Telegraphic Transfers
BRED Bank offers customers inward and outward payment options using Telegraphic Transfers. For more information, see below.
INWARD TELEGRAPHIC TRANSFER
An Inward Telegraphic Transfer (also known as an “inward wire”) is an electronic transfer of funds directly credited to your account from an Overseas bank. In most cases a Telegraphic Transfer is the quickest way to receive funds from abroad. The payment instruction will be received as a SWIFT (Society for Worldwide Interbank Financial Telecommunication) Message.
Customer’s Requirements
Customer must have an account with BRED Bank Solomon, and must comply with AML requirements.
- If transfer comes from a sensitive country, the customer is required to provide source documents (e.g. Rental agreement).
- If the beneficiary is an International company, or Trust company, or Service Provider, they are require to provide source documents (e.g. proof of property sales).
Turn around time
Receiving date or 2 days value.
OUTWARD TELEGRAPHIC TRANSFER
This electronic method of transferring funds from BRED Bank to both overseas and local banks. (e.g. An Outward Telegraphic Transfer is when a client requests to send funds to another bank.)
Customer’s Requirements
Customer must have an account with BRED Bank Solomon, and must provide signed instruction with payment details.
- If transaction amount is above 100,000 SBD for personal account (per month), customer is required to provide source documents (e.g. an invoice ) to get approval from CBSI. For business accounts, CBSI approval limits are applicable based on the nature of the transaction.
- If transfer is going to a sensitive country, customer is require to provide source documents.
- If the remitter of funds is an International company, Trust company, or a Service Provider, customer is required to provide source document (a proof of property sale), if not a regular payment.
Turn around time
Receiving date or the next Day.