Telegraphic Transfer (TT)

A Telegraphic Transfer (TT) is an electronic method of transferring funds, typically used for overseas wire transactions.

It’s a fast way to send money internationally, and it operates through a network of banks that use the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system to ensure secure and standardized transactions.

Here’s a brief overview of how TT works and some key points:

Electronic Transfer: TT is done electronically, often through online banking platforms.

International Use: It’s primarily used for sending money abroad, making it a common choice for international business transactions.

Speed: A TT can be completed within two to four business days, depending on various factors like the origin and destination of the transfer, and any currency exchange requirements.

Fees: TTs can be expensive due to the involvement of multiple banks, each potentially charging their own fees. These may include arrangement fees, correspondent bank fees, and currency conversion markups.

Security: The use of SWIFT network adds a layer of security, as only banks with commercial relationships can participate in the transfer process.

It’s important to note that while TTs are a reliable and secure method of transferring funds, they can be costlier and slower compared to some modern electronic transfer methods.

Always check with your bank for the most current fees and processing times associated with TTs.