Telegraphic Transfer sometimes or abbreviated as Telex Transfer or simply T/T is a simple and fastest legal way of dispatching money overseas through any bank with Forex facility. It involves the remittance of funds between the banks using electronic coded messages. This advance payment method is usually used while buying Japanese used cars. The method has long been a means of communication between banking institutions. Used car exporters from Japan prefers to deal through Telegraphic Transfer as the mode of payment in lieu of their used cars sold to the importers in different countries across the world.
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