Receiving Money From Overseas

SWIFT is an abbreviation for “Society for Worldwide Interbank Financial Telecommunication”. It is a code that consists of 8-11 characters which used by banks around the world to transfer money.

An intermediary bank is a third-party bank located in Australia that facilitates international transfers between the overseas bank and Newcastle Permanent.

We cannot facilitate international transfers on our own. This means that all incoming international transfers go through an intermediary bank before reaching us.

Newcastle Permanent charge a fee when funds are credited to your account which have been received by us through Real Time Gross Settlement from a third party financial institution. You may also be charged fees by the third party financial institution. Refer to your account Terms and Conditions for details. 

A Real Time Gross Settlement is a method that can be used to transfer funds quickly between financial institutions.