Telegraphic transfer is a method of transferring money from one country to another. This service is offered by most international banks and is the simplest way to remit money from a foreign nation to India. The denomination of the fund does not pose a problem and all currencies of the world are eligible for telegraphic transfers. This method is also known as Telex transfer or TT and wire transfer.
How is money transferred using TT?
The funds transferred are not in the form of literal paper money, but as digital money. This digital form of the fund is transferred from one bank to the credit union and subsequently is sent out to the beneficiary bank account. This type of transaction occurs using the SWIFT or Fedwire system.
In order to initiate a wire transfer, you would need to communicate the same to your bank. You would also need to provide the details of the beneficiary’s account. The entire process of money wire transfer can be conducted offline by filling up a form at the bank. However, some banks may also offer online options for conducting such a transfer.
In order to receive money via telegraphic transfer, you would need to provide your bank details to the money sender. You should also ask your bank about incoming wire transfers; the transaction usually takes a couple of days to be completed.
Advantages of telegraphic transfer
Money wire transfer is generally the best solution in case of emergency remittance of money. Since the transaction occurs via the banks, you have to pay a very limited amount of money for the transfer itself.
Furthermore, remittance through an agency or outside business is always a risky affair. The company that you choose may scam you out of the money and you would have no way of getting it back. A telegraphic transfer involves two banks, which means you can rest easy knowing that you are not about to be duped.
Disadvantages of telegraphic transfer
The telegraphic transfer is a time-consuming process, where it may take anywhere between 2-3 days for the money to reach the beneficiary’s account. This can be a problematic feature and can be considered a con by a person in need of emergency wire transfers.
Since, the transfer occurs from one country to another, the processing can take even longer due to different time zones, holidays and weekends.
Like every other thing in life, telegraphic transfers have their shares of advantages and disadvantages. So, it would be wise of you to go through the terms and conditions of your preferred NRO savings account so as to make an informed decision.
How is money transferred using TT?
The funds transferred are not in the form of literal paper money, but as digital money. This digital form of the fund is transferred from one bank to the credit union and subsequently is sent out to the beneficiary bank account. This type of transaction occurs using the SWIFT or Fedwire system.
In order to initiate a wire transfer, you would need to communicate the same to your bank. You would also need to provide the details of the beneficiary’s account. The entire process of money wire transfer can be conducted offline by filling up a form at the bank. However, some banks may also offer online options for conducting such a transfer.
In order to receive money via telegraphic transfer, you would need to provide your bank details to the money sender. You should also ask your bank about incoming wire transfers; the transaction usually takes a couple of days to be completed.
Advantages of telegraphic transfer
Money wire transfer is generally the best solution in case of emergency remittance of money. Since the transaction occurs via the banks, you have to pay a very limited amount of money for the transfer itself.
Furthermore, remittance through an agency or outside business is always a risky affair. The company that you choose may scam you out of the money and you would have no way of getting it back. A telegraphic transfer involves two banks, which means you can rest easy knowing that you are not about to be duped.
Disadvantages of telegraphic transfer
The telegraphic transfer is a time-consuming process, where it may take anywhere between 2-3 days for the money to reach the beneficiary’s account. This can be a problematic feature and can be considered a con by a person in need of emergency wire transfers.
Since, the transfer occurs from one country to another, the processing can take even longer due to different time zones, holidays and weekends.
Like every other thing in life, telegraphic transfers have their shares of advantages and disadvantages. So, it would be wise of you to go through the terms and conditions of your preferred NRO savings account so as to make an informed decision.
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