(1) T/T is to send money by telegram. T/T is a remittance method in which the remitter deposits a certain amount of money in the remitting bank, and the remitting bank sends it by telegram or telex to the destination branch or correspondent bank (remitting bank), instructing the remitting bank to pay a certain amount to the payee.

(2) Cash refers to foreign currency bills remitted or brought from abroad and transferred to personal bank accounts.

Cash refers to free transactions in the international financial market, also known as "free foreign exchange". Foreign exchange widely used in international settlement and payment and freely convertible into other countries' currencies. In countries that issue these currencies, foreign exchange control and control are loose, and some even basically cancel foreign exchange control, while others have strict foreign exchange control, so their currencies cannot be freely converted into internationally used foreign currencies.

2, wire transfer operation

When telegraphic transfer, the remitter should fill in the remittance application form, and indicate the telegraphic transfer method in the application form. At the same time, the remittance and the required expenses will be remitted to obtain a wire transfer receipt. After receiving the remittance application, the remittance bank should carefully examine the application and contact the remitter in time if there are any mistakes.

When handling telegraphic transfer, the remitting bank sends remittance instructions to the remitting bank by telegram or telex according to the contents of the remittance application. The contents of the message mainly include: remittance amount and currency, payee's name, address or account number, remitter's name, address, postscript, position allocation method, remitter's name or SWIFT system address, etc. In order for the remitting bank to confirm that the contents of the message are indeed sent by the remitting bank, the remitting bank should add the mutually agreed Testkey before the text.

After receiving the telegram or telex, the remitting bank should check whether the password is consistent. If it is not, it should immediately draw up a telegram to inquire with the remitting bank. If so, a wire transfer notice will be prepared immediately to inform the payee to withdraw money. The payee draws money from the remittance bank with the notice in duplicate. After the payee signs for it, the remittance bank pays the remittance accordingly. In practice, if the payee has an account in the remittance bank, the remittance bank often does not prepare remittance notice, but only receives the money into the payee's account by telegram, and then gives the payee a receipt notice, and the payee does not need to sign the receipt. Finally, the remittance bank sends the debit notice to the remittance bank.

The telegraphic transfer expenses in telegraphic transfer shall be borne by the remitter, and banks generally handle telegraphic transfer business on the same day, which does not occupy the remittance funds in the postal process. Therefore, telegraphic transfer is often used for large remittance or remittance through SWIFT or inter-bank transfer.

3. According to Article 8 of the Agreement of the International Monetary Fund, as a general obligation of member countries, a country's currency must meet three conditions before it can become a cash exchange:

(1) There are no restrictions on the current account (trade and non-trade payments) and capital transfer in the domestic balance of payments.

(2) Do not adopt discriminatory monetary measures or multi-currency exchange rates.

(3) At the request of another member state, it is obliged to buy back the remaining domestic currency in the current account of the other party at any time.

A freely convertible currency is widely used in international exchange settlement, freely traded in the international financial market, and freely convertible into the currencies of other countries. In international trade, the import and export trade settled in these freely convertible currencies is called spot trade.