How To Receive Telegraphic Transfers (T/T) For Your Business

How To Receive Telegraphic Transfers (T/T) For Your Business

International clients, banks, and trade partners still talk about “telegraphic transfers” or “T/T” when they send overseas payments. Some older documentation even calls them “telex transfers” because they were originally sent over the Telex network. In practice, today a telegraphic transfer is an international bank wire sent over SWIFT or a similar messaging system.

If you give incomplete or sloppy details, money bounces, fees pile up, and counterparties lose patience. This guide walks through what a telegraphic transfer is, which details you must provide, and how to receive T/T payments with fewer delays and fewer surprises on fees.

A telegraphic transfer (T/T) is an electronic bank transfer, usually cross-border, sent through SWIFT or a similar network. Banks may label it as a Telegraphic Transfer, Telex Transfer, TT, or simply an international wire. The process is simple once your bank account is set up correctly and you share the right details.

What Is A Telegraphic Transfer (Telex Transfer)?

Historically, banks sent payment instructions over the Telex network. Staff typed out messages that told another bank to credit a beneficiary. Those messages were called telegraphic or telex transfers. The Telex network has been retired, but the terminology stayed. Today:

  • Most “telegraphic transfers” are SWIFT MT messages between banks.
  • Your client’s bank debits their account and sends a message to your bank or an intermediary bank.
  • Your bank credits your account once it receives the funds and matches the details.

The label on your client’s screen might be “T/T”, “Telegraphic Transfer”, “Telex Transfer”, or “International Wire”. The mechanics are the same: a cross-border bank transfer with fees, cut-off times, and exchange rates set by the sending and receiving banks.

Information You Must Provide To Receive A Telegraphic Transfer

To receive a T/T without drama, you need to give the payer a clean set of bank details. At a minimum, this usually includes:

  • Beneficiary name: the company or personal name as printed on the bank account. No abbreviations or trading names unless the bank accepts them.
  • Beneficiary address: the registered address or the address your bank has on file for the account.
  • Bank name: full legal name of your bank.
  • Bank address: branch address or head office address, depending on how your bank formats its SWIFT details.
  • SWIFT/BIC code: 8 or 11-character code identifying your bank on the SWIFT network.
  • Account number or IBAN:
    • In IBAN countries, share the full IBAN exactly as shown by your bank.
    • Elsewhere, share the account number in the format your bank uses.
  • Routing details where required:
    • USA: ABA routing number or Fedwire code.
    • UK: sort code.
    • Other regions: local clearing or branch code where needed.
  • Currency to receive: make clear which currency you want to receive (USD, EUR, GBP, etc.).
  • Payment reference: invoice number, contract reference, or shipment reference so you can match funds quickly.
  • Charge type: whether fees are paid by sender, shared, or deducted from your amount (often labeled OUR / SHA / BEN).

The easiest approach is to export or screenshot the official “incoming wire instructions” from your online banking and send that document. Any deviation introduces room for error.

Step-By-Step: How To Receive A Telegraphic Transfer

Receiving a T/T is not complicated, but your process should be consistent. A sloppy approach is where mistakes creep in.

Step 1 – Confirm The Bank Account You Want To Use

  • Decide which account will receive foreign currency: local currency account, foreign currency account, or a dedicated trade account.
  • Check with your bank how they handle incoming foreign currency:
    • Do they auto-convert to local currency?
    • Do you hold it in the original currency?
    • What are their FX spreads and incoming wire fees?
  • Make sure the account is active and not subject to any holds or restrictions.

Step 2 – Prepare A Standard “Receiving TT” Instruction Sheet

  • Create a one-page PDF with:
    • Beneficiary name and address.
    • Bank name and address.
    • SWIFT/BIC and IBAN or account number.
    • Routing details (ABA, sort code, etc.).
    • Preferred currency and example reference format.
  • Use exactly the same format your bank uses in its official instructions.
  • Keep this file ready so you send the same details every time.

Step 3 – Share Instructions With Your Client Or Counterparty

  • Send the PDF or official bank letter as an attachment, not a line of text that can be mistyped.
  • Tell them:
    • Which currency to select (for example, “please send in USD”).
    • How to phrase the payment reference.
    • Which charge option to use, if you have a preference.
  • If ticket sizes are large or the payer is new, ask them to send a scan of the payment instruction before they submit it so you can confirm details.

Step 4 – Monitor Receipt And Reconcile

  • Track your account for incoming funds around the expected value date.
  • Match the credit to:
    • Invoice or contract number.
    • Shipment or project milestones.
  • Check:
    • Currency received.
    • Amount net of fees.
    • Reference line.
  • If there is a shortfall from bank fees or FX, decide how you handle that commercially with the client.

Fees, FX, And Charge Types On Telegraphic Transfers

Telegraphic transfers are not free. If you do not set expectations, you and your client will argue over amounts after the fact. Standard fee points:

  • Sending bank fee: charged to your client by their bank.
  • Intermediary bank fee: may be deducted in transit if correspondent banks are involved.
  • Receiving bank fee: your bank may charge a flat incoming wire fee.
  • FX spread: if the bank converts from one currency to another, they earn on the exchange rate as well.

Charge structures are usually listed as:

  • OUR: sender pays all bank fees; you should receive the full amount.
  • SHA: fees are shared; sender pays their side, you pay yours.
  • BEN: all fees are deducted from the amount you receive.

If you expect full invoice value on arrival, tell the client to select OUR where their bank allows it, and be clear in your contract that bank fees are for their account.

How To Avoid Delays, Holds, And Rejections

Most delays on telegraphic transfers come from basic errors or compliance flags. You cannot control bank compliance, but you can reduce avoidable problems:

  • Keep names consistent: your company name on the invoice, contract, and bank account should match. If you trade under a different brand, explain this to clients.
  • Use clear references: “Invoice 2025-014 / PO 8837” is easier to clear than “payment” or random words.
  • Share documents promptly: if your bank asks for invoices, contracts, or shipping documents to clear a payment, respond quickly.
  • Avoid sanctioned links: do not involve sanctioned banks, ships, or countries. If your trade touches sensitive jurisdictions, expect extra screening.
  • Respect cut-off times: same-day transfers often have early cut-offs. Anything sent after that usually credits next business day or later.

Telegraphic Transfers vs SEPA, ACH, And Local Payment Systems

Your clients might ask why they cannot just send a SEPA or ACH payment. The answer depends on currency, corridor, and ticket size:

  • SEPA: used for EUR payments in the SEPA zone. Cheap and fast, but confined to EUR and participating countries.
  • ACH: used for domestic transfers in the United States. Low cost, slower, and usually not cross-border.
  • Local rails: many countries have their own instant or low-cost systems, usually domestic only.
  • Telegraphic transfer: the default for cross-border, multi-currency payments, especially in trade finance and project finance deals.

For high-value cross-border invoices, telegraphic transfers remain the standard, even if they are more expensive than local systems.

Receiving Telegraphic Transfers Into Offshore And Cross-Border Accounts

Many trading, holding, or project companies prefer to receive telegraphic transfers into offshore or cross-border accounts. That can simplify currency management, contract enforcement, and banking relationships, especially when counterparties sit in several regions.

The key is to have:

  • A clean corporate structure with clear beneficial ownership.
  • Banks that understand your trade flows and country exposure.
  • Accounts in the currencies you invoice in most often.

If you need a company and a bank account set up specifically to receive T/Ts from clients, you can use Financely’s fixed-fee offshore company formation and bank account opening service. The service covers incorporation, tax ID, nominee support, virtual address, and bank or EMI account applications, so you can share correct receiving instructions with clients from day one.

Set Up An Account Ready To Receive Telegraphic Transfers

If you want a company and bank account designed for cross-border payments and telegraphic transfers, you can review our fixed-fee offshore company formation and bank account opening service and pay directly by bank transfer once you are ready to move.

View Offshore Company & Bank Account Opening Services

Telegraphic Transfers (T/T): Common Questions

How long does a telegraphic transfer take to arrive ›
For major currencies between large banks, telegraphic transfers often arrive within one or two business days once released. Payments involving multiple correspondent banks, smaller currencies, or higher-risk jurisdictions can take longer. Cut-off times, weekends, and local holidays also affect timing.
Can a telegraphic transfer be reversed after it hits my account ›
Once funds are credited, reversals are rare and usually only happen in clear mistake or fraud scenarios, often after bank-to-bank discussions. You should not rely on the idea that a T/T is fully final in every case, but for standard commercial payments it is treated as a firm settlement once cleared.
Why did I receive less than the amount on the client’s payment order ›
Differences usually come from bank fees or FX. Intermediary and receiving banks can deduct charges in transit, and currency conversion can also shift the amount. Compare the client’s confirmation, the charge type (OUR, SHA, BEN), and your bank statement to identify where the gap came from.
Is a telegraphic transfer safer than sending funds through a fintech or EMI ›
Safety depends on the provider, the licence they hold, and the risk controls in place. Traditional banks and serious payment firms each have their own strengths. Many companies use both: a core bank account for larger T/Ts and one or more fintech accounts for smaller or faster payments. What matters is that you understand who holds the client funds and how they are regulated.

Disclaimer: This guide is for general information only and does not constitute banking, legal, tax, or investment advice. Banks and payment providers apply their own fees, procedures, and compliance rules. Before relying on any structure for telegraphic transfers, seek advice from your own professional advisers and confirm specific requirements with your bank.

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