Telegraphic Transfer (t/t payment): Everything you need to know

If you pay overseas suppliers, there’s a good chance you’ve seen “T/T” (or “TT payment”) on an invoice and wondered what you’re actually being asked to do. It sounds old-fashioned — but the payment itself is very much a modern, electronic bank transfer.

In this guide, we’ll give you the lowdown on telegraphic transfers, starting with how they work and which banking systems you can use as a UK-based business. Plus, how much t/t payments cost, how long they take and how to set one up with your bank.

We’ll also touch on the Wise Business account as a cost-effective and transparent way to send money globally, with no hidden fees.

💡 Learn more about Wise Business

What is a telegraphic transfer?

A telegraphic transfer (TT) is a term used for an electronic transfer of money, most often used to describe international bank transfers. You might also see it written as T/T or called a telex transfer.

The term is a little outdated in many countries now, as it dates back to when money was moved around the world using the telegraph, telephone and radio. However, some countries still use it. These days, you’re likely to know a **T/T payment **simply as a bank transfer or a wire transfer.

Is a telegraphic transfer the same as a bank transfer?

In everyday use, telegraphic transfer, bank transfer and wire transfer can mean broadly the same thing: moving money electronically from one account to another.

Where it gets confusing is that in the UK there are different payment systems that banks can use — and “T/T” doesn’t always tell you which one you’ll end up using.

Here’s a practical way to think about it:

A supplier asking for “T/T” is usually telling you they want a bank-to-bank transfer (often via SWIFT if it’s international), or if you’re sending or receiving payments in the UK in GBP, CHAPS for a same-day payment — but that’s typically something you choose in your banking app or branch, rather than something the recipient specifies.

How long does a T/T payment take?

Telegraphic transfer time depends on the payment system and route, so there is not one fixed answer. CHAPS payments are typically processed same-day, providing you meet the cut-off time provided by your bank or payment provider. However, SWIFT transfers are not as instantaneous, taking around 1-6 days depending on the transfer type.¹

Here are the biggest factors that usually influence timing:

• Cut-off times (specifically for CHAPS and for international payments initiated late in the day)
• Weekends and UK bank holidays
• Time zones and the recipient bank’s processing window
• Intermediary banks for many SWIFT routes
• Compliance checks, especially for high-value or unusual payment
• Incorrect details, which can pause processing or trigger a return

If you need the payment to arrive by a particular date, it’s worth confirming:

• The cut-off time with your bank/provider, and
• Whether your supplier is expecting a SWIFT transfer or a local payment method in their country.

For a one-time set up fee of £50 (no monthly rolling costs), Wise Business gives you access to local account details in 8+ currencies, from EUR, USD, CAD and more. You can use these to receive money from customers and clients as if you were a locally-based business with IBANS, BICs or routing numbers specific to that currency. Providing you’ve local account details in the currency they are sending in, this is faster than sending via SWIFT - meaning less chance of delayed payments and quicker reconciliation.

Transaction speeds depend on individual circumstances and may not be available for all transactions. Keep in mind the destination country and currency involved in your transfer (from your account and the account you are sending/receiving the payment to/from).

Telegraphic transfer fees - how much do T/T payments cost?

The tricky part about a TT isn’t always the headline “transfer fee”. It’s that more than one fee can apply, depending on how the payment is routed — and whether currency exchange is involved.

These are the common cost components:

Not every transfer includes all of these. But it’s common for international SWIFT payments to involve at least a sending fee - and potentially intermediary deductions as well. That’s why it’s important to watch out for any “£0 transfer fee” claims when considering your payment options, especially internationally for hidden FX fees and markups.

With Wise Business, you’ll always get transparent fees for every transaction, at the mid market exchange rate. With the Advanced plan, you have the ability to send and receive locally outside of the SWIFT network in 8+ currencies, which can be a considerably more cost-effective way for international transactions.

How to make a telegraphic transfer, step-by-step

The mechanics vary a little by bank, but the flow is usually similar. Before you start, get the details you need.

What details are required:

• Recipient’s full name or business name
• Recipient’s address (sometimes required)
• Recipient’s IBAN or account number (depends on country)
• Recipient bank’s SWIFT/BIC code (depending on transfer type)
• Recipient bank name (and sometimes bank address)
• Payment amount and currency
• Reference / payment reason (often required for reconciliation)

Step-by-step process

1. Log in to online banking (or visit a branch if your bank requires it for higher-value payments)
2. Find International payments (or make a bank transfer and then choose international/SWIFT)
3. Add a new beneficiary using the recipient details above
4. Choose the currency you want to send, and whether you want the recipient to receive a specific amount, if your bank offers that
5. If shown, select who pays the fees - you may see options like SHA (shared)/OUR (sender pays)/BEN (beneficiary pays) for some international transfers
6. Review the fees and exchange rate shown on-screen
7. Confirm and authorise (often with app approval / OTP)
8. Save the confirmation - you’ll want this if you need to track the payment later

If the payment is time-sensitive, also check:

• Whether you’re before the cut-off time, and
• Whether the recipient bank will process the incoming payment the same day.

Leverage Wise Business for T/T transfers, in the UK or internationally

If you’re an online business or one that needs to make regular international payments, Wise Business can be a good option. Receiving money from international customers or paying overseas suppliers with Wise means there will be no hidden fees, helping you save costs along the way.

With Wise Business*, you can:

• 🌍 Send money to 140+ countries at the mid-market exchange rate with no hidden fees or sneaky exchange rate markups (product availability varies by region; please check the Wise website for local availability)

• 📥 Receive payments using 8+ local account details for 24 currencies

• 💰 Hold money in 40+ currencies

• ⚡ Use the batch payments tool to create and send up to 1,000 payments in a single transfer

• 👥 Run payroll and make international payments for up to 1,000 employees all over the world

• 💳 Get business debit cards with 0.5% cashback for you and your team to keep track of team expenses and spend all over the world

• 🏢 Manage cash in 55+ currencies across international offices from a single business account and move money between business accounts in seconds (exact speeds can vary depending on individual circumstances and may not be the same for all transactions)

• 🔄 Connect and sync every business transaction to your favourite accounting software, including Xero, Quickbooks, and more

• 🔐 Create your own payment approvals process to manage your team better with customised access for different team members

• 📑 Create custom professional invoices and schedule invoice payments for future dates

• 📈 Earn returns on GBP, USD and EUR with Wise Interest (Capital at risk, growth not guaranteed. Your money is at risk if governments default or interest rates go negative. Visit https://wise.com/gb/interest/ to find out more)

• 🔗 Create payment links and QR codes to get paid easily

• ⚙️ Automate payouts with the Wise API (comes with 24/7 customer support, a sandbox account to test integrations, API tokens, and clear documents on how to implement and make the most of our API)

Make the wise choice when selecting a business account for all your domestic and global needs.

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Investments can fluctuate, and your capital is at risk. Interest is offered by Wise Assets UK Ltd, a subsidiary of Wise Payments Ltd. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you're uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

*Disclaimer: The UK Wise Business pricing structure is changing with effect from 26/11/2025 date. Receiving money, direct debits and getting paid features are not available with the Essential Plan which you can open for free. Pay a one-time set up fee of £50 to unlock Advanced features including account details to receive payments in 22+ currencies or 8+ currencies for non-swift payments. You’ll also get access to our invoice generating tool, payment links, QuickPay QR codes and the ability to set up direct debits all within one account. Please check our website for the latest pricing information.

Sources used:

1. Wise - SWIFT Payments

Sources last checked: 05-Mar-2026