Telegraphic transfer or telex transfer often abbreviated as TT is an electronic mode of transferring funds. It is mainly used in transferring funds overseas. It is the mode of transferring funds between accounts using a cable, radio or telephone. It originated when people used to move money using telex that is sending printed messages by cable to move funds from one bank to another.
In todays fast pace lifestyle where time is a luxury and everything is being brought under online services, the need for transferring funds quickly and easily is a must. Compared to the traditional method of transferring funds where you have to visit a bank, the telegraphic transfer is also known as wire transfer can be made from anywhere without visiting a bank. There are so many service providers that transfer your money anywhere you want by paying them a service charge. Contrary to the orthodox mode of funds transfer, it is not mandatory to have a bank account as well.
Telegraphic transfer is one of the most widely used mode of transferring funds because of unlimited advantages it has over other modes of funds transfer, they are:
• The process of transferring funds using telegraphic transfer is very simple. All you need to do is visit a service provider with the amount you want to transfer and the account number of the recipient, fill in the form and you are done. This makes it the easiest way of transferring funds.
• The funds transferred through telegraphic transfer is generally available to the recipient in a single business day or less, making it one of the quickest mode of transferring funds.
• Since it is protected by multi-layered security by credentials provided by you, it is one of the safest and secure method of transferring funds.
• Since the telegraphic transfer is a very rapid process, it is not much affected by the fluctuations in the exchange rate and the international money market.
• The service charge attached to telegraphic transfer is very nominal even in overseas transactions making it one of the cheapest modes of transferring funds.
• It is widely accepted across the globe in almost every country and is the preferred mode of fund transferring for people who remit money back to their home countries.
• The upper limit of transferring funds using telegraphic transfer is very high making it a preferred option for those who want to make large money transfers.
• It has a very wide application not limiting to hardcore find transfer, it can also be used for paying credit card bills, telephone bills, internet and other utility bills.
In todays fast pace lifestyle where time is a luxury and everything is being brought under online services, the need for transferring funds quickly and easily is a must. Compared to the traditional method of transferring funds where you have to visit a bank, the telegraphic transfer is also known as wire transfer can be made from anywhere without visiting a bank. There are so many service providers that transfer your money anywhere you want by paying them a service charge. Contrary to the orthodox mode of funds transfer, it is not mandatory to have a bank account as well.
Telegraphic transfer is one of the most widely used mode of transferring funds because of unlimited advantages it has over other modes of funds transfer, they are:
• The process of transferring funds using telegraphic transfer is very simple. All you need to do is visit a service provider with the amount you want to transfer and the account number of the recipient, fill in the form and you are done. This makes it the easiest way of transferring funds.
• The funds transferred through telegraphic transfer is generally available to the recipient in a single business day or less, making it one of the quickest mode of transferring funds.
• Since it is protected by multi-layered security by credentials provided by you, it is one of the safest and secure method of transferring funds.
• Since the telegraphic transfer is a very rapid process, it is not much affected by the fluctuations in the exchange rate and the international money market.
• The service charge attached to telegraphic transfer is very nominal even in overseas transactions making it one of the cheapest modes of transferring funds.
• It is widely accepted across the globe in almost every country and is the preferred mode of fund transferring for people who remit money back to their home countries.
• The upper limit of transferring funds using telegraphic transfer is very high making it a preferred option for those who want to make large money transfers.
• It has a very wide application not limiting to hardcore find transfer, it can also be used for paying credit card bills, telephone bills, internet and other utility bills.
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