A remittance is money that one person sends to another person in a different country. Remittances can be sent through various channels such as Western Union, MoneyGram, RIA, among others.

The primary reason for the outward transfer of money is education—student fees at universities, immigration, maintenance of relatives’ medical emergencies, etc. That’s why Link Currency Telegraphic Transfer services are in Pakistan.

The TT method is an electronic transfer of funds that was widespread in the 1990s. Telegraphic transfer is also referred to as Telex transfers, or TT. A TT telegraphic transfer is an electronic funds transfer method that is utilized for overseas wire transactions. It is commonly used for Clearing House Automated Payment System (CHAPS) transfers.

Typically, a telegraphic transfer is completed within three to four business days, depending on the transfer’s location and destination, including the country and any currency exchange requirements, such as currency rates. Telegraphic transfers are also known as telex transfers (TT) or, more generically, wire transfers or electronic funds transfers.

The most frequent use of TTs is when it comes to the Clearing House Automated Payment Systems (CHAPS) transfers that are part of the U.K. banking system. U.S. domestic transfers of funds between institutions are made via the Federal Reserve System, while international transfers use an intermediary called the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

Telegraphic transfer charges vary due to various factors, including quantity, currency, bank correspondent, choice of the charge code, and the channel used.

At the time of the transaction, our website or online banking will display the current exchange rate. In branch offices, staff will inform customers of the rate applicable to the currency of their choice.

Telegraphic transfer fees occur for the amount a bank charges for a CHAPS and SWIFT payment. Certain banks do not charge for CHAPS transactions; however, most are charging.

A SWIFT transfer is charged as a fixed fee or a proportion of what you’re sending. Exchange rates affect how much money arrives at its destination, so they must be considered when calculating the cost of an international wire transfer. We also provide foreign currency exchange rates daily and remarkable foreign currency exchange rate services.

The TT Payment Procedure in Pakistan is conducted through a CHAPS telegraphic transfer by going to the bank’s branch or using online banking, and it is done with the State Bank of Pakistan Exchange Rate Today. Certain banks have an outward remittance limit from Pakistan to stop money laundering and fraud, as per the State Bank of Pakistan restrictions.

The majority of banks on the high street allow SWIFT transfers via online banking. During TT, you can use Link International for straightforward currency exchange pricing.

• You will need a debit card and an acceptable form of ID, such as a passport or driving license.
• The beneficiary must provide their address and name.
• The bank account numbers of the payer and the name of their bank are also required.
• The payer’s address and the amount due are also important.

To process a SWIFT transfer, you may require additional information, for example:

• The country to which you’re sending money
• The currency you wish to use for payment
• The recipient’s IBAN (International Bank Account Number) is required, if applicable.
• Please provide the amount of the transfer and the reason for the transfer.
• The BIC (bank identifier code) is often referred to by the term “SWIFT code.”