keeping fees' mean?
There are no monthly or account-keeping fees associated with the Access account. This means that your savings are not diminished by monthly or account-keeping related fees.
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What does 'funds available at-call and there are no fixed terms' mean?
You can withdraw funds from your account as soon as they are deposited (except for cheque deposits which are held until cleared).
There are no fixed terms or minimum time that funds need to be deposited before you can get access to your money.
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