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Do some Chinese providers request you to pay invoices via TT? When Chinese vendors request a TT payment, they prefer a wire transfer.
Be at ease! You can depend on this article for extensive knowledge. That’s because you will learn how to pay TT payments to Chinese vendors in a few minutes.
You might be a business owner or entrepreneur and buy products use Alibaba or other sites. Then you need to transfer money to the Chinese supplier. You may wish to think about using a telegraphic transfer. It takes the short form T/T or TT. TT is a standard method of sending money in Asia. But, it might not be the quickest and cheapest.
Foreign importers send money to China with difficulty. We have seen hundreds of such instances. Thus, we created this 101 guide to aid each business.
TT Transfer – TT Payment Meaning
TT in full is Telegraphic Transfer. A telegraphic transfer is a way to send money via electronic means. Its primary use is in international transactions. Though, it can be for domestic or international payments.
It is a transfer of funds between two banks. Sometimes we call it a TT, TT payment, T/T, or TT bank payment. Other names are telex transfer, wire transfer, or remittance.
This type of transfer goes by several names throughout the world. The words “telegraphic transfer” are common in the United Kingdom and Australia. The term “wire transfer” or “wire” applies in the US.
TT Payment Modes
Different banks refer to these payments by other names. Your supplier may refer to a TT payment under a different name. It doesn’t have to be hard…