TT banking, or telegraphic transfer, is a method of electronically transferring funds, particularly used for international money transfers.
While the term "telegraphic transfer" originates from the days when money transfers involved sending instructions via teleprinter (telex), modern TT transfers are conducted online. They are generally considered a fast way to send money internationally.
Here's a breakdown:
- What it is: An electronic method for sending money.
- Common Use: Frequently used for international transactions.
- Historical Context: The term "telegraphic" comes from older transfer methods using teleprinters.
- Modern Application: Now primarily conducted online.
- Key Feature: Known for its speed in international transfers.
In essence, TT banking is an older term for a now-modernized electronic funds transfer system, mainly associated with sending money across borders quickly.
