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What is TT rate?

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What is TT rate?

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A. One of the methods for effecting remittance abroad is by way of cable or Telegraphic Transfer (TT). In this method, the buyer pays the amount of remittance in his country s currency to his banker who in turn will convert the remittance to the currency of the seller and transmit the coded payment message. Examples of transactions where TT rate is applied include payment or receipt of demand drafts, mail transfers, Telegraphic transfers etc.

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