can you give me information about T/T?

Question

1)payment trems for T/T bank to bank
2) more detail on T/T

Answer 1

T/T or "telegrapic transfer" is wiring money. As a two-party transaction, it is subject to terms to the wirer and wiree. Each party (e.g. bank) is going to have their own terms (e.g. fee structure, timing, procedures).

For example, let say I wired US$100,000 from the US to Singapore. My US bank charged me US$40 as a T/T fee. My receiving bank doesn't charge me to receive the money, but does charge me to change the money from US dollars into Singapore dollars. There is no fee, but there is a "bid-ask" spread where the bank makes money off me.

You can find the terms of your T/T under "wire transfer" at your bank, usually on-line.

I do it all the time. It's really easy.