How does TT (Telegraphic Transfer) work?

 

The information provided here is part of Online export import training guide 


How does TT (Telegraphic Transfer) work?

 

What is a Telegraphic Transfer TT?


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

How does TT (Telegraphic Transfer) work 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.


Although TT methods of electronic transfers are not using now a days, the business world have been using the term ‘TT’ or ‘ Telegraphic Transfer’ even now by meaning other reformed modes of electronic transfer of funds.  Also read -  Difference between Swift and wire transfer     Any difference between Wire Transfer and Telegraphic Transfer?   What is swift transfer in import and export trade?

 

 

 

 

 

 

 

The above information is a part of Import Export course online


Other post about import export cauching

Difference between ‘Swift ’ and ‘wire transfer’
Is Seaway bill a document of title? What is Seaway bill.
Difference between bill discounting and bill negotiation
What is Nominated cargo or Routing order shipment
Who are the parties involved in an LC Letter of Credit
Abbreviations - V
Excise and Customs - Click here to read complete notification under Budget 2014
How to get Export Orders?
How to settle dispute in Exports and Imports?
Click here to know India Trade Classification(ITC)
Pre shipment bank finance to suppliers for exports through other agencies
Types of export containers
Measurement of export containers
Exim Policy of India 2015-20
MEIS, Merchandise Exports from India Scheme
SEIS, Service Exports from India Scheme
Merge your Commercial Invoice and Packing List for all your future exports
Export procedures and documentation

What is ATA carnet and how ATA carnet works?

 What is Bank Guarantee to customs in Import
What happens, if Bank not received money from buyer after discounting of export bills?
 How to make DA mode of payment safe
RISKS NOT COVERED BY MARINE INSURANCE
 How does Letter of Credit work? 
 Procedures to file IGM (Import General Manifest)
 What happens if Date difference in HBL & MBL
Difference between normal dry container and Insulated Container
How to import CERAMIC Products  
Tips to import Mica, Articles Of Stone,Cement, Asbestos    
 The role of Reserve Bank of India
 When can an exporter release bill of lading from shipping company?
How to avoid delay in receiving OBL Original Bill of Lading?
How to cover the risk of Cargo loss or damage
LC advantage importer
 Import General Manifest (IGM)
 Is Risk Management System (RMS) simplify import? What is RMS in import.
 Procedures under Re-exports

The Role of the International Chamber of Commerce (ICC)
 Tips to exporters on Documentation
 Government rules to import Wool, Fine animal hair, coarse animal hair                  
 Govt Policies to import Silk, Yarns and woven fabrics        
Difference between general dry container and open side Container
 How to minimize import cargo clearance time? An open logic proposal to WTO
 How to import Prepared Feathers, Human Hair, Artificial Flowers  
 Is Received for shipment Bill of Lading sufficient for LC negotiation?

 


Comments


SUNDER LAL JOHARI INTERNATIONAL PRIVATE LIMITED : We had send advance TT of worth US$ 1500 to Beverex Hungary Kft on 28th oct 2015 for import of dried yellow corn. But were cheated by the concerned party. Thereafter we have taken many legal action. We have lodged FIR to our nearest local police station. We have also directly talked to Budapest Police nearest the concerned party viz. Beverex Hungary Kft. But there was no fruitful result.So please could you suggest us what should we do now? Is there any intimation left to inform further party in India or should we finally assume it bad debts in our books of account. We have all evidence of Proforma Invoice, bank swift copy, FIR copy and response from Budapest Police also. Waiting for your response...

keen: I seeking a bank or financial institution this located in Minnesota and have KTT code so the my investor can send funds through their KTT.

Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers