Telegraphic Transfer - TT

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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