What is TT in agency import? Please enlighten me!
Resolved
I've been learning about agency import business recently and I keep hearing the term "TT," but I don't quite understand what it refers to? Is it a payment method? Or something else? Are there any knowledgeable friends who can explain it to me in detail? Thank you so much!
Trade Expert Insights Answers
In agency import business, TT is a common payment method, which stands for Telegraphic Transfer, also known as wire transfer.
Telegraphic transfer refers to a remittance method where the remitter deposits a certain amount of funds with the remitting bank. The remitting bank then transmits the instruction via telegraph or telex to its branch or correspondent bank (the receiving bank) at the destination to pay a certain amount to the payee.
When TT is used as a payment method for agency import, generally the importer (principal) will first pay the corresponding funds to the agent importer (agent) via telegraphic transfer according to the agency import agreement. For example, an agent like Zhongmaoda will then make payments to overseas suppliers based on the import business process. This method is relatively fast and secure, and can better ensure the timeliness and accuracy of fund circulation.
TT is telegraphic transfer, and in agency import, it allows funds to arrive quickly, facilitating transactions.
Yes, TT is telegraphic transfer. The payer transfers money to the payee via bank wire transfer, and it is very commonly used in the agency import process.
TT is telegraphic transfer, and it can transfer funds in a timely manner in agency import, ensuring the normal progress of business.
TT in agency import is telegraphic transfer. It is simple to operate, funds flow quickly, and it is conducive to business advancement.
TT is telegraphic transfer, used in agency import business for rapid fund transfers, facilitating settlement for all parties.