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TT Transfers

Same Day Euro Payments

Telegraphic Transfers explained

Telegraphic Transfers are the usual method for sending international payments via the "Swift" international banking system. In Europe, the cheaper alternative of SEPA payments is now available, but for all other countries and for urgent Euro payments, a Telegraphic Transfer or TT is used.

 

TTs are usually received at a foreign bank the same day they are sent from the UK, when sending Euro payments. Other countries may take a couple of days longer. Receiving and routing banks are allowed to make charges for processing TT payments, so it is best to check before making a payment whether you need to be aware of any other charges. This is particularly true in Spain, where banks charge up to 0.5% to receive a TT payment, whereas money transfers to Portugal are not usually subject to these charges at all. As each country varies is is best to check with a reputable currency company regarding charges; if you would like to be put in touch with an FSA-regulated broker simply fill in your details at the top of the page.

 

For sending Euros therefore, it is usually better to use a SEPA transfer rather than a TT. If you need a payment to arrive particularly quickly (eg to pay a supplier or complete on a property purchase) then use a telegraphic transfer but do make sure you are aware of any possible extra charges which may apply.

 

Making a Euro TT Payment

To make a TT payment in Euros, you will need to provide the following information. Don't forget that a currency broker is likely to give you a much better exchange rate than your bank; for a free quote on your transfer fill in your details on the form above and we will put you in touch with an FSA-regulated speciliast.