Telegraphic Transfers (TT)
Definition of 'Telegraphic Transfers (TT)'
To send a telegraphic transfer, you will need to provide the following information:
* The recipient's name and address
* The amount of money you want to send
* The reason for the transfer
* Your bank's name and routing number
* Your account number
* The SWIFT code for the recipient's bank
Once you have provided this information, your bank will send the money to the recipient's bank. The recipient will then be able to withdraw the money from their account.
Telegraphic transfers are usually processed within 24 hours, but it may take longer if the recipient's bank is located in a different time zone.
There are some fees associated with telegraphic transfers. These fees vary depending on the bank and the amount of money you are transferring.
Telegraphic transfers are a safe and secure way to send money internationally. However, it is important to make sure that you provide the correct information when sending a telegraphic transfer. If you make a mistake, the money may be sent to the wrong person.
Here are some additional tips for sending a telegraphic transfer:
* Make sure that you have the correct recipient's information.
* Check the exchange rate before you send the money.
* Ask your bank about any fees that may be associated with the transfer.
* Keep a record of the transaction.
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