What Tt Means
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What Tt Means
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A telegraphic transfer is an electronic method of transferring funds, utilized primarily for overseas wire transactions. Telegraphic transfers are used most commonly in reference to Clearing House Automated Payment System (CHAPS) transfers in the U.K. banking system. Typically a telegraphic transfer is complete within two to four business days, depending on the origin and destination of the transfer, as well as any currency exchange requirements. Telegraphic transfers are also known as telex transfers (TT) or more generically as wire transfers or electronic funds transfers.
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Real-time gross settlement is the continuous process of settling payments on an individual order basis without netting debits with credits.
Society for Worldwide Interbank Financial Telecommunications is a cooperative providing secure messaging for fund transfers across national borders.
A routing transit number is a nine-digit numerical code used to identify a banking or other financial institution.
A wire transfer is an electronic transfer of funds across a network administered by hundreds of banks around the world.
An international bank account number (IBAN) is a standard numbering system, developed to identify bank accounts from around the world.
Regulation E outlines rules for electronic funds transfers, provides guidelines for issuers and sellers of debit cards, and protects consumers.
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A telegraphic transfer (TT) is an electronic method of transferring funds utilized primarily for overseas wire transactions. These transfers are used most commonly in reference to Clearing House Automated Payment System (CHAPS) transfers in the U.K. banking system. Telegraphic transfers are also known as telex transfers.
Originally, as the name suggests, telegraphs were used to communicate the transfer between financial institutions . The sender went to their bank and provided the required data about the amount sent and the recipient. An operator at that bank would send a message to the recipient’s bank using Morse code.
While the telegraph itself has become obsolete, the telegraphic transfer concept has remained—though it has evolved with changing technologies and uses secure cable networks to transfer funds. At times, the transfer mechanism may be referred to by the more general term " wire transfer ," or by the more updated term "electronic funds transfer" (EFT).
Telegraphic transfers are usually fairly expensive due to the fast nature of the transaction. Generally, the telegraphic transfer is complete within two to four business days, depending on the origin and destination of the transfer, as well as any currency exchange requirements.
Funds sent between institutions are transferred through the Federal Reserve System for U.S. domestic transfers and the Society for Worldwide Interbank Financial Telecommunication (SWIFT) for international transfers.
SWIFT (the Society for Worldwide Interbank Financial Telecommunication) was launched in 1973. 1 The system facilitated cross-border transfers between banks by introducing uniform standards, which made transactions less prone to error and able to move, yes, swiftly.
While the term can refer to both U.S. domestic and international transfers, TTs are most commonly associated with transfers through SWIFT. The use of these systems provides a level of security to the transaction as well as a set of standards and regulations to control how the transfers take place.
The cost associated with a telegraphic transfer can also be affected by these variables. Additional factors affecting the cost can include but are not limited to the amount being transferred and the institution chosen to complete the transaction.
Associated fees to complete the transfer are not standardized across all institutions and can thus vary dramatically from one institution to the next.
Certain information regarding the sender and destination is required to complete the transfer. Whether a person transfers funds between two accounts that are both held in their name, or between two accounts held by two different individuals, the most pertinent information required for the transfer are the account numbers and information regarding the corresponding financial institutions.
Personally identifiable information is also required for security purposes and to confirm the identity of the sender. Similar requirements are required between business entities, but the identifiable information relates to the business instead of the individual.
Originally, money transfers between financial institutions were literally accomplished over telegraph wires—the internet of their 19th-century day. Since the telegraph itself has become obsolete, the telegraphic transfer concept has evolved with changing technologies; now, funds move via cable networks or cloud-based apps.
Telegraphic transfers provide a level of security as well as a set of standards and regulations to control how the transfers take place. Generally, the TT is complete within two to four business days, depending on the origin and destination of the transfer, as well as any currency exchange requirements. TTs are also usually fairly expensive—the price one pays for the rapid service.
TTs are used most commonly in reference to Clearing House Automated Payment System (CHAPS) transfers in the U.K. banking system. U.S. domestic transfers of funds sent between institutions are transferred through the Federal Reserve System while international transfers use the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
The most pertinent information required for the telegraphic transfer is the account numbers and routing numbers of the parties and the financial institutions involved. Then there is the sum of money being transferred and the bank or non-bank transfer provider , such as
Western Union , which is chosen to actually carry out the transaction (though, strictly speaking, TTs are carried out between two banks and don't involve third parties). Other details may also be required for security purposes and to confirm the identity of the sender.
Society for Worldwide Interbank Financial Telecommunication. " SWIFT History ." Accessed Oct. 21, 2021.
The Meaning of TT. TT means " Telegrahic Transfer " or " Till tomorrow " So now you know - TT means " Telegrahic Transfer " or " Till tomorrow " - don't thank us. YW! What does TT mean?
In the context of IM, it usually means crying. In a sense, it's sort of the opposite of lol, since the person typing " TT " is usually not actually crying. From Urban Dictionary: A crying emoticon. The tops of the Ts are the eyes, and the stems are the tears streaming down the emoticon's face.
In Korean, “ TT ” resembles tears and is used as a crying emoji . Some Philippine fans were surprised by the name of title track as “ TT ” means “male genital organ” in Filipino.
Sometimes the term "PURE" is used instead of homozygous. When the GENOTYPE is made up of one capital letter & one lowercase letter (ex: Tt ) it's called HETEROZYGOUS ("hetero" means "other"). Just to confuse you, a heterozygous genotype can also be referred to as HYBRID.
So now you know - T_T means "Crying" - don't thank us. YW! What does T_T . mean ? T_T is an acronym, abbreviation or slang word that is explained above where the T_T . definition is given.
A telegraphic transfer ( TT ) is an electronic method of transferring funds utilized primarily for overseas wire transactions. These transfers are used most commonly in reference to Clearing House Automated Payment System (CHAPS) transfers in the U.K. banking system.
From Wikipedia, the free encyclopedia. Telegraphic Transfer or telex transfer, often abbreviated to TT, is a term used to refer to an electronic means of transferring funds. A transfer charge is often charged by the sending bank and in some cases by the receiving bank.
Throwback Thursday or What does T_T mean? - T_T Definition - Meaning of T_T - InternetSlang.com. The T.T looks like a tiny puckered mouth with flat eyes with tears running down the cheeks. If it has a hashtag on it, (#tt) it almost always means throwback Thursday .
>> To The Top << It is a way to bring a thread to the top of the list w/o adding anything new/of use . . . . Sometimes folks also do that just to post something so the thread as a 'bookmark' and it shows in their profile. But we see TTT/ttt a lot less than we used to since the search functions work so much better.
On the other hand Travelling Ticket Examiner TTE ensure that seats are rightly allotted to passengers with reservations, and fine ticketless travellers in the train. They are posted on the running trains. They are always in uniform and have the reservation charts with them.
a private conversation or interview, usually between two people. Also called vis-à-vis. a sofa shaped like an S so two people are able to converse face to face.
This is internet shorthand for saying "goodbye for now" or "we'll talk again soon". Like most internet acronyms, the expression is not suitable for initial business dealings.
LDK is an abbreviation frequently used in the world of Japanese real estate to describe apartments. It stands for Living, Dining and Kitchen area, and is preceeded by the number of rooms. Some examples are: 1K = one room apartment with kitchen. 1DK = one room apartment with dining and kitchen area.
SUP means "What's Up" So now you know - SUP means "What's Up" - don't thank us. YW! What does SUP mean ? SUP is an acronym, abbreviation or slang word that is explained above where the SUP definition is given.
So now you know - HRU means "How Are You?" - don't thank us. YW! What does HRU mean ? HRU is an acronym, abbreviation or slang word that is explained above where the HRU definition is given.
LMK. Let Me Know . For the largest list of Internet acronyms and text message jargon, click on "more info" below! See also : PTMM TILII. NetLingo Classification: Acronyms and Text Message.
The initials TT stand for Tourist Trophy , taking its name from the days when street-legal motorcycles were known as touring motorcycles hence, a tourist trophy signified a class for street-legal motorcycles.
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Term An organism that has two different alleles for a trait is called
Term What does the notation TT mean to geneticists?
Term Factors that control traits are called
How Are You (internet chat/texting)
Healy-Rasbash-Yang (biostatistics method)
You are here: Home / Supplier Management / How to Pay Chinese Suppliers by T/T Payment (Bank Wire Transfer)
Whether you found them on Alibaba, Global Sources, Made In China, or other similar directories, doesn’t change anything. If you pay them by telegraphic transfer, what I wrote above in this article applies.
Both are usually fine (up to negotiation between you and them). The “standard” is to pay in USD, but more and more buyers have decided to remit RMB. This might make sense if your bank offers that possibility. I wrote here about the reasons why many companies pay their Chinese suppliers in RMB .
Sometimes it doesn’t work if you select that option. We have seen many projects delayed that way. So, we suggest you ask a bank officer to confirm this is something they are used to facilitating and it will work out fine. And you will also need to make sure the supplier gave you a bank account that accepts CNY received from an international source, of course. Note: more and more companies pay their suppliers in CNY regularly. It is part of a wider system. Quotations are in CNY, payments are in CNY, etc. I wrote about it here .
As we wrote in ‘How to Pay a Service Provider Based in Hong Kong or China?’ , there are a variety of options. If the amount is small, Paypal is most often used. For amounts above 300-400 USD, bank wires (T/T) start to make more sense.
As we wrote in ‘International Payment to Chinese Factories’ : SWIFT was originally built in 1973 – long before the creation of the Internet. When money is sent overseas, physical assets don’t have to move. Instead, SWIFT acts as a messaging system between banks to clarify the ownership of assets on their books. Euros are taken from your account and traded for you on the FX Markets by your bank in order to receive USD. Or for smaller banks, they outsource this process to larger institutions. The USD is then sent to your supplier’s bank via a correspondent bank, which actually holds the USD. Chinese suppliers often hold offshore accounts, which means in order to pay their costs in China (raw materials, salaries, rent), this money needs to be sent to an onshore bank. Again a correspondent bank is often involved. But the process doesn’t end there. The USD must be traded on the Chinese FX markets before RMB is finally available to the supplier. And when a wire arrives in China from abroad, the supplier must physically visit a bank branch to collect it. This involves a heap of paperwork, stamps and signatures.
Yes! Some hackers regularly collect payments from buyers who send wires to the wrong accounts. You can read 7 tips to avoid this scam here .
This is unfortunately quite common. Generally speaking, if you have had a quality assurance agency confirm the quantity and the quality of your goods, the risk of paying before shipment is relatively low. Few companies scam their suppliers after doing all the production.
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