The full form of T/T is Telegraphic Transfer

A telegraphic transfer, or TT, is a way of sending funds electronically. Also known as telex transfers, the name harks back to when sending money meant sending a printed message using a teleprinter. TT transfers today are online and one of the faster ways to make an international money transfers. They are primarily used for overseas wire transfers.

While you might still hear the term telegraphic transfer, these types of bank transfer are more commonly referred to as a CHAPS or SWIFT transfer. A SWIFT code is also known as a Bank Identifier Code (BIC) and the terms are often interchangeable.

CHAPS (Clearing House Automated Payment System) is a way to send electronic money in the UK. CHAPS payments should arrive in the recipient’s bank account on the same day as long as the payment has been made before the deadline, usually around 4pm if done in the bank branch, and 5pm online. CHAPS telegraphic transfer or TT payments are often used for transferring funds urgently, such as for high-value purchases like a house.

SWIFT stands for Society for Worldwide Interbank Financial Telecommunications. Each financial institution has its own unique swift code, so banks and other financial services can make a quick and secure international money transfer through the SWIFT network.