Telegraphic wire transfer is a method of transferring money to other countries electronically. It is also known as "TT." The terms "telegraphic transfer" and "TT" are often used to describe other types of transfers, such as wire transfers.
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How Does a Transfer Work?
Domestically the funds are transferred through the Federal Reserve System. International telegraphic transfers go through SWIFT, the Society for Worldwide Interbank Financial Telecommunication. The sender's bank sends the payment information through SWIFT to the recipient's bank.
The beneficiary will receive the money within two to four days. The speed of the transfer depends on several factors. If the banking system in the receiving country is efficient and productive, the funds may be available sooner. Currency exchange may take extra time if the amount needs to converted. A delay may be due to bank regulations, such as cut-off times, how many banks are involved in transfer and time difference.
The sender will need present the recipient's name and account information. Account information includes the account number and the routing number for the financial institution. The sender's bank must follow the wiring instructions exactly. It is very difficult to locate the funds and reroute them once the transfer goes through.
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