How does TT (Telegraphic Transfer) work?
Posted on
10 April 2023 Category : Export Import Terms
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.
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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
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