Telegraphic Transfer

A Telegraphic Transfer (often referred to as a 'TT Fee') is a bank payment that is received on the same day that is paid in, commonly used for conveyancing transactions. This is usually through the CHAPS system and conveyancers will use this method of payment to transfer the funds directly to the account of the solicitor’s client on the date of completion.

Solicitors will usually repay a current mortgage through Telegraphic Transfer to the specified bank account of the mortgage lenders in the completion stage of the conveyancing procedure.