Meaning and definition of a TT payment and telegraphic (telex) transfer terms

Historically, a “telegraphic transfer” referred to a money transfer that was sent using telex, which meant sending money via an antiquated cable, radio or telephone system. These days, a telegraphic transfer is just a money transfer — the same thing as a wire transfer.¹ You may see it referred to as a telex transfer, a TT, a T/T, a TT bank payment or just a wire transfer; they all mean the same thing. The term “telegraphic transfer” is more common nowadays in certain parts of the world — it’s used extensively in the UK, Australia and New Zealand to describe electronic money transfers, either domestic or international. In the US, you’re more likely to see these referred to as wire transfers.

How does a telegraphic money transfer work?

In a normal international telegraphic transfer, the sender, or remitter, tells their bank they want to send money to the recipient, or beneficiary.4 Depending on the bank and its policies, this can be done at a branch, by mail or fax, over the phone or via online or mobile banking. The sender’s bank will then send the money to a bank that it works within the recipient’s country or region. If the recipient has an account with that bank, the funds are converted to the correct currency and transferred into his or her account and the transfer is complete. If not, that bank acts as an intermediary bank. It may still do the currency conversion, as well as charge a fee for handling a small part of the transfer, before it forwards the money on to either another intermediary bank or the recipient’s bank.4
Wire transfers vs telegraphic transfers: Is there a difference?

Wire transfers and telegraphic transfers are the same thing, and they may also be referred to as “money transfers,” “international payments,” or “SWIFT transfers.” They all use the SWIFT system, which is a secure messaging system used by banks to quickly and accurately send each other messages and instructions for moving money across borders.
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