What does TT mean on a bank statement?
On a personal or corporate bank statement, the abbreviation TT stands for Telegraphic Transfer, which is a traditional banking term used to designate an electronic funds transfer sent internationally from one bank account to another via secure global messaging networks like SWIFT. When a TT entry appears on a financial statement, it indicates that money has been wired overseas or received from an international sender. This transaction type typically involves specific wire transfer fees, foreign currency exchange rate conversions, and intermediary bank processing charges to ensure secure cross-border payments.
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