written by | May 9, 2022

All You Need to Know About Telegraphic Transfer

Telegraphic transfers are an electronic way to transfer funds, and we use them primarily for overseas wire transactions. As the name implies, telegraphs were originally used to transmit funds between financial institutions.

Telegraphs are no longer necessary. Modern technology allows for funds to be transferred via cable networks, and telegraphic transfer is becoming more popular than wire transfer. Although sending money abroad using telegraphic transfers is safe, it is important to be informed about the risks and potential downfalls.

Did you know?

The telegraphic transfer was a money transfer technique used during the 90s, used mainly to facilitate instant international money transfers. Telegraphic transfer is the broad range of methods for money transfer, such as SWIFT transfer and wire transfer.

Also Read: What is the NEFT Settlement Time and NEFT Limit?

What Is Telegraphic Transfer?

Telegraphic Transfer (TT) is a payment method that you can do electronically. We use it primarily for foreign nations with wire transfers. Telegraphic refers to the fact that the original system relied on the telegraph for its operation. Telegraphs were used to communicate internationally.

The telegraph was eventually obsolete, and the system had to evolve. As technology improved, telegraphic transfer (TT) moved forward. You can send wire payments between banks by using secure cable networks and cable messages. Modern technology allows financial institutions to communicate quickly with each other.

When to Use Telegraphic Transfers

Telegraphic transfers (TTs) are convenient for people sending larger amounts of ₹ 2 lakhs to India. Banks charge a fixed fee, so it won't take up as much of the total amount if you send larger amounts. Small to medium-level businesses often use TTs through their bank to make their transfers for international payments. This is often because banks offer companies additional financial products to make it worthwhile.

However, if you're going to use your bank to make your TT, make sure you understand all the fees and exchange rates for your transfer. There's no "best" bank for international telegraphic transfers because the markup is usually added to the exchange rates. You could save money by consulting with a money transfer specialist.

How Long Does a Telegraphic Transfer Take?

After knowing about telegraphic transfer meaning, let's know how long it takes to process. Individuals want their cash rapidly. It will go for both companies and individuals. All of us expect an electronic transfer to occur quickly, and we expect the same with a telegraphic transfer.

Generally, the telegraphic transfer completes within 2-4 working days, and the speed depends upon the destination and transfer origin. As TTs are useful for international cash transfers, currency expenses must be considered.

How Much Will a TT Cost You?

A TT is fast in terms of payment speed. A TT is expected to cost more than other forms. The cost of a transaction can rise depending on its complexity. They are the highest when payments are sent via the SWIFT network. Because SWIFT has established standards and requirements for transfer, this is possible. Due to the additional verification required for foreign currency transfers, they can also raise the cost.

Altogether, there are 4 fees you may have to pay for telegraphic transfers, including:

  1. Intermediary bank fees - corresponding bank or middleman fees for transferring money, usually via the SWIFT network.
  2. Receiving bank fees - foreign banks may charge you a processing fee deducted from the amount of money sent.
  3. Your bank transfer fees - you can decide whether to pay for the whole transfer cost (including 'receiving bank fees' and 'correspondent fees').
  4. Exchange rate margin - banks add a margin to the exchange rate to cover their fees or make a profit.

How are TTs Forwarded?

When you try sending a TT, you'll require some essential things to be ready. For example, the necessary documents must be ready on hand. It'll involve your and the recipient's details. When you've got the details, forwarding a TT is simple.

  1. Provide the information for the transfer to the bank teller or the online program.
  2. Confirm that the recipient received the funds within 2 to 4 business days. It's as easy as that!
  3. Verify the information you provided is correct and confirm the transfer.

Receiving a Telegraphic Transfer From Overseas

If you want to receive a telegraphic transfer overseas, the process is the same; reverse. Your sender needs to give their bank the following details:

Your Bank Details

  • Bank's name
  • Branch address
  • BIC/SWIFT Code (not IBAN)

Account details

  • Account number
  • BSB number
  • Account name (full name without initials)

Personal details

  • Your street address (can't be a post office box)
  • Your full name without initials

Also Read: IMPS (Immediate Payment Service)- What is IMPS Transfer, IMPS Payment, Timings & Limit

Telegraphic Transfers vs Wire Transfer

Online and telegraphic transfers, both are different in comparison to wire transfers in these four major ways:


It is not uncommon for bank wire transfers to be expensive, especially when international

payments are involved. You may be charged extra for larger payments. As mentioned above, funds may be transferred to the recipient's account through more than one intermediary banking institution. Each bank will get a piece of the pie, which means that each bank will charge a higher sending fee. Some banks and credit unions may charge a fee for wire transfer funds.

Online transfers are often expensive due to the speed of the transaction, and transfer companies may charge high fees for making payments. However, if you do your research, you'll find that many transfer companies charge a flat fee.


When you transfer funds to bank accounts, both methods are very secure. You risk fraud when sending cash via wire transfer, and someone could use a false identity to receive the wire transfer. It isn't easy to trace a wire transfer once it has been converted into cash.

Online transfers can be reversed. This protects you from fraud. You can make mistakes and get refunded if the business charges you too much. Online payments also get protection from fraud liability laws. You get coverage if your car faces any damage.


If you transfer the payment from the bank through the wire, it'll take around three working days. In case you transfer internationally, it'll take around 5 working days. However, there are chances that it might take a little longer. It's because a few nations do not have enough systems for banking.


It may be necessary to visit the bank for large payments to send a wire transfer. You can send wire transfers online through an internet banking site or through a company that processes wire transfers.

Online transfers are quicker, especially if you transfer money from one person to another. It usually involves filling out an online form. Online transfers are possible without visiting a money wire office, telegraph station or bank.


Although they're not always called telegraphic transfers (TT), you have likely made one at some point. They are often referred to more commonly as EFTs or wire transfers. Although they require a lot of information and a transaction charge, they are a secure payment method. A TT is a secure way to pay a person or business.
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Q: What is telex transfer?


Just like a telegraphic transfer (TT), a telex transfer works the same way. It will use an electronic method to transfer payments from bank to bank, and it can be beneficial for foreign transactions.

Q: How safe is a telegraphic transfer?


As this payment transferring method works electronically, it's among the safest methods of sending payment. You can track it easier to know how much cash is sent & till what time you'll get it. Also, you can initiate a TT anytime and anywhere.

Q: What is a telegraphic transfer?


A telegraphic transfer will electronically send the payment to the credited destination. It will be highly beneficial for foreign bank accounts. This is the top selected method for over 130 different currencies.

Q: Why should I use a TT?


A TT or telegraphic transfer is usually the fastest way to send money abroad. It normally takes one to two business days to reach the beneficiary. However, there are no guarantees due to the network of banks. It is cheaper to send a TT in the beneficiary's currency. It ensures that funds are credited faster without conversion or clearing days.

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