Telegraphic Transfer

Telegraphic Transfer (T / T) is an interntional banking payment method. A telegraphic transfer payment, commonly used / required for import / export trade, between a bank and an overseas party enabling transfer of local or foreign currency by telegraph, cable or telex. Also called a cable transfer. The terminology dates from times when such communications were literally 'wired' via Telex or Telegram.

Updated On: 09.10.04