Asked by: Sergej Schmittwilkenpersonal finance credit cards
What is TT transfer of money?
Last Updated: 6th April, 2020
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Also asked, what is the meaning of TT transfer?
Telegraphic Transfer or telex transfer,often abbreviated to TT, is a term used to refer to anelectronic means of transferring funds. Atransfer charge is often charged by the sending bank and insome cases by the receiving bank.
Also, what TT payment means? T/T stands for Telegraphic Transfer. Inother words, an international wire of funds from the buyer's bankto the seller's bank. When a Chinese supplier asks for aT/T payment, what they really mean is theywant a wire transfer.
Beside above, how long does it take for TT transfer?
Telegraphic transfers are usually fairlyexpensive due to the fast nature of the transaction. Generally, thetelegraphic transfer is complete within two to four businessdays, depending on the origin and destination of thetransfer, as well as any currency exchangerequirements.
What is ITT in banking?
Inward Telegraphic Transfer (ITT) is a receipt offunds by SWIFT/Telex from an overseas party. DBS Bank has avery extensive network of correspondent banks and overseasbranches. As such, you can receive funds in various currencies frommost parts of the world.