Telegraphic Transfer (TT)

A telegraphic transfer (TT), also known as a wire transfer, is an electronic method of transferring funds from one bank account to another, typically across international borders. TTs are widely used for cross-border payments and international business transactions. They are fast and secure, though they may involve fees and exchange rate costs, depending on the currency conversion involved.

Example

A company in the United States uses a telegraphic transfer to send payment to a supplier in China for goods purchased, with the funds arriving within a few business days.