Telegraphic Transfer - TT

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DEFINITION of 'Telegraphic Transfer - TT'

An electronic method of transferring funds. Telegraphic Transfers are used primarily for overseas wire transactions. These transfers are used most commonly in reference to CHAPS, Clearing House Automated Payment System, transfers in the U.K. banking system.

BREAKING DOWN 'Telegraphic Transfer - TT'

Telegraphic Transfers are also known as Telex Transfers, abbreviated TT. TTs can also refer to other types of transfers. Telegraphic Transfers are usually fairly expensive, due to the fast nature of the transaction.

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RELATED FAQS
  1. I need a telex release for a Bill of Lading. What must I do to obtain it?

    A telex release is typically issued by the freight carrier after all original copies of the bill of lading are surrendered. ... Read Full Answer >>
  2. How does investment banking differ from commercial banking?

    Investment banking and commercial banking are two primary segments of the banking industry. Investment banks facilitate the ... Read Full Answer >>
  3. Why do commercial banks borrow from the Federal Reserve?

    Commercial banks borrow from the Federal Reserve primarily to meet reserve requirements when their cash on hand is low before ... Read Full Answer >>
  4. How does a bank determine what my discretionary income is when making a loan decision?

    Discretionary income is the money left over from your gross income each month after taking out taxes and paying for necessities. ... Read Full Answer >>
  5. What role does a correspondent bank play in an international transaction?

    A correspondent bank is most typically used in international buy, sell or money transfer transactions to facilitate foreign ... Read Full Answer >>
  6. What is the difference between a correspondent bank and intermediary bank?

    Correspondent and intermediary banks serve as third-party banks that coordinate with beneficiary banks to facilitate international ... Read Full Answer >>

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