A telegraphic transfer (TT) is an electronic bank-to-bank payment moved between financial institutions on the sender’s instruction. In the UK the term is used two ways: for an international wire routed over the SWIFT network, and — by solicitors handling a property purchase — for a same-day domestic CHAPS payment. Both move funds electronically; the speed and the real cost differ.
That double meaning is where most confusion starts. If your conveyancer asks for “the balance by telegraphic transfer” on a UK completion, they mean CHAPS. If you are paying for a home overseas, the “TT” is an international payment in a foreign currency — and there the exchange rate, not the wire fee, is where your money is won or lost. This guide separates the two clearly.
What is a telegraphic transfer?
A telegraphic transfer is an electronic transfer of funds from one bank account to another, sent as a payment instruction between banks. The name is a relic: in the telegraph era banks wired payment instructions down the wire, and the phrase stuck long after the technology changed. Today no telegraph is involved — a TT is simply an electronic bank transfer.
Because the term predates modern payment systems, banks and solicitors now use it loosely for two different journeys. One is a domestic sterling payment inside the UK, cleared the same working day through CHAPS. The other is a cross-border payment in foreign currency, carried between banks over the SWIFT messaging network. Knowing which one you are being asked for tells you how long it will take and what it will actually cost.
Is a telegraphic transfer the same as CHAPS or SWIFT?
Not exactly — “telegraphic transfer” is the umbrella term, while CHAPS and SWIFT are the specific systems that carry it. CHAPS is a same-day sterling payment scheme operated by the Bank of England for high-value and time-critical payments within the UK. SWIFT is not a payment system at all: it is a secure messaging network that carries the payment instructions between banks in different countries, so the money itself still travels through the banks and any intermediary banks in the chain.
So a UK completion “TT” is a CHAPS payment, and an overseas “TT” is a SWIFT payment. The table below sets the two apart, alongside Faster Payments, the free instant rail most UK banks use for smaller sterling transfers.
| Feature | Domestic TT (CHAPS) | International TT (SWIFT) | Faster Payments |
|---|---|---|---|
| What it is for | High-value sterling payments inside the UK | Cross-border payments in foreign currency | Everyday sterling transfers |
| Currency | Sterling (GBP) | Foreign currency | Sterling (GBP) |
| Typical speed | Same working day (before the bank’s cut-off) | One to four working days | Seconds to a few hours |
| Upper limit | No scheme maximum | Set by your bank or broker | Per-transaction cap; banks may set it lower |
| Main cost | A flat sending fee | The exchange-rate margin, plus a flat fee | Usually free |
| Common use | Property completion, deposits | Overseas property, tuition, supplier payments | Bills, wages, funding an account |
Why does my solicitor ask for a telegraphic transfer?
On a UK property purchase, your solicitor needs cleared, irrevocable funds to reach the seller’s solicitor on the day of completion, with certainty over the exact time. CHAPS is built for precisely that: it settles the same working day, has no scheme upper limit, and cannot be recalled once sent, which is why conveyancers rely on it for completions and large deposits.
The Bank of England, which operates CHAPS, notes that it is commonly used for time-sensitive, high-value payments such as buying a house. When a solicitor asks for a “TT” or “CHAPS” for the balance, they are asking for a same-day sterling payment — not an international one. You will usually pay your bank a flat CHAPS fee for it, and you generally need to send it before the bank’s daily cut-off for the funds to arrive that day.
Buying abroad is a different exercise entirely: there the “TT” is an international payment, and the timing risk shifts from the same-day deadline to the exchange rate between exchanging contracts and completion. Our guide on what happens when an overseas completion is delayed covers how to hold a rate when the date slips.
How long does a telegraphic transfer take?
A domestic TT sent by CHAPS arrives the same working day, provided it is submitted before your bank’s cut-off time — often early to mid-afternoon. That guaranteed same-day settlement is the reason it is used for completions, where the money has to be in place at a set moment. For time-critical sterling payments, our same-day transfer guide explains what has to line up.
An international TT over SWIFT typically takes one to four working days. The variation comes from the number of banks in the chain: a payment may pass through one or more intermediary (correspondent) banks before it reaches the beneficiary, and each can add a short delay. Weekends, public holidays in either country, and compliance checks can extend it. If a payment stalls, our guide on why an international transfer is delayed or on hold sets out the usual causes.
How much does a telegraphic transfer cost?
A TT has two costs, and they are very different in size. The first is the sending fee — a flat charge, often in the region of tens of pounds, that your bank levies for a CHAPS or international wire. The second, on any payment that involves a currency conversion, is the exchange-rate margin: the gap between the mid-market rate and the rate you are actually given. On a large transfer, the margin is where almost all of the cost sits, and the flat fee is close to a rounding error beside it.
On an international TT there can also be intermediary bank charges deducted in transit, depending on how the fee option is set. Who pays those is governed by the OUR, BEN or SHA charge code on the payment — our guide on who pays the fees on an international transfer explains the difference. For the full picture on what banks deduct, see international transfer fees explained. A specialist broker offers competitive rates compared with high-street banks, which is why the margin — not the wire fee — is the number worth focusing on.
Worked example: where the real cost of a telegraphic transfer sits
Take a buyer sending £400,000 for a property in Spain by international telegraphic transfer. At an illustrative rate of 1.1700, that converts to €468,000. If the rate slips to an illustrative 1.1500 before they fix it, the same £400k buys €460,000 — €8,000 less for exactly the same sterling.
Now set the flat sending fee beside that: a wire fee of around £30 is trivial next to an €8,000 swing driven by a two-cent move in the rate. That is the point buyers most often miss — they compare TT fees between providers while the exchange rate, quietly, decides the real figure. You can see how a given rate translates into your currency with our currency converter, and track the pair on our GBP to EUR page.
Common mistakes when sending a telegraphic transfer
- Confusing the two meanings. Treating a UK completion “TT” as an international payment — or vice versa — can send funds down the wrong rail and miss a deadline.
- Comparing wire fees, not rates. On a large conversion the exchange-rate margin dwarfs the flat fee; focusing on the fee alone misreads the cost.
- Missing the CHAPS cut-off. A same-day TT sent after the bank’s cut-off lands the next working day, which can jeopardise a completion.
- Getting the beneficiary details wrong. An international TT is hard to recall once sent, so the IBAN, name and BIC must be verified first. Our guide on verifying an international bank account covers the checks.
- Leaving the rate to chance. Not fixing a rate on a dated payment such as a completion exposes the full amount to market movement in the meantime.
How a specialist currency broker handles a telegraphic transfer
For an international TT that involves a currency conversion, a specialist broker sits between you and the payment. Cambridge Currencies is a UK specialist currency broker that arranges large cross-border payments for expats, property buyers, businesses and private clients, with each transfer completed by phone with a dedicated specialist rather than through an app.
The practical benefit on a TT is twofold. The compliance and beneficiary checks are handled up front, so a large payment is far less likely to be held up in transit — the settlement certainty that matters most on a completion date. And client funds are safeguarded by FCA-authorised partners Currencycloud and ScioPay, held at a credit institution; you can read how that works on our safeguarding funds page. When you are ready to fund a payment, our guide on how to pay a currency broker from your UK bank explains the domestic leg. For property payments specifically, see sending money overseas for property and, for a common corridor, sending money to Spain from the UK.
Frequently asked questions about telegraphic transfers
Is a telegraphic transfer the same as a wire transfer?
In everyday use, yes. “Telegraphic transfer,” “wire transfer” and “TT” all describe an electronic bank-to-bank payment. “Wire transfer” is the more common term in the United States, while “telegraphic transfer” is used more in the UK and Commonwealth countries. The underlying payment — domestic via CHAPS or international via SWIFT — is what determines the speed and cost.
Can a telegraphic transfer be cancelled or reversed?
Once sent and processed, a TT is very difficult to reverse. A CHAPS payment is irrevocable once it settles, and an international SWIFT payment can usually only be recalled with the cooperation of the receiving bank, which is not guaranteed. This is why the beneficiary details must be checked carefully before you send, rather than relying on being able to claw the money back.
Do I need a telegraphic transfer to buy a property abroad?
An overseas property payment is almost always made by international TT, because the funds have to cross a border and convert into the local currency. The key decision is not whether to use a TT but how you handle the currency conversion — the exchange rate applied to a six-figure sum has a far larger effect on the outcome than the sending fee.
How much money can you send by telegraphic transfer?
CHAPS has no scheme maximum, so domestic TTs can run into the millions, subject to your bank’s own controls. International TT limits are set by the bank or broker handling the payment. Large amounts may prompt source-of-funds and anti-money-laundering checks, which are a routine part of moving significant sums and are best cleared in advance.
What details are needed to send a telegraphic transfer?
For a domestic CHAPS payment you need the recipient’s name, sort code and account number. For an international TT you generally need the beneficiary’s name, their IBAN or account number, and the bank’s BIC (SWIFT) code, plus the bank’s name and country. Getting these exactly right matters, because an international payment is hard to recover once it has left.
Is SWIFT or Faster Payments better for a telegraphic transfer?
They serve different purposes. Faster Payments is a free, near-instant sterling rail for domestic transfers, but it has a per-transaction cap and cannot send foreign currency abroad. SWIFT carries cross-border payments in foreign currency. For a large sterling payment inside the UK that needs same-day certainty, CHAPS is the usual choice; for money going overseas, an international TT over SWIFT is used.
Sending a telegraphic transfer abroad?
If your telegraphic transfer involves converting sterling into a foreign currency — for a property purchase, tuition or a supplier payment — the exchange rate deserves as much attention as the transfer itself. Speak to a Cambridge Currencies specialist for a quote on your international payment, and arrange the transfer by phone with someone who handles the compliance so your funds are not held up.
