Okuzeka
International Trade vocabulary · Payment Methods and Letters of Credit

Telegraphic transfer

Meaning in international trade, with examples

nounCore term

In international trade, telegraphic transfer means: An electronic transfer of money from one bank to another, usually through the SWIFT network; in trade it is the normal way to send advance or open-account payments.

In Turkish: havale, banka havalesi, SWIFT transferi

How it is used

Almost always shortened to T/T or TT in quotations and proformas: 'T/T 30% in advance'. The name is historical; no telegraph is used today. Also called a wire transfer (US) or bank transfer. Buyers often send a copy of the SWIFT message as proof of payment.

Example sentences

  1. Payment: 100 percent by telegraphic transfer before loading.

  2. The buyer sent the telegraphic transfer yesterday; please check the SWIFT copy.

Common collocations

  • pay by telegraphic transfer
  • T/T in advance
  • T/T payment
  • telegraphic transfer charges
  • advance paymentMoney the buyer pays before the goods are produced or shipped, either the full amount or part of it as a deposit.
  • open accountA payment method in which the seller ships the goods and sends the documents directly to the buyer, who pays later on an agreed date.
  • payment termsThe agreed conditions for paying for goods: how much is paid, when, by what method and through which bank or document.
  • foreign currencyMoney in the currency of another country, such as US dollars or euros for a company based in Turkey.

More terms: Payment Methods and Letters of Credit

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