What Is Telegraphic Transfer In Banking. They are primarily used for overseas wire transfers. Today the process of transferring money between two parties no longer involves the telegraph but the use of the term remains.
A telegraphic transfer happens electronically and works by transferring money between different banks until it reaches its destination. Send your transfer through business internet banking hsbc net or an hsbc. What you are calling a telegraphic transfer is probably what i would call an electronic transfer where nothing physically changes hands apart from the goods in the other side of the transaction.
These transfers are used most commonly in reference to clearing house.
Tt transfers today are online and one of the faster ways to make an international money transfers. The telegraphic transfer is a means of wiring funds from one location to another. Today the process of transferring money between two parties no longer involves the telegraph but the use of the term remains. A telegraphic transfer tt or telex transfer moves funds electronically but it is mostly used for international transactions.