Telegraphic Transfer or telex transfer, often abbreviated to TT, is a term used to refer to an electronic means of transferring funds. A transfer charge is often charged by the sending bank and in some cases by the receiving bank. Historically telegraphic transfer meant a cable message from one bank to another in order to effect the transfer of money. Prior to the existence of electronic payment networks this was often directly between banks via a telex message. Current use Hong Kong In Hong Kong, the term "telegraphic transfer" is synonymous to international SWIFT transfer. Japan In Japan, "telegraphic transfer" is the industry term for quoting retail exchange rates (larger quantities are quoted individually), and is divided into three rates, stated in yen, from the point of view of the quoting bank: TTM: Telegraphic Transfer Middle rate (mid price) TTS: Telegraphic Transfer Selling rate (ask price) TTB: Telegraphic Transfer Buying rate (bid price)The middle rate is the average of the...