T/T is a foreign exchange settlement method. In addition to the transfer of funds between units, exchange settlement can also be used for units to pay related funds to individuals in different places, such as retirement wages, medical expenses, various labor fees, remuneration, etc. , it can also be used for individuals to pay related money to units in different places, such as mail-order goods, books and periodicals, university tuition, etc.
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Matters needing attention in bank transfer (telegraphic transfer):
1. When making telegraphic transfer, the remitter should fill in the remittance application form and indicate in the application form that the telegraphic transfer method is adopted. 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.
2. 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 a password agreed by both parties before the text.
3. After receiving the telegram or telex, the remitting bank should check whether the passwords are consistent. If not, you should immediately send a telegram to the remittance bank for enquiry. 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 remittance notice, but only receives the money into the payee's account by telegram, and then gives the payee a receipt notice, and the payee does not need to sign the receipt. Finally, the remittance bank sends the paid debit notice to the remittance bank.
4. The telegraphic transfer expenses in telegraphic transfer shall be borne by the remitter, and banks generally handle telegraphic transfer business on the same day, without occupying remittance funds in the postal process. Therefore, telegraphic transfer is often used for large remittance or remittance through SWIFT or inter-bank transfer.
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