Telegraphic transfer
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Telegraphic Transfer or telex transfer, often abbreviated to TT, is a term used to refer to an electronic funds transfer. Although the term is historic and the technology it describes is no longer in use, the telegraphic transfer name is still used today in several countries where it has become synonymous with an international SWIFT transfer.
History
Historically telegraphic transfer meant a
Current use
Japan
Unlike its use in other countries, in Japan, "telegraphic transfer" has become the industry term for quoting retail exchange rates (larger quantities are quoted individually), and is divided into three rates, stated in yen, from the point of view of the quoting bank:[2][3]
- TTM: Telegraphic Transfer Middle rate (mid price)
- TTS: Telegraphic Transfer Selling rate (ask price)
- TTB: Telegraphic Transfer Buying rate (bid price)
The middle rate is the average of the buying and selling rate, and these trade at a fixed
- TTS: 101 JPY: bank will charge more than mid price to sell USD
- TTM: 100 JPY: average, bank does not trade at this price
- TTB: 99 JPY: bank will pay less than mid price to buy USD
These rates are published daily by major Japanese banks, and used for accounting and tax calculations, in addition to retail use.
Singapore
The term Telegraphic Transfer is a frequently used term in
United Kingdom
The term is now most often used in
The term is also sometimes incorrectly used to describe other electronic funds transfer methods such as low cost everyday payment methods such as
See also
References
- ^ "What is a Wire Transfer?". ModernTreasury. Retrieved May 16, 2023.
- ^ "三菱UFJ銀行公表の対顧客外国為替相場" [MUFG Bank, Ltd. Exchange Quotations published by MUFG Bank] (in Japanese). Mitsubishi UFJ Financial Group. May 16, 2023.
- ^ "No.12017 Conversion of foreign currency transactions into yen". Japan National Tax Agency. Retrieved May 16, 2023.
- ^ "What is a telegraphic transfer?". OFX. Retrieved May 16, 2023.
- ^ "What is a telegraphic transfer?". Insight Law. August 24, 2018.