What is Telegraphic Transfer?
The term Telegraphic Transfer or Telex Transfer , often abbreviated to ‘TT’, is a electronic means of transferring funds overseas. A transfer charge is collected while sending money. A banking term commonly call “T/T,” meaning a cable message from one bank to another in order to effect the transfer of money It is most often used in UK Banking to refer to a CHAPS transfer; that is a payment made via the Clearing House Automated Payments System. The term is also used to describe other electronic funds transfer methods and, incorrectly, BACS (Bankers Automated Clearing Services) and AFTS (Automated Funds Transfer System) payments. I am confused about the method of payment to a company that I am going to do some business with in China. I want to know what is meant by prepayment T/T. Would this be Western Union or Money Gram or something like that? Prepayment or advance payment is a method of payment used in international or domestic transactions where the buyer pays the seller in advance b
