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What does payment by ktt mean?

Updated: 4/28/2022
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12y ago

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The term Telegraphic Transfer ot Telex Transfer, often abrreviated to "TT", is an electronic means of transferring funds overseas, A transfer charge is collected while sending money.

A banking term commonly call T/T, meaning cable message from one bank to another in order to effect the transfer of money.

It is most often in UK Banking to refer to a CHAPS transfer, that is a payment made via the Clearing House Automated Payments System.

The term is also used to describe other electronic funds transfer methods and incorrectly, BACS (Bankers Automated Clearing Services) and the AFTS (Automated Funds Transfer System) payments.

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12y ago
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