Telegraphic transfer

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Telegraphic Transfer or Telex Transfer, often abbreviated to TT, is a historic term used to refer to an electronic means of transferring funds overseas. A transfer charge is collected while sending money.

Historically "T/T," meant a cable 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 message.

Current use[edit]

The term is now most often used in UK Banking and in law to refer to either a CHAPS transfer for domestic transfers or a SWIFT transfer for international transfers.

The term is also used to describe other electronic funds transfer methods and, incorrectly, BACS (Bankers Automated Clearing Services) payments.


In Japan, "Telegraphic Transfer" is the industry term for quoting retail exchange rates (larger quantities are quoted individually), and is divided into 3 rates, stated in yen, from the point of view of the quoting bank: [1][2]

  • TTM: Telegraphic Transfer Middle rate (mid price)
  • TTS: Telegraphic Transfer Selling rate (ask price)
  • TTB: Telegraphic Transfer Buying rate (bid price)

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 = 1 USD, 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.

See also[edit]


  1. ^ 三菱UFJ 本日の為替相場, Mitsubishi UFJ: Exchange Quotations, (Japanese)
  2. ^ MONEYKit: TTS/TTB/TTM (Sony Bank) (Japanese)