Telegraphic Transfer (SWIFT)

What is a telegraphic transfer?

A telegraphic transfer, often called a wire transfer or TT, is an international bank-to-bank payment. Instructions are usually carried over the SWIFT messaging network, which lets banks in different countries exchange standardised payment messages and move funds across borders. Telegraphic transfers are commonly used to pay overseas suppliers or move money between international accounts, and they typically involve fees and a settlement time of one to several days.

A concrete example: an Australian business pays an overseas manufacturer by telegraphic transfer, sending the manufacturer’s bank name, SWIFT/BIC code, and account number to its bank. If a scammer intercepts the email thread and substitutes their own overseas account, the funds can be routed abroad and are very difficult to recall.

Why it matters for Australian finance teams

Cross-border payments are a favoured channel for business email compromise, because a telegraphic transfer sent to a foreign account is hard to reverse and hard to trace. The ACCC’s Scamwatch and the AFP have both highlighted large losses where invoice or executive fraud pushed funds offshore by wire. For finance teams paying international suppliers, verifying the counterparty before sending is the practical control, since scheme-level recovery is limited.

How ezyshield helps

ezyshield does not process or send international transfers, and it does not verify overseas bank accounts over SWIFT; its verification is built for Australian payees. Where it helps is confirming Australian people and businesses, via ABN and ASIC records and bank account ownership, before domestic money moves, and re-verifying on any change. Every check is written to an append-only audit trail that is never edited or deleted. For cross-border payments, treat verification and dual approval as separate controls. See how it works and our explainer on business email compromise.