What is a telegraphic transfer?

A telegraphic transfer, sometimes known as Telex Transfer or TT, is an electronic way of sending money. Essentially, the term is no different from ‘wire transfer’ or ‘SWIFT transfer’. Usually, a telegraphic transfer takes 2 to 4 days – although this can vary depending on origin and destination of transfer, as well as any currency exchange requirements.

To get a little more technical, domestic UK telegraphic transfers use the Clearing House Automated Payment System (CHAPS), while international transfers use the Society for Worldwide Interbank Financial Telecommunications (SWIFT).

A telegraphic transfer is a safe way of sending money. However, there is no way of getting money back once it has been sent – so you should always be vigilant against telegraphic transfer fraud. Never send money to people you don’t know who have contacted you online, via email or social media.

Why is it called a telegraphic transfer?

If ‘telegraphic transfer’ sounds a little outdated, that’s because it is. The term was originally used to describe the movement of money between bank accounts via cable, radio or even transoceanic telephone, with morse code being used to send the accompanying message.

Today, though, telegraphic transfers are bank-to-bank transfers that typically use the SWIFT system. The term can also include Real Time Gross Settlement (RTGS), which is as close to an instant bank transfer as possible – however, this type of transfer is typically used for higher-value transfers.

How do telegraphic transfers work?

An international telegraphic transfer uses the SWIFT system to send money from one country to another. It can take up to five working days, although it usually takes between two and four. The transfer journey can be broken down into 6 steps:

1) Sender begins transfer. Telegraphic Transfers all start with the sender providing the necessary information to their bank. This includes the recipient's name, account number, and bank's SWIFT code. The sender must also specify the amount, and currency they wish to send in.

2) Receiver’s details are verified. The sender bank verifies the receiver’s details, checking the information provided is correct.

3) Transfer is authorised. The sender bank authorises the transfer of funds, and then converts the sender's money into the currency of choice.

4) Money is transferred. The transfer of funds is completed through a network of correspondent banks, using the SWIFT system.

5) Money arrives in the receiver’s account. The receiver’s bank credits their account with funds transferred by the sender.

6) Transfer is confirmed. The receiver bank confirms the transfer of funds to the sender bank, which then informs the sender. The telegraphic transfer is complete.

Telegraphic vs. wire transfer: what’s the difference?

Today, there are no major differences between a telegraphic and wire transfer. This is because the two ways of sending money have become synonymous, with both predominantly using the SWIFT system to transfer money internationally.

However, a telegraphic or wire transfer is different from a direct bank transfer, which doesn’t travel between correspondent banks. Because of this, direct bank transfers are often faster, and incur less fees.

How long does a telegraphic transfer take?

Usually, a telegraphic transfer will take between two and four days, however they can take up to five business days. This is because telegraphic transfers use the SWIFT system, which involves sending money between correspondent banks. The origin and destination of the transfer may also affect the time a telegraphic transfer takes, as can currency exchange requirements.

How much are telegraph transfer fees?

A telegraph transfer fee is calculated either as a flat fee or as a percentage of the amount being sent. Telegraphic transfers can come with quite high fees, as each correspondent bank within the transfer network can charge the sender – this is on top of the standard fees charged by both sender and recipient banks. Also, because telegraphic transfers are often international, currency exchange rates, and destination country can affect the total sum of fees charged.

How do I send a telegraphic transfer with WorldRemit?

At WorldRemit, our mission is to help keep people connected, while empowering individuals living and working abroad. By bringing the world closer, we can make possibilities far greater.

It’s why we’ve built a money transfer service that allows users to send money internationally, in just a matter of minutes – much faster than most SWIFT transfers. And sending money with WorldRemit is easy, too.

1) Sign up for free. Visit our website or download the WorldRemit app, then enter your details and choose a password.

2) Wait for verification. Once we’ve verified your account, you’re ready to start sending money.

3) Start sending. Enter the amount you want to send, as well as the receiver’s details. Then choose how you want to send your money, whether that’s via a bank deposit, cash pickup, mobile money transfer, or airtime.

4) Send, sit back, and relax. Press ‘send’, and your transfer will be sent in a matter of minutes. That’s it, all done. Easy, right?

Why not sign up to WorldRemit today, and start sending money to loved ones back home? You’ll enjoy super-fast, super secure transfers with low fees. Meaning you can send more and save more.

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If you’d like to learn more about international money transfers or living abroad, explore our blog. You’ll find a selection of helpful and informative insights put together especially for people living and working abroad.

Telegraphic transfers: FAQs

How safe is a telegraphic transfer?

Telegraphic transfers are a safe way to send money internationally because they use SWIFT, a secure and standardised network. And due to the number of correspondent banks within any SWIFT transfer (or telegraphic transfer), the transfer is easily traceable.

However, as we outlined earlier in the article, be vigilant against anyone contacting you online, via email or social media, and requesting a transfer of funds.

Can telegraphic transfer be the same day?

A telegraphic transfer typically takes between two and four days. However, senders do have the option of a RTGS (Real Time Gross Settlement), which is as close to instant as possible.

Disclaimer: The contents of this blog post does not constitute legal or financial advice and is provided for general information purposes only. If you require specific legal and / or financial advice you should contact a specialist lawyer or financial advisor. Information true at time of publishing.