Definition
An electronic bank-to-bank transfer of funds, commonly used to settle international trade invoices via the SWIFT network. It is fast and low-cost relative to letters of credit but offers the seller no documentary security. South African TT payments to foreign suppliers must be supported by a valid commercial invoice and reported to the South African Reserve Bank under exchange control regulations.
Frequently asked questions
What is Telegraphic Transfer (TT)?
An electronic bank-to-bank transfer of funds, commonly used to settle international trade invoices via the SWIFT network. It is fast and low-cost relative to letters of credit but offers the seller no documentary security. South African TT payments to foreign suppliers must be supported by a valid commercial invoice and reported to the South African Reserve Bank under exchange control regulations.
Which glossary terms are related to Telegraphic Transfer (TT)?
Telegraphic Transfer (TT) is a procurement term in the South African import/export industry. Related terms in the same area include Advance Payment, Bank Guarantee, CSD (Central Supplier Database), Designated Sectors, Documentary Collection — each has its own plain-English definition in the TradeCaravan glossary.