The difference between telegraphic transfer, bank draft and traveler's check

1. telegraphic transfer (T/T/T) refers to the settlement method in which a bank pays a certain amount of foreign exchange to the designated payee through SWIFT (Worldwide Interbank Financial Telecommunication Network) according to the instructions of the remitter. Also known as SWIFT remittance.

Agricultural Bank of China can handle wire transfer and remittance in various currencies, such as USD, JPY, HKD, EUR and GBP. The cost is relatively low and the time is faster. T/T is the most commonly used remittance method at present. Usually, customers can receive the payment within 2 working days.

Two, the bank draft issued by the issuing bank, unconditionally paid to the payee or holder according to the actual settlement amount at sight. The drawer bank of a bank draft is the drawee of the bank draft. Bank drafts issued in the system are payable at sight.

3. Domestic institutions, institutions in China and individuals at home and abroad can purchase traveler's checks. Its use is limited to overseas travel, pilgrimage, visiting relatives, overseas medical treatment, study abroad and other non-trade foreign payments, and it may not be used for foreign payments under trade or capital.

Traveler's checks are payment and settlement vouchers printed by overseas banks or professional financial institutions, with the issuer as the final payer and the freely convertible currency as the pricing and settlement currency. It can be divided into paper traveler's checks and electronic traveler's checks by media. At present, our bank sells electronic traveler's checks managed by MasterCard. The paper traveler's check business has stopped.