Tt business center

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Reviewed by Anjaneyulu Updated on Jan 05, There should be a system in place to transfer funds between two parties. The transfer may happen between parties located within the same country called as a domestic transfer or in different countries called as an international transfer.

A telegraphic transfer TT is an electronic method of transferring funds, employed primarily for overseas wire transactions. TT is a mode of transfer of funds electronically, widely used until the s. Telegraphic transfers are also known as telex transfers, abbreviated TT. TT is the fastest mode of funds transfer in earlier days. TT takes days to transfer the money depending on the origin and destination of the transfer.

Before the introduction of Telegraphic Transfer, banks and financial institutions used Telex message directly from one bank to another to transfer the money. TT payment was very popular before the existence of electronic payment networks. Cable messages were used to operate TT, and it is treated as one of the other electronic fund transfers. While the telegraph has become obsolete, the telegraphic transfer concept has evolved with changing technologies and uses secure cable networks to transfer funds.

Banks and financial institutions are using electronic fund transfer EFT to transfer money. The remitter has to ensure that the details provided in remittance form of TT are correct, and the remittance amount is within the limits of the law as per the current policy in force.

Several countries used this facility as it's beneficial for those who are residing abroad and needs to send money to their family in the home country.

As it is a faster way of transferring money, the chances of getting affected by exchange rate fluctuations are low. Products IT. About us Help Center. Log In Where do you want to login? Sign Up. Income Tax Filing. Expert Assisted Services. Tax Saving. Mutual Fund Investments. GST Software. TaxCloud Direct Tax Software. Need Help? About us. Download link sent. Category Personal Finance. Introduction There should be a system in place to transfer funds between two parties.

What is Telegraphic Transfer TT? How TT Works? The following were some of the benefits of using TT: II eliminated cash transactions. It is a secure and safe mode of transfer.

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We use cookies to improve your browsing experience on our website, to analyse our website traffic, and to understand where our visitors are coming from. By continuing to browse our website, you consent to our use of cookies. You can use this service to transfer and receive funds for both business and personal reasons. To take you through each stage of life, as we aim to assist you with the funds you need for the things you want to do. Providing the funds for home improvements, educational expenses, savings and so much more.

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