A Telegraphic Transfer, also known as Telex Transfer, is a phrase that has been historically used to describe a method of transferring money overseas electronically. Telex Transfer, sometimes abbreviated as ‘TT’, translated as being a ‘cable’ message going from one bank into a different bank.
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Today the term Telegraphic Transfer is described as being a CHAPS money transfer for transactions made on UK soil and as a SWIFT payment method for transferring money overseas. The phrase is also used as a description for alternative electronic money transfers and even, not correctly, for every day, routine methods of payments, including SEPA transfers, Faster Payment Services and Bankers Automated Clearing Services (BACS).
The concept of Telegraphic Transfer is also used in Japan, although with an entirely different meaning. The Japanese refer to Telegraphic Transfer to make exchange rate quotes in retail. Telegraphic Transfer is split into three different rates and are stated in the Yen currency.