Telegraphic Transfer or telex transfer, often abbreviated to TT, is a term used to refer to an electronic means of transferring funds. A transfer charge is often charged by the sending bank and in some cases by the receiving bank. Historically telegraphic transfer meant a

cable Cable may refer to: Mechanical * Nautical cable, an assembly of three or more ropes woven against the weave of the ropes, rendering it virtually waterproof * Wire rope, a type of rope that consists of several strands of metal wire laid into a hel ...

message from one bank to another in order to effect the transfer of money. Prior to the existence of electronic payment networks this was often directly between banks via a

telex The telex network is a station-to-station switched network of teleprinters similar to a Public switched telephone network, telephone network, using telegraph-grade connecting circuits for two-way text-based messages. Telex was a major method of ...

message.

Current use

Hong Kong

In Hong Kong, the term "telegraphic transfer" is synonymous to international

SWIFT Swift or SWIFT most commonly refers to: * SWIFT, an international organization facilitating transactions between banks ** SWIFT code * Swift (programming language) * Swift (bird), a family of birds It may also refer to: Organizations * SWIFT, ...

transfer.

Japan

In Japan, "telegraphic transfer" is the industry term for quoting retail

exchange rate In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of ...

s (larger quantities are quoted individually), and is divided into three rates, stated in yen, from the point of view of the quoting bank: * TTM: Telegraphic Transfer Middle rate (

mid price In financial markets, the mid-price is the price between the best price of the sellers of the stock or commodity offer price or ask price and the best price of the buyers of the stock or commodity bid price. It can simply be defined as the average ...

) * TTS: Telegraphic Transfer Selling rate (

ask price Ask price, also called offer price, offer, asking price, or simply ask, is the price a seller states they will accept. The seller may qualify the stated asking price as firm or negotiable. Firm means the seller is implying that the price is fixed ...

) * TTB: Telegraphic Transfer Buying rate (

bid price A bid price is the highest price that a buyer (i.e., bidder) is willing to pay for some goods. It is usually referred to simply as the "bid". In bid and ask, the bid price stands in contrast to the ask price or "offer", and the difference betwee ...

) The middle rate is the average of the buying and selling rate, and these trade at a fixed bid–offer spread (in yen). For example, the USD is quoted with a spread of 2 JPY, so if the mid-market rate is 100 JPY = US$1, the rates are as follows: * TTS: 101 JPY: bank will charge ''more'' than mid price to sell USD * TTM: 100 JPY: average, bank does not trade at this price * TTB: 99 JPY: bank will pay ''less'' than mid price to buy USD These rates are published daily by major Japanese banks, and used for accounting and tax calculations, in addition to retail use.

Singapore

The term "Telegraphic Transfer" is a frequently used term in

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...

to describe cross-border

fund transfers Fund may refer to: * Funding is the act of providing resources, usually in form of money, or other values such as effort or time, for a project, a person, a business, or any other private or public institution ** The process of soliciting and gathe ...

. Other less commonly used terms in

are

wire transfer Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash ...

and

bank transfer Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash ...

.OFX
/ref> * TT: This is the abbreviation sometimes used to imply Telegraphic Transfer

United Kingdom

The term is now most often used in UK

banking A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

and in law to refer to either a

CHAPS Chaps ( or ) are sturdy coverings for the legs consisting of leggings and a belt. They are buckled on over trousers with the chaps' integrated belt, but unlike trousers, they have no seat (the term "assless chaps" is a tautology) and are not jo ...

transfer for domestic transfers or a

transfer for international transfers. The term is also used to describe other

electronic funds transfer Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of b ...

methods and, incorrectly, low cost everyday payment methods such as BACS (Bankers' Automated Clearing Services) payments,

Faster Payments Service The Faster Payments Service (FPS) is a United Kingdom banking initiative to reduce payment times between different banks' customer accounts to typically a few seconds, from the three working days that transfers usually take using the long-estab ...

and

SEPA credit transfer SEPA may refer to: *The Single Euro Payments Area, a payment-integration initiative of the European Union *The Scottish Environment Protection Agency, Scotland’s environmental regulator and flood authority *State Environmental Protection Admin ...

s. Although the United Kingdom is part of SEPA with the consequent low costs of intra-SEPA payments, most UK banks charge for

s as if they were telegraphic transfers, unlike banks in other non-Eurozone SEPA countries such as Switzerland and Sweden where SEPA credit transfers are charged at similar low fees to domestic payments.

References