Telegraphic transfer

From Wikipedia, the free encyclopedia - View original article

 
Jump to: navigation, search

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. It is now most often used in UK Banking and in law to refer to either a CHAPS transfer for domestic transfers or a SWIFT transfer for international transfers.

The term is also used to describe other electronic funds transfer methods and, incorrectly, BACS (Bankers Automated Clearing Services) payments.

See also[edit]

References[edit]