What does TT mean for foreign trade export? How to do this?

TT is wire transfer, which is a trade term. The English name is: telegraphic transfer. T/T is a remittance method in which the remitter deposits a certain amount of money in the remitting bank, which sends it to the destination branch or correspondent bank (remitting bank) by telegram or telegraph, instructing the remitting bank to pay a certain amount to the payee.

The simplest and safest way to remit money is to give the customer a company account that can accept US dollars, and the customer can entrust the other bank to remit money. There will be a memo after remittance, and usually the payment will be received in a few days. The shipper's bank will call us to tell us that the US dollar has arrived, and the bank will immediately call the shipper whether to settle the foreign exchange. After the settlement, RMB will be received.

Wire transfer operation

When telegraphic transfer, the remitter should fill in the remittance application form, and indicate the telegraphic transfer method in the application form. At the same time, the remittance and the required expenses will be remitted to obtain a wire transfer receipt. After receiving the remittance application, the remittance bank should carefully examine the application and contact the remitter in time if there are any mistakes.

When handling telegraphic transfer, the remitting bank sends remittance instructions to the remitting bank by telegram or telex according to the contents of the remittance application. The contents of the message mainly include: remittance amount and currency, payee's name, address or account number, remitter's name, address, postscript, position allocation method, remitter's name or SWIFT system address, etc. In order for the remitting bank to confirm that the contents of the message are indeed sent by the remitting bank, the remitting bank should add the mutually agreed Testkey before the text.

After receiving the telegram or telex, the remitting bank should check whether the password is consistent. If it is not, it should immediately draw up a telegram to inquire with the remitting bank. If so, a wire transfer notice will be prepared immediately to inform the payee to withdraw money. The payee draws money from the remittance bank with the notice in duplicate. After the payee signs for it, the remittance bank pays the remittance accordingly.

In practice, if the payee has an account in the remittance bank, the remittance bank often does not prepare a remittance notice, but simply remits the money into the payee's account by telegram, and then gives the payee a payment notice, and the payee does not need to sign the receipt. Finally, the remittance bank sends the debit notice to the remittance bank.

The telegraphic transfer expenses in telegraphic transfer shall be borne by the remitter, and banks generally handle telegraphic transfer business on the same day, which does not occupy the remittance funds in the postal process. Therefore, telegraphic transfer is often used for large remittance or remittance through SWIFT or inter-bank transfer.