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. It 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.
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