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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.
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 With an International Debit Card, money can be withdrawn at any where in world, the card holder need not have an account with the card issuing financial institution.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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