What is Telegraphic Transfer
A Telegraphic Transfer (TT in short) is a quick and convenient way to transfer funds across International borders. Through the service offered by numerous banks and transfer specialists, you can transfer money in a wide range of currencies all over the world. The beneficiaries will typically receive funds between one to four days, depending on the currency, destination and the agent and beneficiary bank.
Why choose Telegraphic Transfer
- Telegraphic transfer in Singapore is a quick way to transfer funds internationally.
- Telegraphic transfer can be the faster and cheapest alternative for international fund transfer from Singapore.
- You are able to send money in more than 40 different currencies all over the world.
- With SWIFT gpi, you can enjoy the transparency, speed and ability to trace your telegraphic transfers.
Who Provides Telegraphic Transfer Services
Most banks in Singapore and fund transfer specialists offer telegraphic transfer services, these include
- Conventional Banks: DBS, UOB, POSB, HSBC, Citi, Standard Chartered Bank and more
- Transfer Specialists: TransferWise, World First, InstaReM, Currencies Direct and more
What are the typical Telegraphic Transfer Rates and Fees
Most banks and transfer specialists charge a fee and offer an exchange rate to complete the telegraphic transfer.
- Transfer Fee: Fund transfer fees are usually a one-off fee or a rate based on the percentage of the total funds being transferred. Fees can vary depending on currency, destination and the agent and beneficiary bank.
- Exchange Rate: The exchange rate is determined by the foreign exchange market, or forex. This is called a flexible exchange rate. For this reason, exchange rates fluctuate on a moment-by-moment basis and most banks or transfer specialists will look to offer an exchange rate higher than the average market rate.
If you are looking to compare the best ways to transfer funds across international borders then check out our money transfers comparison section, where you can search the best transfer partners in Singapore.
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