In this article, we’re answering “What does TT mean?” In short, it means “telegraphic transfer”. But, there are several nuances that anyone considering a TT payment should be aware of first.
This will be relevant if you recently opened a US bank account for non-residents and need to deposit funds into the account or you need to send transfers abroad.
We’ll explain the nuances you need to be aware of below while also answering common questions that we receive from people trying to better understand telegraphic transfers.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What Does TT Mean?
- How Do I Receive a TT Payment?
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
What Does TT Mean?
TT means “telegraphic transfer” and refers to sending a financial transfer through the SWIFT transfer.
Telegraphic transfers are secure, fast, and complete through a series of banks connected through a single international bank network. In almost all instances, telegraphic transfers refer to international transfers between banks otherwise known as a remittance payment.
Not surprisingly, “TT” is a term used in functional finance although it can sometimes be mistaken and used when referring to broader financial terms related to fiscal and monetary policies. Again, TT is only used when discussing telegraphic transfers for international wires via the SWIFT network.
How Do I Receive a TT Payment?
To receive a TT payment you will need to provide the sending party with several important pieces of information. This information includes the legal name on the account, your account number, the name of your bank, the bank address, and the SWIFT code of the bank. Importantly, prior to receiving a TT payment, you should confirm what fees the bank will charge you for incoming wire transfers.
Do You Want More USA Banking Insights?
Sign up here to receive our Free USA Banking Starter Guide. It’s designed to help non-residents with opening bank accounts at top financial institutions in the US.
Frequently Asked Questions
Below are four of the most common questions we receive from people looking into this topic. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
How Long Does a TT Bank Transfer Take?
The amount of time it takes for a TT bank transfer to arrive in the receiving bank account will depend on a number of important factors. These factors include the day of the week the transfer is sent, the time of day the transfer is sent, the country the transfer is being sent to, and how many banks are involved in the transfer. In most cases, a TT bank transfer will take between 48 hours and 72 hours to complete. However, transfers to more obscure jurisdictions and banks can take longer.
Is a TT Payment Safe?
Yes, a TT payment is safe. Also known as a telegraphic transfer, TT payments are sent through a secure bank-to-bank network that ensures transfers are received promptly and securely. That said, TT payments can be expensive, depending on where the money is being sent to and from.
What Is the Meaning of a TT Payment?
The meaning of a TT payment is a telegraphic transfer payment. Telegraphic transfer payments are more commonly known as wire transfers and bank transfers. This form of payment is sent through a telegraphic network known as SWIFT or the Society for Worldwide Interbank Financial Telecommunications. Payments sent through the SWIFT network are secure but can vary in the time it takes for the transfer to arrive, depending on where the money is being sent to and from.
How Do I Send Money Through TT?
You can send money through a TT (telegraphic transfer) by scheduling a bank transfer directly with your bank or financial institution. Telegraphic transfers are sent through the SWIFT network, so you will need to provide the relevant information to complete a transfer through these channels. Not surprisingly, this includes the name of the bank, the bank address, the bank SWIFT code, the account number, the name of the recipient, and the purpose of the transfers. Depending on the bank, they may request additional information.
Ready to Open Accounts With Bnks in the USA?
If so, you can get access to GlobalBanks USA (our dedicated US banking service) in just a few clicks.
GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.
When you join, you receive…
+ Expert suggestions on where to open US bank accounts.
+ Step-by-step support to navigate opening US bank accounts.
+ Direct introductions to helpful and responsive bankers.
+ Plus, detailed guides to maximizing the value you get from your new US bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
