Remittance means that the remitter delivers the local currency to the local bank, which issues the payment authorization and sends it to the foreign branch or correspondent bank by airmail to handle the foreign exchange payment business.

Through telegraphic transfer, banks have the opportunity to use funds because it takes longer than telegraphic transfer, so the exchange rate of telegraphic transfer is lower than that of telegraphic transfer, and the difference is equivalent to Yu Xinhui's interest.

T/T: To remit 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.

T/T is a foreign exchange settlement method. In addition to the transfer of funds between units, exchange settlement can also be used for units to pay related funds to individuals in different places, such as retirement wages, medical expenses, various labor fees, remuneration, etc. , it can also be used for individuals to pay related money to units in different places, such as mail-order goods, books and periodicals, university tuition, etc.