What is a telegraph transmission?

Telegraphic transmission is a means of connecting funds from one place to another. Originally telegraphic transfers used the telegraph as a means of transferring money between origin and ending point. The process of transferring money between two parties no longer includes a telegraph, but the use of the term remains common in several countries.

Sometimes referred to as a telex transmission or simply TT, a telegraph transmission has long been a means of communication between banking institutions. In recent days, telegraphic transfer could be used to send money from an account in one bank to an account in a bank located anywhere else in the world. In general, fees were associated with the performance of the telegraphic transfer, while the sender and the recipient paid a small fee for the transaction.

Within the 20th century, people could also use a telegraph transmission to move the entire balances to one bank to another. For example, a person living in New York can have a job located in Los Angeles. Rather than downloadedThe funds from existing bank accounts and physical transport of funds across the country would set up new accounts in Los Angeles and then allow both participating banks to transfer all funds to new accounts. At this point, accounts in New York Bank would be closed.

In some cases, the expansion of national and international banking has made an outdated telegraphic transfer. However, the general concept of fast and safe transfer of funds from the bank to another remains common practice. Many businesses pay to sellers directly from the operating account to the supplier's operating account. As in the past, many banks around the world still use a secure cable network to perform these gears. The basic principle of telegraphic transmission remains functional today, only with different technologies used to perform the task.