How does TT (Telegraphic Transfer) work?

 

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


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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.

Faith Burns: Please email me your request through PayPal KTT 6-digit code. or my account credit card profoma invocie account.

Javed : My question, If I TT to China supplier 30% and supplier failed to send me product then can I have return my 30% TT mony, is it possible ? Plz Answer. Thanks

Prakash M: we TT from Commomwealth Bank of Australia to HSBC HK it been a 2 month didn't received and sender bank gave a paper its already deposited but it got only receiver company name. Receiver asking to provide bank name , account number and account name so they can ask bank to check. But Commonwealth bank never gave.

ushan: what if dont get goods for the value you remitted via SWIFT for Impots

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