A TT payment is a bank-to-bank transfer of money between accounts, usually across international borders, using the SWIFT network.
TT stands for telegraphic transfer, a term that dates back to when banks sent payment instructions by telegraph. Today, the process is electronic and instantaneous by historical standards, but the name stuck. When you send a TT payment, your bank sends a secure message through SWIFT (the Society for Worldwide Interbank Financial Telecommunication) to the receiving bank, instructing it to move money from your account to the recipient's account.
TT payments are common for international business transactions, large personal transfers, and situations where the sender and recipient need proof that money has left one account and arrived in another. Unlike a check or a credit card payment, a TT is a direct debit from your bank account—the money moves immediately, and you cannot reverse it once the receiving bank accepts it.
Key Takeaways
- A TT payment moves money directly from your bank account to another bank account via the SWIFT network, with no intermediary holding the funds.
- TT payments are irreversible once the receiving bank accepts them, so you must verify the recipient's account details before sending.
- International TT payments typically take one to three business days, depending on time zones and the receiving bank's processing speed.
- You will need the recipient's full name, account number, bank name, bank routing code (SWIFT or IBAN), and sometimes their address to send a TT payment.
- Banks charge fees for TT payments, ranging from $15 to $50 or more for international transfers, and the sender usually pays the full cost.
How a TT payment moves through the banking system
When you initiate a TT payment at your bank, you provide the recipient's banking details and the amount. Your bank debits your account immediately and sends a SWIFT message to the recipient's bank with the payment instruction. The message includes your name, the recipient's name and account number, the amount, the currency, and a reference number that tracks the transaction.
The receiving bank receives the message, verifies the account number, and deposits the money into the recipient's account. The entire process is automated at each step. Your bank and the receiving bank may use correspondent banks as intermediaries if they do not have a direct relationship, which can add a day to the timeline but does not change the basic flow.
Once the receiving bank accepts the payment, the transaction is final. You cannot cancel it or reverse it, even if you made a mistake with the account number or amount. This is why banks require you to confirm all details before sending.
When to use a TT payment instead of other methods
Use a TT payment when you need to send a large sum of money internationally and you need proof of delivery. A TT is faster and more secure than a wire through a money transfer service, and it leaves a clear audit trail in both banks' records. Businesses use TT payments for supplier invoices, payroll to international employees, and large purchases. Individuals use them for down payments on property, tuition payments to foreign universities, and family support to relatives abroad.
Do not use a TT payment for small amounts or domestic transfers within the same country—ACH transfers, checks, or peer-to-peer apps are cheaper and faster for those purposes. Do not use a TT if you are unsure of the recipient's account details, because you cannot reverse the payment once it is sent.
What information you need to send a TT payment
Before you can send a TT payment, you must collect the following from the recipient:
- Recipient's full legal name (exactly as it appears on their bank account)
- Recipient's bank account number
- Recipient's bank name and address
- The bank's SWIFT code (an eight- or eleven-character code that identifies the bank globally)
- The bank's routing number or IBAN (International Bank Account Number), depending on the country
- Recipient's address (some banks require this)
Ask the recipient to provide this information in writing or to give you a blank check or bank statement that shows the account number and routing code. Do not guess or abbreviate any of these details. A single digit wrong in the account number can send your money to the wrong person's account, and you will have no recourse.
How long a TT payment takes
Domestic TT payments (within the same country) usually arrive within one business day. International TT payments typically take one to three business days, depending on the time zones involved and how quickly the receiving bank processes incoming transfers.
If you send a TT on a Friday afternoon, it may not begin processing until Monday morning. If the receiving bank is in a different time zone and is closed when your bank sends the message, the payment sits in a queue until the receiving bank opens. Some banks process TT payments in batches rather than individually, which can add another day.
Once the money arrives in the recipient's account, it is available immediately—the receiving bank does not hold it for a clearing period the way it might with a check.
Fees and costs for TT payments
Your bank charges a fee to send a TT payment. Domestic TT fees typically range from $15 to $30. International TT fees range from $25 to $50 or more, depending on the bank and the destination country. Some banks charge a flat fee; others charge a percentage of the amount transferred.
The receiving bank may also charge a fee to receive the TT, usually $10 to $20. In most cases, the sender pays both fees—your bank deducts its fee from your account, and the receiving bank deducts its fee from the amount that arrives in the recipient's account. This means if you send $1,000 and both banks charge $25, the recipient receives $950.
Before you send, ask your bank what it will charge and whether the receiving bank's fee will be deducted from the transfer amount or paid separately. Some banks offer lower TT fees for business accounts or frequent transfers.
What to do if a TT payment goes wrong
If you send a TT to the wrong account number, the money goes to whoever owns that account at the receiving bank. You cannot reverse the payment, but you can ask your bank to contact the receiving bank and request a recall. The receiving bank will ask the account holder to return the money voluntarily. If they refuse, you have no legal recourse through the banking system—you would have to pursue the matter through civil court, which is expensive and often unsuccessful.
If the receiving bank rejects the payment because the account number does not exist or the account is closed, the money returns to your account within a few days. Your bank will notify you of the rejection and may charge you a fee for the failed transfer.
If the money arrives but the recipient claims they never received it, ask them to check their bank account and provide you with a deposit receipt or bank statement showing the deposit. The SWIFT message includes a reference number that both banks can use to trace the transaction.
Frequently Asked Questions
Can I cancel a TT payment after I send it?
Not reliably. Once the receiving bank accepts the payment, it is final. If you catch the error before the receiving bank processes it—usually within a few hours—your bank may be able to recall it, but this is not may provide. Always verify all details before you send.
What is the difference between a TT payment and a wire transfer?
A TT payment is a wire transfer—the terms are used interchangeably. Both move money directly from one bank account to another via the SWIFT network. Some banks use "wire transfer" for domestic transfers and "TT" for international transfers, but the process is the same.
Do I need a SWIFT code or an IBAN?
You need a SWIFT code to send money to any country. An IBAN is required for transfers within Europe and some other regions. Ask the recipient which one their bank uses, or provide both if you have them—your bank will use whichever is appropriate.
What if the recipient's bank is in a country with sanctions or restrictions?
Your bank may refuse to send a TT to certain countries or banks due to international sanctions or anti-money-laundering regulations. If your bank declines, you will need to find an alternative method or send the money to a different country.
Is a TT payment safe?
A TT payment is safe once it arrives—the receiving bank has verified the account and deposited the money. The risk is on the sender's side: if you send money to the wrong account, you cannot get it back. Use TT payments only when you are certain of the recipient's account details.