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Telegraphic Money Transfer: How Does It Work and How to Make a TT payment

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Telegraphic Money Transfer: How Does It Work and How to Make a TT payment

A Telegraphic Money Transfer (TT or telex transfer) is a form of electronic fund transfer that enables funds to be transmitted from one country to another. Although the term “telegraphic” is derived from the once-used telegraphs, the method of transfer is now far more advanced. Nowadays, a combination of international cable networks and digital technologies are used to facilitate the transfer of money.

Telegraphic transfers are a safe way to send money overseas. All you need to do is log into your bank’s website, or go to your nearest branch, and tell them where you want to send the money to. Your bank will then send the funds to another bank in the recipient’s country that they have a relationship with.

When you hear the term “telegraphic transfers”, it’s just another way of saying international money transfers. This is the same thing as a bank transfer, SEPA, or SWIFT transfer – all of which have become more popular terms for the same process. In the U.K., TT payments are usually associated with the Clearing House Automated Payment System (CHAPS).

How does a telegraphic transfer work?

When money is sent from one institution to another, it often goes through the Society for Worldwide Interbank Financial Telecommunication (SWIFT). This process usually takes three steps. The senders need to request their bank to send funds abroad. This can be done in person or through online banking. The sender’s bank or EMI then sends the money to a bank in the recipient’s country. If the recipient has an account there, the funds are credited and the transaction is finished.

If the beneficiary’s account is at another bank or EMI, the funds are transferred again to that bank, at which point the transaction is complete. It is possible the funds will pass through two or more correspondent banks before they finally reach the beneficiary’s bank.

How long does a telegraphic transfer take?

Typically, wiring money between bank accounts takes around three business days. International transfers can take up to five, with a slight chance of taking longer due to inefficient and outdated banking systems in some countries. Online transfers, however, are often completed within one business day, and in some cases can be instant. For example, a SEPA Instant (SCT Inst) transfer is a real-time Euro transaction and can be completed in less than 10 seconds. Plus, it works 24/7/365 in 36 countries. The transaction is only possible if the sender’s and receiver’s banks or EMIs are connected to the SEPA Instant scheme.

What is a telegraphic transfer fee?

Bank transfers can be really pricey, especially when it comes to overseas payments. Financial institutions can charge almost $40 or more to send $5000 to the United States. For bigger transfers, you could be asked to pay even more. On top of that, the money may have to go through several intermediary banks, each of which will take a cut, meaning an even bigger sending fee. Some banks and credit unions may also levy a fee for receiving funds via wire. Online transfers can also be costly, with certain transfer companies charging hefty fees for payments. However, if you shop around, you will find some transfer companies that offer a very low and attractive flat fee.

If you are looking to avoid hidden fees and commissions, then opt for providers that have transparent marketing. Reading through all of the conditions and tariffs carefully can help you avoid potential pitfalls. is a great example of a company that provides transparent pricing – what you see is exactly what you get. There are no “surprises” like “only 2 transfers without commission”, or “no commission for payments up to 200 Euro”. Go for providers that list their fees plainly and do not hide anything in the fine print.

How to make a telegraphic transfer?

If you want to send a TT payment, however, you will need to ensure that you have all the correct documents. Firstly, you will need your own details (name and bank account details). Then, you need all the necessary recipient’s details – the name of the bank, IBAN, name, address, and contact info. The last step is just to send the money.

What is the telegraphic transfer procedure?

A wire transfer can be a bit of a hassle, especially for bigger payments. You may need to make a trip to the bank to fill out forms. However, it does not have to be that way. Now, you can send money online through your bank’s website / app or an online money transfer service. Just fill out an online form! In addition, with digital banking, you do not even need to go to a money-wiring office, telegraph station, or bank!

In conclusion

The era of telegraphic transfers is probably a thing of the past. These days, digital technologies and neobanking solutions are setting the trend for the global financial system. Fintech projects are slowly, but surely, taking over the remittance market. With the new technologies, money transfers are faster and much more convenient. You do not even have to leave your house – just a few clicks and taps on your phone and your money is on its way!, a European EMI with 5 years of experience, offers simple and reliable money transfer solutions with no hidden fees. Transfer money within Europe using SEPA and worldwide using SWIFT.

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