Question

What is Telegraphic Transfer?

• A. A method of sending money through the postal service.
• B. A system for sending money via electronic message, faster than mail.
• C. A way to transfer valuables between bank lockers.
• D. A type of bank loan.

Answer 1

Answer:

B. A system for sending money via electronic message, faster than mail.

• Telegraphic Transfer (TT) is a method of electronic fund transfer from one bank to another.

• Key points about Telegraphic Transfer:

1. It's an electronic means of transferring funds

2. Faster than traditional mail-based transfers

3. Can be used for both domestic and international money transfers

4. Usually processed within 1-2 business days

5. More secure than physical money transfers

6. Commonly used for business transactions and international trade