Money transferred to and from overseas: International funds transfer instruction (IFTI) reports
An international funds transfer instruction (IFTI) involves either:
- an instruction that is accepted in Australia for money or property to be made available in another country, or
- an instruction that is accepted in another country for money or property to be made available in Australia.
If you send an IFTI out of Australia or receive an IFTI into Australia, you must submit an IFTI report to AUSTRAC within 10 business days.
There are two types of IFTI reports:
- IFTI-Es are made by financial institutions and apply to transfers of money
- IFTI-DRAs are made by businesses, organisations or individuals who are not financial institutions such as remittance service providers and casinos. They apply to transfers of money or property.
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