Keith Spitalnick

Regional Manager - Spain

Currencies Direct

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By Keith Spitalnick - Mon 14th Nov 2011

 

Tumbit Approved Partner

Telegraphic transfers / Express electronically transmitted payment

A telegraphic transfer represents the fastest, most secure and inexpensive method of transferring funds internationally, especially when denominated in the beneficiary's local currency.

The Currencies Direct telegraphic transfer is an electronically transmitted payment, with funds generally being available to the beneficiary within 24 hours. An additional benefit to both payee and recipient alike is the ability to track payments, just as you would with an overnight delivery service.

An international payment sent in sterling typically flows through several correspondent banks - (banks that have a working relationship with the recipient bank) - and fees can occur at each step of the process. A Currencies Direct telegraphic transfer is likely to reduce associated banking fees because sterling is converted to the beneficiary’s currency before the TT is sent; therefore the currency passes directly to the beneficiary’s bank.

It also fixes the exchange rate ahead of time, thereby establishing the currency amount paid to the beneficiary and the sterling cost to your business. The price you agree with your dealer on the phone, or the price you agree online – is the price you pay.

Currencies Direct telegraphic transfers are available in over 40 currencies. Also known as a TT, International Wire Payment, Wire, RTGS Payment Issue Currencies Direct are members of SWIFT, the Society for Worldwide Interbank Financial Telecommunication, a member-owned cooperative through which the financial world conducts its business operations with speed, certainty and confidence. More than 9,000 banking organisations, securities institutions and corporate customers in 209 countries trust SWIFT every day to exchange millions of standardised financial messages.

Membership of SWIFT enables us to automate and standardise financial transactions, thereby lowering costs, reducing operational risk and eliminating inefficiencies from our operations. You benefit from more streamlined payments.