The meaning of a TT payment is a telegraphic transfer payment. Telegraphic transfer payments are more commonly known as wire transfers and bank transfers. This form of payment is sent through a telegraphic network known as SWIFT or the Society for Worldwide Interbank Financial Telecommunications.
What is TT remittance?
Telegraphic Transfer (TT) This is a method or remitting foreign payments through telegraphic transfer of funds to persons in foreign countries. … Best exchange rate is provided at the time of remittance as payment is made for money received. What is TT before shipment? T/T payment stands for ‘ Telegraphic Transfer.
Is a T/T payment the same as a wire transfer?
(Technically, a T/T payment is not exactly the same as a wire transfer through the SWIFT system, but the vast majority of people think of them as the same thing.) A wire transfer based on SWIFT is the most common payment method in international trade with Asian countries.
How do I send money through a TT (telegraphic transfer)?
You can send money through a TT (telegraphic transfer) by scheduling a bank transfer directly with your bank or financial institution. Telegraphic transfers are sent through the SWIFT network, so you will need to provide the relevant information to complete a transfer through these channels.
