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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
United Kingdom

The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom , the UK or Britain,is a sovereign state located off the northwestern coast of continental Europe....
 Banking to refer to a CHAPS
Chaps

Chaps are sturdy coverings for the legs consisting of leggings and a belt. They are buckled on over trousers with the chaps' integrated belt, but unlike trousers they have no seat and are not joined at the crotch....
 transfer; that is a payment made via the Clearing House Automated Payments System
Clearing house (finance)

A clearing house is a financial services company that provides clearing and settlement services for financial transactions, usually on a futures exchange, and often acts as central counterparty....
.

The term is also used to describe other electronic funds transfer methods and, incorrectly, BACS
BACS

BACS is a United Kingdom scheme for the electronic processing of financial transactions. Direct Debits and BACS Direct Credits are made using the BACS system....
 (Bankers Automated Clearing Services) and AFTS (Automated Funds Transfer System) payments.








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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
United Kingdom

The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom , the UK or Britain,is a sovereign state located off the northwestern coast of continental Europe....
 Banking to refer to a CHAPS
Chaps

Chaps are sturdy coverings for the legs consisting of leggings and a belt. They are buckled on over trousers with the chaps' integrated belt, but unlike trousers they have no seat and are not joined at the crotch....
 transfer; that is a payment made via the Clearing House Automated Payments System
Clearing house (finance)

A clearing house is a financial services company that provides clearing and settlement services for financial transactions, usually on a futures exchange, and often acts as central counterparty....
.

The term is also used to describe other electronic funds transfer methods and, incorrectly, BACS
BACS

BACS is a United Kingdom scheme for the electronic processing of financial transactions. Direct Debits and BACS Direct Credits are made using the BACS system....
 (Bankers Automated Clearing Services) and AFTS (Automated Funds Transfer System) payments.

See also

  • Wire transfer
    Wire transfer

    Wire transfer is a method of transferring money from one entity to another. A wire transfer can be made from one entity's bank account to the other entity's bank account, and by a transfer of cash at a cash office....