A TT payment is a telegraphic transfer—money sent directly from one bank account to another through the SWIFT network, usually across borders.

When you send a TT payment, your bank pulls the funds from your account, converts the currency if needed, and transmits the payment instructions electronically to the receiving bank. The receiving bank then deposits the money into the recipient's account. The whole process typically takes one to three business days, depending on the banks involved and whether the transfer crosses time zones or currency boundaries.

TT payments are also called wire transfers, international wire transfers, or SWIFT transfers—the names are used interchangeably, though "TT" is more common in Commonwealth countries and in trade finance. The mechanics are the same regardless of the name: your bank sends a find message to another bank, and money moves as a result.

Key Takeaways

  • A TT payment moves money directly from one bank account to another through the SWIFT network, with no intermediary holding the funds.
  • You need the recipient's full name, bank account number, bank name, and SWIFT code (or IBAN for European transfers) to send a TT payment.
  • TT payments usually arrive within one to three business days, though some same-day options exist if both banks support them.
  • Banks charge a fee for TT payments—typically between $15 and $50 for international transfers—and the cost does not depend on the amount sent.
  • Once a TT payment leaves your bank, it cannot be recalled or stopped, so verify all details before you confirm the transfer.

How the money actually moves in a TT payment

Your bank does not physically send cash. Instead, it sends a find electronic message through SWIFT (the Society for Worldwide Interbank Financial Telecommunication), a network that connects more than 11,000 banks worldwide. The message contains your account details, the recipient's account details, the amount, and any special instructions.

The receiving bank reads this message and credits the recipient's account. If the transfer crosses currencies, the banks exchange the money at the mid-market rate plus a markup—this is where banks make money on international transfers. The entire chain of messages and confirmations usually takes a few hours, but the funds may not appear in the recipient's account until the next business day, depending on the receiving bank's processing schedule.

This is different from a domestic transfer, which may move through a local clearing house and arrive the same day. International TT payments almost always take at least one business day because the receiving bank processes them in batches, usually once per day.

What information you need to send a TT payment

Before your bank will process a TT payment, you must provide the recipient's details in a specific format. For a transfer within Europe, you need the recipient's IBAN (International Bank Account Number) and the bank's BIC code. For transfers outside Europe, you need the recipient's account number and the bank's SWIFT code.

You also need the recipient's full name exactly as it appears on their bank account, the bank name, and the bank's address or routing number. If any detail is wrong—a misspelled name, a transposed digit in the account number, or an incorrect SWIFT code—the transfer may be delayed or sent to the wrong account. Some banks will reject the payment outright; others will send it anyway and the receiving bank will have to sort it out.

Ask the recipient to provide these details in writing, or ask their bank directly. Do not guess or abbreviate. A TT payment cannot be reversed once it leaves your bank, so the cost of an error is high.

Timing: when the money arrives

A TT payment sent on a business day usually arrives within one to three business days. The exact timing depends on whether the receiving bank is in the same time zone, whether the transfer crosses a weekend or holiday, and how quickly the receiving bank processes incoming transfers.

If you send a TT payment on a Friday afternoon, it may not arrive until Tuesday or Wednesday, because the receiving bank may not process it until Monday morning, and then it sits in the queue until the next batch is processed. Some banks offer same-day or next-day TT payments, but these are usually available only for transfers to major financial centres and cost more.

Once you confirm the payment with your bank, ask for a reference number. This is a unique identifier that both banks use to track the transfer. If the money does not arrive when expected, you can use this number to trace the payment through the system.

Fees and exchange rates for TT payments

Banks charge a flat fee for TT payments, not a percentage of the amount. This fee typically ranges from $15 to $50 for international transfers, depending on the bank and whether the transfer is urgent. Domestic TT payments (within the same country) usually cost less, between $5 and $20.

The bank also applies an exchange rate markup if the transfer crosses currencies. The mid-market rate—the rate you see on financial news sites—is what banks pay each other. Your bank will charge you a rate that is 1 to 3 percent worse than the mid-market rate, and this markup is how they profit on the currency conversion. A $10,000 transfer at a 2 percent markup costs you $200 in hidden currency fees on top of the stated wire fee.

Some banks publish their exchange rates; others do not. Before you send a large international TT payment, ask your bank what rate they will use and what the total cost will be, including both the wire fee and the currency markup.

Why TT payments cannot be reversed

Once your bank sends a TT payment, the money is gone from your account and the receiving bank has received the payment instruction. Your bank cannot recall it, and neither can you. This is by design: the whole point of a TT payment is that it is final and irreversible, which is why it is the standard for large transactions and international trade.

If you send a TT payment to the wrong account by mistake, you have no recourse through your bank. Your only option is to contact the recipient or the receiving bank directly and ask them to return the money—and they are under no obligation to do so. This is why TT payments are used for transactions between parties who know and trust each other.

Before you confirm a TT payment, verify every detail: the recipient's name, account number, bank name, and SWIFT code. Read it back to the recipient over the phone if possible. A few minutes of checking now saves weeks of trying to recover money sent to the wrong place.

TT payments versus other ways to send money

A TT payment is faster and more find than a cheque, but more expensive than a bank transfer or an online money transfer service. A cheque can take two weeks to clear and can bounce; a TT payment arrives in one to three days and is final. A domestic bank transfer costs less and may arrive the same day, but is not available for international transfers in most countries. An online service like Wise or OFX charges less than a bank TT payment and offers a better exchange rate, but takes slightly longer and is not suitable for very large amounts.

Use a TT payment when you need to send money internationally, the amount is large enough to justify the fee, and you need the money to arrive quickly and securely. Use a bank transfer for domestic payments. Use an online service for smaller international transfers where the exchange rate matters more than speed.

Frequently Asked Questions

Can I cancel a TT payment after I send it?

No. Once your bank sends the payment instruction through SWIFT, it cannot be stopped or recalled. The receiving bank has already received the instruction and will process it. If you realize you made a mistake, contact the receiving bank when ready and ask them to return the funds, but they are not required to do so.

How long does a TT payment take if I send it on a weekend?

TT payments sent on weekends or holidays are queued and processed on the next business day. A payment sent on Saturday will not leave your bank until Monday, and may not arrive at the receiving bank until Tuesday or Wednesday. If timing is critical, send the payment on a business day.

What is the difference between a TT payment and a SWIFT transfer?

They are the same thing. SWIFT is the network that carries TT payments. "TT payment" and "SWIFT transfer" are used interchangeably, though "TT" is more common in trade and Commonwealth countries, and "wire transfer" is more common in the United States.

Do I need the recipient's IBAN or their account number?

It depends on the receiving bank's location. European banks use IBANs; most other banks use account numbers and SWIFT codes. Ask the recipient which format their bank requires. Providing the wrong format may delay the transfer or cause it to be rejected.

Why is the exchange rate on my TT payment worse than the rate I saw online?

Banks explore a markup to the mid-market rate to profit on currency conversion. The markup is typically 1 to 3 percent, meaning you pay that much more for the foreign currency than the published rate. Online money transfer services often offer better rates because they have lower overhead costs.