Hey,
Each method of transfer has its advantages and disadvantages. Financial institutions and banks have evolved the method of transfer to suit the needs of their customers better. The mode of preference has shifted to online payments thanks to the digitization drive. I will tell you
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What is telegraphic transfer payment?
Earlier on, when the internet was not as advanced. Financial institutions used to transfer money over telegraph wires. It is a method of conducting international transfers from one account to another. The process has evolved and is now known as bank transfer, wire transfer, or SWIFT ( Society for Worldwide Interbank Financial Telecommunication ) transfer in the current day and age.
The Telegraphic transfer payment method is used for overseas wire transactions. It usually takes two to four business days to complete the transaction. The transaction period may differ according to the origin and destination of the transfer, as well as any currency exchange. These transfers are expensive.
To conduct the transfer, the sender had to visit the bank and give the bank operator his message. The operator then shares the code with the receiver’s bank of choice in morse code.
This is what is telegraphic transfer.
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What is telegraphic transfer ?
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2022-08-07T17:07:31+00:00 2024-07-15T10:50:25+00:00Comment
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