What is T/T?
Post 1 of 10
I wants to know the mean of T/T .It is paymet method.
Abdul jabbar
Abdul jabbar
26 Aug 2006 22:15
Post 2 of 10
Replying to [Abdul jabbar]:
T/T is Telegraphic Transfer
Best Regards
Muhammad Aslam Memon
ID int786
T/T is Telegraphic Transfer
Best Regards
Muhammad Aslam Memon
ID int786
27 Aug 2006 05:45
Post 3 of 10
Replying to [Abdul jabbar]:
It means you pay the money all in cash via financial telegrafic systems w/o L/C,....
It means you pay the money all in cash via financial telegrafic systems w/o L/C,....
12 Nov 2006 00:50
Post 4 of 10
Replying to [Abdul jabbar]:T/T: Telegrafic Transfer , when an importer pays the exporter using telegraphic transfer (T/T) before shipment of good.
12 Nov 2006 01:32
Post 5 of 10
Replying to [Abdul jabbar]:
t/t is The funds to pay the goods
t/t is The funds to pay the goods
16 Mar 2007 22:59
Post 6 of 10
Replying to [Abdul jabbar]:
which country are you ?
what do you do ?
which country are you ?
what do you do ?
16 Mar 2007 23:02
Post 7 of 10
Replying to [Abdul jabbar]:Its a Telegraphic Transfer Draf from Customer to Cunsumers Bank
16 Mar 2007 23:27
Post 9 of 10
Replying to [Abdul jabbar]:
I have read numerous questions regarding TT such as what is TT, is it safe or not, can I send by TT and so on.
It is common and understandable that TT stands for Telegraphic Transfer. The money is sent through a medium of telecommunication from the collection bank to the receiving bank. Some countries call it wire transfer. In the early of its establishment, financial messages were sent through telex using a so called 'test key' to authenticate and verify the financial mesage. It was not so efficient and safety of the messages can easily compromised.
Now, the medium of remittance of the financial messages is through SWIFT (Society for Worldwide Interbank Financial Telecommunications) which is established in Belgium and specializing in handling all financial messages worldwide. It is not a bank.
Why SWIFT?
Well, SWIFT has standardized message format for all member banks to have the same interpretation which eliminates language problem between sender and receiver. In the early days, a lot of financial messages are returned to the sending bank because of wrong test key, message ambiguous, currency not recognized and other 'technical' reasons. This has added an extra remittance cost to the applicant.
Secondly, the built in security features will ensure that no fraudulent message can enter the system nor can any message be modified during processing.
Furthermore, messages are transmitted bank-to-bank immediately with all message authentication and verification procedures carried out automatically.
Detailed transaction records and identification and detailed operations reports are generated daily by the system to facilitate control. End of the day, bank will counter check how many messages sent out or received, the value and provide confirmation.
SWIFT has reduced the operations costs of receiving and sending out financial messages through telecommunication tremendously. Message of 325 characters is only charged between BEF16.00 to BEF43.00
During my career in banking especially in International Trade, I have not experienced a single occasion where SWIFT message has been compromised. The only reasons of non receipt by the receiver are things like wrong spelling, wrong address, no account number, wrong account number and so on.
There are 2 types of TT widely used in remitting funds, MT 100 (Customer transfer) and MT 202 (Bank transfer). However, there are different MTs for different purposes such as Foreign Exchange (MT 300 - MT399), Collection (MT400 - MT499), Securities (MT 34), Syndication (MT 5), Documentary (MT 700 - MT 799), Travellers Cheque (MT 11) and Special Message (MT 900 - MT 999).
I have read numerous questions regarding TT such as what is TT, is it safe or not, can I send by TT and so on.
It is common and understandable that TT stands for Telegraphic Transfer. The money is sent through a medium of telecommunication from the collection bank to the receiving bank. Some countries call it wire transfer. In the early of its establishment, financial messages were sent through telex using a so called 'test key' to authenticate and verify the financial mesage. It was not so efficient and safety of the messages can easily compromised.
Now, the medium of remittance of the financial messages is through SWIFT (Society for Worldwide Interbank Financial Telecommunications) which is established in Belgium and specializing in handling all financial messages worldwide. It is not a bank.
Why SWIFT?
Well, SWIFT has standardized message format for all member banks to have the same interpretation which eliminates language problem between sender and receiver. In the early days, a lot of financial messages are returned to the sending bank because of wrong test key, message ambiguous, currency not recognized and other 'technical' reasons. This has added an extra remittance cost to the applicant.
Secondly, the built in security features will ensure that no fraudulent message can enter the system nor can any message be modified during processing.
Furthermore, messages are transmitted bank-to-bank immediately with all message authentication and verification procedures carried out automatically.
Detailed transaction records and identification and detailed operations reports are generated daily by the system to facilitate control. End of the day, bank will counter check how many messages sent out or received, the value and provide confirmation.
SWIFT has reduced the operations costs of receiving and sending out financial messages through telecommunication tremendously. Message of 325 characters is only charged between BEF16.00 to BEF43.00
During my career in banking especially in International Trade, I have not experienced a single occasion where SWIFT message has been compromised. The only reasons of non receipt by the receiver are things like wrong spelling, wrong address, no account number, wrong account number and so on.
There are 2 types of TT widely used in remitting funds, MT 100 (Customer transfer) and MT 202 (Bank transfer). However, there are different MTs for different purposes such as Foreign Exchange (MT 300 - MT399), Collection (MT400 - MT499), Securities (MT 34), Syndication (MT 5), Documentary (MT 700 - MT 799), Travellers Cheque (MT 11) and Special Message (MT 900 - MT 999).
11 Apr 2007 20:15
Post 10 of 10
Replying to [Abdul jabbar]: Is this a serious question?? Come on man!
20 Apr 2007 21:39
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