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KTT wire transfers or telegraphic transfer payments are generally made with MT 103 and MT 202, or MT103-202 forms.
KTT or wire transfers are a secure way to transfer large amounts of money internationally. Although there is no exclusive list of banks that perform KTT transfers, many banks around the world offer this service through their online platform or at a physical branch. Some of the larger banks that offer KTT transfers include Citibank, Bank of America, HSBC, Chase and Wells Fargo. However, it is necessary to contact each bank to find out the availability of specific services by country and region.
KTT or telegraphic transfers payments are generally made with MT 103 and MT 202, or MT103-202 forms. MT 103 is a one-time direct payment, while MT 202 is an interbank order from a correspondent bank confirming the sending bank’s obligation to honor the beneficiary or receiving bank. MT 103-202s are widely used around the world to fulfill investment opportunities, trade obligations or payments to beneficiaries. They can also be structured to establish private financial arrangements and private placements.
A telegraphic transfer is a method of transferring money between accounts using wires, radio or telephone. The term “telegraphic” refers to when transfers were made by telex. Today, money transfers are done electronically through the SWIFT network, but the term telegraphic transfers is still used interchangeably with wire transfers and means any electronic transfer of funds.
Telegraphic transfers
Also known as international bank transfers or KTT transfers, it is a method used in some countries such as the United Kingdom and Hong Kong to move money between financial institutions in order to get the amount to the desired destination. This process involves the electronic transfer of funds between correspondent banks until the money reaches its final destination.
Technically, there is no difference between a telegraphic money transfer and a wire transfer. When you make an international money transfer through your bank, you are sending your money as a telex transfer. In the U.S., the term most commonly used for this is a wire transfer, whereas, in Australia, New Zealand and the United Kingdom, it is more often called a telegraphic transfer.
A telegraphic transfer occurs electronically and works by transferring money between different banks until it reaches its destination. Once the transfer is initiated at the originating bank, the money passes between banks with pre-existing relationships. These banks are known as correspondent banks. Each of the intermediary banks in this process will have their own processing time and fees, which can make telegraphic money transfers slow and expensive depending on their transfer route. The cost of a wire transfer will depend on several factors, including the amount you are transferring and the currencies involved
