A telegraphic transfer (TT) is an electronic method of transferring funds, primarily used for overseas wire transactions. TT payments pass your money between several different banks before it arrives at its destination, and each of these banks will have different fees and processing times, which is why telegraphic transfers can be a little more costly and time-intensive than other money transfer services. The use of these systems provides a level of security to the transaction as well as a set of standards and regulations to control how the transfers take place. Generally, the TT is complete within two to four business days, depending on the origin and destination of the transfer, as well as any currency exchange requirements. The information needed for a telegraphic transfer includes the senders and recipients details, including the name of their bank, bank account number, name, address, and contact information, and may also require their IBAN number or SWIFT code. TTs are also usually fairly expensive, and the price one pays for the rapid service varies depending on the TT provider.