What is 'Telegraphic transfer'?

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

A banking term commonly call "T/T," meaning a cable message from one bank to another in order to effect the transfer of money.

It is most often used in UK Banking to refer to a CHAPS transfer; that is a payment made via the Clearing House Automated Payments System.

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

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