A telegraphic transfer or TT is a simple, straightforward and efficient electronic money transfer. You may see it referred to as a telex transfer, a TT or a TT bank payment, they all mean the same thing. The term “telegraphic transfer” is more common in certain parts of the world — it’s widely used here in the UK.
Using this technology to process payments certainly speeds up the conveyancing process – ensuring that money can be moved quickly and efficiently through the banking systems when tight deadlines or large sums of money may be required.
In order for money to be transferred an account name, number and sort code would be required in advance but once received money can be transferred on a ‘same day’ basis, normally immediately, but in some cases up to 2 hours – it’s advisable to check in advance with your solicitor or conveyancer.
Quite simply a telegraphic transfer is a chargeable service provided by legal professionals to ensure that your moving day deadlines can be met and your money can be kept safe.
If you’d like more information on TT’s, or any part of the conveyancing process, then please Contact us
Posted by Insight Law on
24 August 2018
, Commercial, Guide, Residential