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Telegraphic Transfer or Telex Transfer, often abbreviated to TT, is a historic term used to refer to an electronic means of transferring funds overseas. A transfer charge is collected while sending money.
Historically "T/T," meant a cable message from one bank to another in order to effect the transfer of money. Prior to the existence of electronic payment networks this was often directly between banks via a Telex message.
In Japan, "Telegraphic Transfer" is the industry term for quoting retail exchange rates (larger quantities are quoted individually), and is divided into 3 rates, stated in yen, from the point of view of the quoting bank: 
The middle rate is the average of the buying and selling rate, and these trade at a fixed bid–offer spread (in yen). For example, the USD is quoted with a spread of 2 JPY, so if the mid-market rate is 100 JPY = 1 USD, the rates are as follows:
These rates are published daily by major Japanese banks, and used for accounting and tax calculations, in addition to retail use.
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