What is “Telegraphic Transfer”?

“Telegraphic Transfer” (TT) is a prompt electronic method of transferring funds, commonly used for both local transfers and international remittances. It allows for the movement of funds from one bank account to another. When initiating a telegraphic transfer, the sender is required to provide the transfer amount, detailed information about the beneficiary's bank account (such as the bank name, branch address, beneficiary's name, and account number), as well as any relevant transfer purpose remarks. The sender typically incurs a transaction fee to cover the costs associated with processing the transfer by the bank or financial institution.