Telegraphic Transfer (TT): What It Is, What It Costs, and How to Send One

Your supplier's invoice says 'T/T within 30 days.' You know you need to send the money, but you're not sure what TT actually costs, how long it will take to arrive, or what information your bank needs to process it. If that's where you are, this guide is for you.

This article explains what a telegraphic transfer is, how the process works step by step, what it costs in full (including the fees most people miss), and two things most TT guides don't cover: the difference between outward and inward TTs, and what those T/T payment terms on your supplier's invoice actually mean.

A telegraphic transfer (TT) is an electronic payment sent directly from one bank account to another. For international transactions, this almost always goes through the SWIFT network, a messaging system that banks use to send payment instructions to each other across borders.

The name comes from the original method: banks used to transmit payment instructions via telegram or telex cables. The technology changed decades ago, but the name stayed, and it's still in common use today, particularly in the UK, Australia, Hong Kong, and Singapore.

For domestic payments within the US, TTs may use local networks, such as Automated Clearing House (ACH) managed by The Clearing House Payments Company, rather than SWIFT. In the UK, the equivalent is The Faster Payment System, supervised by the Bank of England and the Payment Systems Regulator. Either way, the underlying concept is the same: your bank sends a message to another bank instructing it to credit a specific account.

These 3 terms appear on invoices, bank forms, and financial guides and they're often treated as interchangeable. Broadly, they are, but the distinctions matter if you're filling out a bank form or describing a payment to a supplier.

Before you walk into your bank's portal or branch, collect all of the following. Missing even one item can delay or return the transfer.

TT costs have 4 components. Most people only see the first one. The others -- especially the FX markup -- are often larger.

The 4 cost components

What the charge codes mean

When you initiate an international TT, most banks ask you to choose a charge code. This determines who pays the intermediary bank fees.

What banks in the US and the UK actually charge

Fee information is accurate as of 8 April 2026. For the most up-to-date details, refer to each provider’s official pricing pages and documentation.

A telegraphic transfer typically takes 1–5 business days, depending on the destination country and the banks involved. Domestic transfers often clear the same day or next business day.

Processing times vary based on how the transfer is routed, the currencies involved, and whether intermediary banks are required. The table below shows typical timelines across common scenarios.

Time zones affect processing more than most people expect. A payment initiated in Hong Kong at 4pm on a Friday may not be picked up by a US-based correspondent bank until Monday morning, adding 2 full calendar days before the money moves.

Some banks use specific terms to distinguish between outgoing and incoming international transfers. In Hong Kong and Singapore, these are commonly referred to as outward and inward telegraphic transfers.

An outward telegraphic transfer (OTT) is a payment you initiate. Money leaves your account and is sent to a recipient abroad. The bank typically charges a sending fee, and the transfer is processed through the SWIFT network.

An inward telegraphic transfer (ITT) is a payment you receive from abroad. Money is credited to your account from a foreign bank. Most banks do not charge a fee to receive telegraphic transfers, but intermediary bank charges may still be deducted before the funds reach your account.

If you bank in Hong Kong or Singapore, you’ll often see these labels in your account statements and fee schedules.

This distinction matters when reconciling transactions. Banks label incoming and outgoing international payments differently, which may not match how the sender’s bank describes them. For instance, an “ITT credit” on your statement simply indicates that funds were received via an international transfer.

When a supplier or trading partner specifies 'T/T' on an invoice, they're asking for a telegraphic transfer -- but the terms around that T/T define when and how much you pay. If you're new to these conventions, our guide on invoice payment terms covers the broader context. Here's how the T/T-specific variants work:

If a supplier specifies payment terms you've not seen before, ask for clarification before agreeing. 'T/T 30 days' sounds similar to 'T/T within 30 days of invoice,' but whether the clock starts from invoice date, shipment date, or arrival date changes the actual due date by weeks.

Every SWIFT transfer generates an MT103 document -- a standardised payment confirmation document that shows the full transaction trail: amount, currencies, sender and recipient bank details, transaction reference number, and timestamp.

To track a payment, ask your bank for the MT103 for the transfer. The reference number inside it (called the UETR, Unique End-to-end Transaction Reference) can be used with SWIFT GPI Tracker to see exactly where in the chain the payment is at any given moment.

If a payment hasn't arrived after 5 business days, start with the MT103. It tells you which bank last processed the funds. Your bank can then contact that bank directly to investigate. This process is called a 'payment trace' or 'payment investigation,' and most banks handle it without additional cost.

If you're sending TT payments regularly, monthly supplier runs, recurring service fees, and payroll across borders, the cumulative cost of FX markups and bank fees adds up. Four adjustments make a material difference.

• Switch to a non-bank provider for the FX leg. Banks apply FX markups of 1% to 5% on top of the mid-market rate. A non-bank licensed provider that uses the mid-market rate and charges a transparent fee instead (typically 0.1% to 0.5%) is cheaper for most payment volumes.
• Use the correct charge code. If you need a supplier to receive a specific amount, use OUR -- you pay all fees. SHA saves you money upfront, but it may result in the supplier receiving less than the invoice amount, causing reconciliation issues.
• Batch payments where possible. Most banks charge a fixed fee per TT regardless of the amount. Combining three smaller payments into one transfer cuts the per-transaction cost.
• Hold multiple currencies. If you regularly pay suppliers in USD, EUR, GBP, and CNY, holding balances in those currencies avoids currency conversion on most payments. Multi-currency accounts let you convert when rates are favourable.

For international transfers, the exchange rate often matters more than the transfer fee. Non-bank providers typically offer lower FX margins than traditional banks, especially for cross-border payments.

Statrys is a licensed Money Service Operator in Hong Kong providing business accounts for companies incorporated in Hong Kong, Singapore, and the British Virgin Islands (BVI). The account supports 11 major currencies and international payments through the SWIFT network, with real-time tracking and MT103 available for free.

More than 10,000 businesses use Statrys, with over $7 billion in transfers processed. FX fees start from 0.1% based on mid-market rates, and local payment options are available in 12 currencies.