TT (Telegraphic Transfer) buying rate indicates the rate at which bank convert foreign inward remittances to INR. TT Selling rate indicates the rate at which the bank sends an outward remittance through telegraphic transfer.
What is a TT purchase?
A telegraphic transfer – which is also often called a TT, telex transfer, or a T/T bank payment – is a broad term for transferring money from one bank account to another – usually involving moving the money from one country to another, and often between different currencies.
What is current TT buying rate?
Foreign Exchange Rates
| FCY | Bills Buy | TT Sell |
|---|---|---|
| USD | 74.32 | 77.19 |
| CAD | 58.48 | 61.44 |
| EUR | 82.00 | 86.16 |
| AUD | 53.95 | 56.68 |
How is TT selling rate calculated?
The TT selling rate is calculated on the basis of interbank selling rate. The rate to the customer is calculated by adding exchange margin to the interbank rate.
What are the different types of TT rates?
There are two types of T Rates – one is called TT buying rate, another is called TT selling rate. When as a customer, I go to a bank and ask to remit some money to a person in US, I purchase what is called TT selling, I sale a TT.
What is sell TT?
TT selling means transferring funds abroad and buying means receiving funds from abroad.
What is LC and TT payment?
Difference between Letter of credit (L/C) and TT:
TT means Telegraphic Transfer, Telex Transfer or Wire Transfer, the transfer of funds from one bank account to another by electronic means. A wire transfer or Telegraphic Transfer is made when you are ready to pay for goods or services received.
What is dollar buy rate?
Currency Rate Today
| Currency Name | Buy Rate (Card Rate) | Sell Rate |
|---|---|---|
| US Dollar (USD) | 76.94 | 74.19 |
| Euro (EUR) | 85.39 | 81.94 |
| Sterling Pound (GBP) | 102.4 | 98.58 |
| Thai Baht (THB) | NA | 2.06 |
What is dollar selling rate?
Forex Card rates
| Currency | Bank Buying Rate | Bank Selling Rate |
|---|---|---|
| TT Buying rate | Bills Selling rate | |
| United States Dollar (USD) | 74.31 | 77.67 |
| Euro (EUR) | 81.90 | 85.86 |
| Great Britain Pound (GBP) | 99.03 | 103.82 |
Which forex card is best?
Below are some of the best forex cards in India that you might want to have a look at.
- YES Bank Multi-Currency Travel Card.
- Axis Bank Multi-Currency Forex Card.
- MakeMyTrip HDFC Bank ForexPlus Card.
- ICICI Bank Travel Card.
- HDFC Regalia ForexPlus Card.
How does TT payment work?
TT is a mode of transfer of funds electronically, widely used until the 1990s. Telegraphic transfers are also known as telex transfers, abbreviated TT. TT is the fastest mode of funds transfer in earlier days. TT takes 2-4 days to transfer the money depending on the origin and destination of the transfer.
What does TT and DD mean?
Telegraphic Transfer (TT)
Demand Draft (DD)
How long does it take for TT transfer?
Typically a telegraphic transfer is complete within two to four business days, depending on the origin and destination of the transfer, as well as any currency exchange requirements. Telegraphic transfers are also known as telex transfers (TT) or more generically as wire transfers or electronic funds transfers.
What is the difference between buying rate and selling rate?
The buying rate is the rate at which money dealers will buy foreign currency, and the selling rate is the rate at which they will sell that currency.
Who can avail LRS facility?
Ans. Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.
How do you define a vostro account?
A vostro account is an account a correspondent bank holds on behalf of another bank. These accounts are an essential aspect of correspondent banking in which the bank holding the funds acts as custodian for or manages the account of a foreign counterpart.
What is TT payment in export?
What is “TT Payment”? A bank transfer, otherwise called telegraphic transfer or telex transfer (“T/T”) is the electronic transfer of funds from a buyer/importer to a seller/exporter, via a bank or a similar institution.
Is telegraphic transfer same as bank transfer?
So, when you hear the term “telegraphic transfers”, all you need to know is that it refers to international money transfers made from one account to another. It’s synonymous with terms like bank transfer, wire transfer, or SWIFT transfer, which are now more commonly used to describe the same process.
What is TT in forex?
A telegraphic transfer (TT) is an electronic method of transferring funds utilized primarily for overseas wire transactions.Generally, the telegraphic transfer is complete within two to four business days, depending on the origin and destination of the transfer, as well as any currency exchange requirements.
Which is better TT or LC?
L/C is used for the larger quantity order shipped by sea. T/T payment in advance is usually used when the sample and small quantity shipments are transported by air. The reason why is that the documents like air waybill, commercial invoice and packing list will be sent to you along with the shipment by the same plane.
How does LC sight work?
When a bank issues a sight LC, it acts as a guarantor of payment to the beneficiary. The seller has to furnish all the shipping documents mentioned under the terms and conditions in the LC to receive the payment. Once you submit all the documents and the issuing bank verifies the same, the bank releases the funds.
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