Any difference between Wire Transfer and Telegraphic Transfer?

 The information provided here is part of Export Import Training course online


How to differentiate Wire Transfer and Telegraphic Transfer?


What is the difference between a Telegraphic Transfer and a wire transfer? Is wire transfer and TT transfer are one of the same? How to differentiate Telegraphic Transfer and wire transfer.

Any difference between Wire Transfer and Telegraphic Transfer
Let us find our what is Wire Transfer and What is Telegraphic Transfer.  We have already discussed about wire transfer and how does wire transfer work.


Wire transfer is method of fund transfer by means of electronic from one individual or organization to another, either from one bank account to another or transfer of cash at a cash office. ‘ Western union money transfer’ is a good example for transfer of cash electronically who operates worldwide. In US, Fedwire system is more likely to be RTGS (Real Time Gross Settlement).
Wire transfer services are in different categories like retail money transfer, International money transfer, international debit card etc.

 
In a retail money transfer (for example: western union), an individual or firm can transfer or receive money without having account with them. International money transfers are effected with the help of SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages. A six digit Bank Identification Code (BIC) is assigned to each bank and transfer of fund is effected with the help of SWIFT messages. With an International Debit Card, money can be withdrawn at any where in world, the card holder need not have an account with the card issuing financial institution.  Also read - How does Wire transfer work in international business?   Difference between Swift and wire transfer       What is swift transfer in import and export trade?

What is a Telegraphic Transfer TT?

 

Telegraphic Transfer is a mode of transfer of funds electronically before the year 1990s.


TT, Telegraphic Transfer of money was effected by a cable message service from one bank to another to transfer money. Before introduction of Telegraphic Transfer, money had been transferred directly between banks via a Telex message sending directly from one bank to another. TT payment was very popular prior to existence of electronic payment networks. Telegraphic transfer is operated by cable message and TT is treated one of the other electronic fund transfers.


I have explained here about the difference between wire transfer and telegraphic transfer.


I hope, I could satisfy you on the difference between Telegraphic Transfer and Wire Transfer.  Do you wish to add more information about Telegraphic Transfer and Wire Transfer?  Share your experience in handling wire transfer and telegraphic transfer.
 
Comment below your thoughts about this article - TELEGRAPHIC TRANSFER  Vs. WIRE TRANSFER.


  

 


The above information is a part of Import Export Training course online


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 What is ‘Combined Bill of Lading’

 

How to obtain a duplicate BL, if original bill of lading lost.

How to obtain GSP - Certificate of Origin?

 

How to obtain Phyto sanitary certificate. What is phytosanitary certification

 

 How to obtain waiver on detention/ demurrage on imported goods/container from Shipping company/CFS

 

What is ‘Late BL release charges’

 

What is ATA carnet and how ATA carnet works?

 

What is Bank Guarantee to customs in Import

 

What is Bond execution with customs in imports and exports

 

Transferability of Bill of Lading

 

Transhipment - A redefinition

 

Travelers to India under import duty exemption, Frequently Asked Questions Part 2

 

Triangular export

 

 Triangular shipment

 

Types of Insurance Documents.

 

What is Brand Rate in Duty Drawback

 

What is BVQI inspection on export goods?

 

What is charter party bill of lading ?

 

 What is CIF terms of delivery in Exports and Imports?

 

What is Clean on board Bill of Lading

 

What is co-loading

 

What is Commercial enforcement hold for import cargo in US

 

 What is consolidation of cargo What is LCL cargo less container load cargo

 

What is Crating in Exports and Imports

 

What is CT3 form. How to get CT3. Why CT3 required

 

What is customs bonded area in exports and imports

 

What is DDP terms in an export Import Business?

 

What is Dry Port

 

What is DTA in export import trade?

 

What is ECGC and how does ECGC protect exporters?

 

What is EPCG How EPCG works in Export Import trade?

What is Ex-factory terms in Imports and Exports

 


Comments


Janarthanan: Hi Mr. Surendran, First I've to thank you for your idea of sharing knowledge what you have learned & experienced on your everyday life. Its awesome and easily understandable for freshers too. Very nice article :)

S.M.Bappy Rana: thanks

amaL: So, now we are using wire transfer, aren't we? thanks a lot :)

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