Telegraphic transfer (TT): What it is and how it works (2026)

Key Takeaways:

• A telegraphic transfer (TT) is a bank-to-bank international money transfer routed through the SWIFT network. It typically takes 1–5 business days and is widely used by Singapore businesses to pay overseas suppliers and vendors.

• Every TT carries multiple fees: a handling commission, a cable/SWIFT charge, an FX conversion margin, and potentially agent bank fees.

• Airwallex bypasses SWIFT on most transfers. 94% of our transfers go through local rails with $0 transfer fees, and 93% of transfers arrive on the same day.

A telegraphic transfer (TT) is one of the most common ways Singapore businesses send money overseas.

If you pay foreign suppliers, settle invoices in other currencies, or receive funds from international customers, you have likely used a TT, even if your bank called it an "outward remittance" or "wire transfer."

This guide explains how telegraphic transfers work, what they cost at DBS, UOB, and OCBC, how the OUR/SHA/BEN charge codes affect your payment, and what to do if you need something faster or cheaper.

Understanding telegraphic transfers

A telegraphic transfer is an electronic method of sending funds from one bank account to another, primarily across international borders.

The sending bank transmits a secure payment instruction through the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, and the recipient's bank credits the funds once the instruction arrives and clears.

The term dates back to when banks sent payment instructions via telegraph cables.

Today the process is entirely digital, but the name has stuck, particularly in the Asia-Pacific region. In the US and Europe, the same transaction is usually called a wire transfer.

For a deeper look at how the SWIFT network itself operates, see our guide: What is the SWIFT payment network?

How a TT fits into the broader payments landscape

A TT is one type of Electronic Funds Transfer (EFT), which is the umbrella term for any electronic movement of money between accounts. Other EFT types include direct debit, PayNow, GIRO, and credit card payments.

Within EFTs, businesses typically use TTs or ACH-equivalent transfers for regular payments. Here’s a quick overview:

Airwallex supports both TT-equivalent and local rail transfers, depending on the destination country and currency. For corridors where local rails are available, Airwallex routes the payment domestically, bypassing SWIFT and avoiding SWIFT fees entirely.

Banks in Singapore use two terms to describe the direction of a TT:

• Outward telegraphic transfer: An outward TT is a payment you send from your account to a recipient overseas (or locally in a foreign currency). This is the most common type for businesses paying suppliers, contractors, or service providers abroad.

• Inward telegraphic transfer: An inward TT is a payment you receive into your account from an overseas sender. Most Singapore banks charge a receiving fee for inward TTs.

How telegraphic transfers work

When you send a TT, three types of banks are usually involved: your bank (the sending bank), the recipient's bank, and in many cases, one or more intermediary banks in between. Each plays a distinct role in moving your payment from one account to another.

Sending bank

Your bank initiates the transfer. It verifies your details, deducts the amount from your account, and sends a secure payment instruction through the SWIFT network.

Intermediary banks

If your bank and the recipient's bank do not have a direct relationship, the payment passes through one or more correspondent (intermediary) banks. Each intermediary forwards the instruction along the chain.

This is one reason TTs can take several days, and why agent bank fees sometimes appear as unexpected deductions from the payment amount.

Receiving bank

The recipient's bank is the final stop. It receives the SWIFT message, verifies the details, and credits the funds to your recipient's account.

Step-by-step guide to sending a telegraphic transfer

Here’s how you would go about sending a telegraphic transfer:

Step 1: Gather the required information

Before you initiate a TT, collect the following details for both yourself and your recipient:

• Your full name and bank account number

• Your recipient's full name and bank account number

• Your recipient's bank name and branch address

• Your recipient's SWIFT/BIC code, which is the unique identifier the SWIFT network uses to route the payment to the correct bank. For more on how SWIFT codes are structured and where to find them, see: What is a SWIFT/BIC code?

• The transfer amount and currency

• The purpose of the transfer (required by some banks and regulators)

Step 2: Choose your charge code (OUR, SHA, or BEN)

Before you confirm the transfer, your bank will ask you to select a charge code. This determines who pays the intermediary and receiving bank fees, and it directly affects how much your recipient receives.

OUR is the safest option if your recipient needs to receive the exact amount. For example, say you’re settling a supplier invoice. You bear all fees, but the full amount arrives.

SHA (Shared) is the most commonly used code. You pay your own bank's fees; your recipient absorbs any intermediary and receiving bank charges from the payment amount. This can mean your recipient receives slightly less than you sent.

BEN (Beneficiary) means your recipient bears all fees. The amount they receive will be reduced by every bank charge along the route. Use this only when agreed with your recipient in advance.

Step 3: Review fees and exchange rate

Before you confirm the transfer, your bank will show you the fees and exchange rate that apply. Check these carefully, especially if you’re sending money in a different currency from your account.

The exchange rate matters because your bank may add a margin to the interbank (mid-market) rate. This FX margin can be a significant part of the cost of a TT, even though it may not appear as a separate fee on the fee schedule.

Want to save on FX? Airwallex charges highly competitive rates of 0.4% to 0.6% above interbank, letting you save up to 80% on FX fees as compared to traditional banks.

Step 4: Authorise the transfer

Once you confirm, your bank deducts the full amount from your account and transmits the SWIFT payment instruction. Keep your transaction reference number; you’ll need it if you need to trace or recall the transfer later.

Step 5: Recipient receives the funds

International TTs typically arrive within 1–5 business days, depending on the destination country, the currencies involved, the number of intermediary banks, and cut-off times at each bank along the route.

Tracking your transfer with SWIFT GPI

Most major Singapore banks now support SWIFT GPI (Global Payments Innovation), a real-time tracking upgrade to the standard SWIFT network.

With SWIFT GPI, both you and your recipient can see the payment status and estimated arrival time at each stage of the transfer. It does not change the fee structure of a TT, but it does reduce the need for follow-up calls to suppliers about whether a payment has arrived.

Outward remittance fees: how much does a telegraphic transfer cost?

A TT from Singapore can come with several different charges. You may pay three or four separate costs depending on your bank, how you submit the transfer, and whether you need to convert currencies.

The FX margin can be the biggest cost, but it is also the easiest to miss because it usually isn't listed as a separate fee. For example, a 2% FX margin on a S$50,000 transfer would cost S$1,000, compared with a S$30 flat cable fee.

Before you confirm the transfer, ask your bank for the total amount you’ll pay and the amount the recipient will receive, based on the exchange rate being offered.

What Singapore's major banks charge for outward TTs

Fees differ depending on whether you submit online or at a branch. If you submit only, you generally get cheaper fees.

Online submissions (DBS IDEAL / UOB Infinity / OCBC Velocity)

This information is based on publicly available information accessed on 16 Sep 2026. Information reflects Airwallex's own research and has not been independently verified. Agent bank fees are additional at all banks and not reflected above.

Branch / manual submissions

This information is based on publicly available information accessed on 16 Sep 2026. Information reflects Airwallex's own research and has not been independently verified. Agent bank fees are additional at all banks and not reflected above.

How long does a telegraphic transfer take?

Most telegraphic transfers from Singapore arrive within 1–5 business days.

The exact timing depends on the destination country, the currency, the number of intermediary banks in the route, and when you submit relative to your bank's daily cut-off time.

Bank holidays in either country, incorrect recipient details, and large time zone differences can all push the timeline toward the longer end.

For a full breakdown of what causes international transfer delays, see: How long does a bank transfer take in Singapore?

How secure is a telegraphic transfer?

Telegraphic transfers (TTs) are generally considered a secure way to send money internationally. 

They typically use the SWIFT network, which has security controls covering areas such as confidentiality, data integrity, system availability, governance, and change management. SWIFT also undergoes external audits against the ISAE 3000 international standard.

There are also checks at the bank level before a transfer is sent. Depending on the transaction, your bank may screen it for:

• Fraud and suspicious activity

• Anti-money laundering (AML) requirements

• Sanctions compliance

• Other regulatory requirements

These checks can sometimes delay a transfer, particularly for certain currencies, countries, or higher-value payments. However, they are an important part of the controls banks use to reduce fraud and other financial crime.

For businesses using Airwallex, transfers are processed within a regulated environment. Airwallex is licensed as a Major Payment Institution by the Monetary Authority of Singapore and follows security standards including PCI DSS, SOC 1, and SOC 2.

Business accounts can also use features such as end-to-end encryption and multi-approval workflows to add another layer of control over outgoing payments.

Why Singapore businesses use Airwallex for transfers

Instead of using TTs for every international payment, a more affordable and faster option is to use local payment rails. With Airwallex, you can send payments through local rails in 120+ countries, avoiding the SWIFT fees that typically come with traditional TTs.

Here's how it works:

• Send via local rails: 94% of our transfers go through local rails with $0 transfer fees.

• Get competitive FX rates: Exchange currencies at rates of 0.4%–0.6% above the interbank rate, saving you up to 80% on FX fees.

• Faster settlement: 93% of transfers arrive the same day, with 45% arriving immediately.

Airwallex has no monthly fees or signup fees on its free Explore plan, and you can sign up fully online.

Frequently asked questions (FAQs)

What is a telegraphic transfer in Singapore?

A telegraphic transfer (TT) is a bank-to-bank electronic payment used primarily for international money transfers. In Singapore, banks use the term TT for what most other countries call a wire transfer or SWIFT transfer. The mechanics, fees, and timelines are the same. You initiate it through your bank's online platform or at a branch, and the funds are routed through the SWIFT network to the recipient's bank.

What is the difference between a telegraphic transfer and a wire transfer?

The two terms refer to the same thing. Wire transfer is the common term in the US and Europe; telegraphic transfer is used in Singapore and across the Asia-Pacific region. Both describe an electronic, bank-to-bank international payment routed through SWIFT. You can use them interchangeably.

What information do I need to send a telegraphic transfer?

You need your own name and account details, plus the following for your recipient: full name as it appears on their bank account, bank account number, bank name and branch address, and SWIFT/BIC code. Some banks also require the purpose of the transfer and, for certain destination countries, supporting documents such as an invoice.

What do OUR, SHA, and BEN mean on a telegraphic transfer?

These are charge codes that determine who pays the intermediary and receiving bank fees. OUR means you (the sender) pay all fees, so your recipient receives the full amount. SHA (shared) means you pay your bank's fees and your recipient absorbs any intermediary and receiving bank charges. BEN means your recipient bears all fees, which are deducted from the payment amount.

How long does a telegraphic transfer take from Singapore?

Most TTs from Singapore arrive within 1–5 business days. The main factors are the destination country, the currency, and the number of intermediary banks in the route. Submitting after your bank's daily cut-off time, public holidays in either country, or incorrect recipient details can all extend the timeline.

Is a telegraphic transfer safe?

Yes. TTs are processed through the SWIFT network, which operates under strict international security standards and annual external audits. Your bank also applies its own compliance checks, including fraud screening and AML verification, before releasing any transfer. Airwallex, as a licensed Major Payment Institution regulated by MAS, applies the same compliance standards to every transaction it processes.

Sources:

1. https://www.dbs.com.sg/sme/day-to-day/accounts/dbs-business-multi-currency-account

2. https://www.dbs.com.sg/sme/dbs-forms/generic-faq.page

3. https://www.uob.com.sg/business/transact/payments/telegraphic-transfers.page

4. https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide