Telegraphic Transfer (TT)

Through Link International, sending money overseas is easy. Walk into one of our 50+ branches with the required documents and the amount to be remitted. You can also ask us to contact you through our Landline, and we shall let our expert executives guide you through the process.

The process of receiving & sending money abroad via money transfer platforms is called remittance.

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 in Pakistan.

The service is available in some countries. Typically, money is deposited into the recipient’s account for up to 2 to 3 working days through Telegraphic transfer. Based on the time and location, the money can be transferred on the same day or within 3 working days. After you’ve transferred money, request your recipient to contact their bank or examine their bank statement to verify the funds.

The TT method is an electronic transfer of funds widespread in the 1990s. Telegraphic transfer is also referred to as Telex transfers, 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 complete within three to four business days, depending on the location and destination of the transfer, like country and any currency exchange requirements like 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).

Before the introduction of Telegraphic Transfer, banks and financial institutions used Telex messages to transfer money straight forwards from one financial institution to another for the transfer of funds. The TT payment method was trendy before electronic payment networks. Cable messages were utilized to make TT, and it’s considered another type of electronic funds transfer.

The telegraphic transfer evolves with new technologies and utilizes secure cable networks to transfer money. Financial institutions and banks use electronic fund transfer (EFT). As an International TT company in Pakistan, we provide affordable Telegraphic Transfer fees & Charges and provide instant telegraphic transfer tracking during an electronic transfer of money between two countries.

The remitter must ensure that the information in this remittance form for TT is correct and that the amount of remittance falls within the bounds of the law under the policy currently in the force.

• • (TT) Telegraphic Transfer services in Pakistan have ended cash transactions, and Online Money Transfer has been made easy with the Electronic Funds Transfer method.
  • It is used for both inward and outward remittance.
  • This service can be utilized across many countries specifically. It’s helpful for those who reside in another country and want to transfer money to their family members in the country of their birth.
  • Several countries utilize this option because it’s helpful for people living in another country and who need to transfer money to relatives in their home country.
  • Because it’s a speedier method of money transfer, the chance of being affected by fluctuations in exchange rates is meager.
  • The amount can be transferred within limits specified under FEMA (Foreign Exchange Management Act).
  • It’s a safe, secure & reliable method of transfer.

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

The exchange rate, in effect, will be shown via Online Banking or on our website at the transaction time. In branch offices, staff will inform customers of the rate applicable to the currency of their choice.

Telegraphic transfer fees occur 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 costed as a fixed fee or an amount of proportion of what you’re sending. When calculating the cost of an international wire transfer, you must also consider the exchange rates, as they can affect the extent to which your money will arrive at its destination. We also provide Foreign Currency Exchange Rates daily and remarkable Foreign Currency Exchange rate services.

TT Payment Procedure in Pakistan conducts 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 state bank of Pakistan restrictions.

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

• A debit card as well as an acceptable ID like a passport or driving license
• Address and name of the person who pays (beneficiary)
• The bank account numbers of the person who pays and the name of the bank they use
• Other important information is the amount that needs to be paid along with the address of the person who will be paying

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

• The country to which you’re sending money to
• The currency you wish to use for payment
• An IBAN of the recipient’s IBAN (if relevant)
• The amount of transfer and the motive for the transfer
• The BIC (bank identifier code) is often referred to by the term SWIFT code

You’ll need the receiver’s names, addresses, and details for the account, like the bank account’s number and SWIFT codes, and the address of the bank.

You can find the SWIFT code on the bank’s website, the passbook, or through a simple web search.

Certain card issuers might charge additional charges for using our services. Contact your card issuer bank to find out more details.

Yes, on specific routes, same-day transfers via telegraphic transfer are possible if the request for international funds is received before the cut-off deadline. You can check the cut-off time for different areas on the bank’s website.

The banks that facilitate international money transfers between the bank sending the money and the banks that are the final beneficiary are Correspondent or Intermediary banks.

If you provide incorrect beneficiary information, like the incorrect address or the wrong bank number, the bank will deny the transfer request.

For money transfers from across the globe to Pakistan, the following international money transfer channels are being operated in Pakistan:

Instant cash, Remitly, Transferwise, Xpress, EME, Speed Remit, Choice Money,

Small World and many others.