What is Telegraphic Transfer?
- Working overseas! Do you seek to send money back home to India in Indian currency for your parents? - Studying overseas! Do you seek to receive funds from your parents in India, to meet your tuition fee in foreign currency? - To address these needs, are you seeking a swift, safe, secure , cashless, cardless, economical with minimum currency fluctuation channel to make payments, interbank and cross borders? - You are willing to part with a transaction fee, as long as the fund transfer is safe, secure, swift, simple,seamless and traceable. Welcome to the concept of ' telegraphic transfer', a euphemism for interbank fund transfers that are now carried out electronically, through a variety of channels, netbanking, mobile banking through the SWIFT platform. Way back in the 1990s, the overseas payments were executed between the sender's and recipient bank over the cable wire or telegraph system through the exchange of coded messages. It usually takes anywhere between one to four working days to fulfil the transaction and such payments can be initiated, anytime, anywhere in multiple currencies across multiple geographies. In such overseas payments, the amount is denominated in the currency of the beneficiary bank's country at the prevailing exchange rate. The participating entities usually charge a fee to facilitate such a service.