Define and Discuss on Telegraphic Transfer

This article focus to Define and Discuss on Telegraphic Transfer. Telegraphic Transfer often abbreviated to TT, is a historic term used to talk about an electronic means of transferring funds overseas. Some sort of transfer charge is gathered while sending money. In the earlier days one bank would post another bank a cable message to initiate the transfer of money. Before electronic payment networks been around, banks would communicate together via telex messages. The present system is recognized as electronic fund transfer as well as commonly abbreviated EFT.