Difference between KTT and TT transfer

Discussion in 'Questions or Technical Problems' started by Paul Chang, Dec 14, 2017.

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  1. Paul Chang

    Paul Chang Guest

    Hello to everyone,

    I got a question, what is the difference between a KTT transfer and the T/T transfer that we normally know? there is anyone that can tell me?

    Thanks a lot.
  2. De Master Yoda

    De Master Yoda Administrator Staff Member

    Telegraphic Transfer or telex transfer, often abbreviated to TT, is a term used to refer to an electronic means of transferring funds. A transfer charge is often charged by the sending bank and in some cases by the receiving bank.

    Historically telegraphic transfer meant a cable message from one bank to another in order to effect the transfer of money. Prior to the existence of electronic payment networks this was often directly between banks via a telex message.

    Wire Transfer is just the new name for T/T. There is no inherent difference. You can call up your bank's wire department or look at their broad currency sheet as published by the treasure, you will see the words T/T mentioned (old banking term - still used today).

    Different names for basically the same thing.
  3. Paul Chang

    Paul Chang Guest

    The is some person that is offering to my boss this type of payment and come from Sweden, is europe, that not suppose to already use electronic transfer?
    And it is safe, because I read a lot of people saying that they use this type of transfer in fraud. How is that came? Is not secure this type of transfer or may be because they are small bank?
  4. Central Scrutinizer

    Central Scrutinizer Administrator Staff Member

    Why can't they do a bank to bank wire transfer?
  5. Kat

    Kat Administrator Staff Member

    Also, I don't think they use KTT in many places nowadays. Maybe in a few African countries.
  6. Paul Chang

    Paul Chang Guest

    Thanks to everyone to answer, you guys are right, that is why I'm asking about this, we are talking about sweden, if were talking about Africa my boss won't even consider make any kind of business, but is Sweden... And that is really peculiar.
    Anyway, if there is anyone who understand KTT and know how they can do the fraud or cheat, I will be grateful to all of you. (I could tell my boss to tell that guy to go to... you guy know.)

    Thanks anyway.
  7. De Master Yoda

    De Master Yoda Administrator Staff Member

    We have not seen all the emails etc so it is hard for us to give an answer to you. Generally speaking the main problem is not in the way any money is transferred but sending ANY money to scammers by any means.

    Once the money has been sent to scammers it is usually lost for ever. Never send money to anyone you met over the internet unless you know them personally.

    "we are talking about sweden" Scammers operate in many countries, quite a few Nigerian scammers for example will emigrate or move to other countries as will other nationalities.
    toper01 likes this.
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