1. The meaning of international telegraphic transfer
International telegraphic transfer (T/T) refers to a remittance method in which the remitting bank, upon the request of the remitter, sends a secured telegram or telex to a branch or agent bank (receiving bank) in another country, instructing it to pay a certain amount to the beneficiary.
2. The cost of international telegraphic transfer
Generally speaking, the cost of telegraphic transfer is divided into two parts. One part is related to the amount of the telegraphic transfer, that is, a 1% handling fee; the other part is not related to the amount of the remittance, but to the number of transactions, that is, a telegraphic transfer fee is charged for each transaction. The charging standards of different banks vary greatly, and customers can make comparisons when choosing a remittance bank. It should be noted that since there are intermediary bank deductions during remittances, and it is impossible to predict the amount of deductions during the remittance process, it may result in the remitted amount not being fully received, affecting the transaction. Since the remittance fee generally has a maximum limit, the more the amount remitted each time, the more cost-effective it is. Therefore, if conditions permit, it is recommended to remit more at one time and try not to remit in multiple times, otherwise you will need to pay a lot of handling fees.