[Overseas] Telegraphic vs Draft

[PCI_Slot]

Lets say I have to transfer an amount more than 10K to overseas,

it is better if I do a Telegraphic Transfer right? In terms of cheaper fees as compared to Bank Draft.

My bank is POSB and according to the website, thats what I concluded.

Telegraphic Transfer

Demand Draft

 

[Shiny Things]

Lets say I have to transfer an amount more than 10K to overseas,

it is better if I do a Telegraphic Transfer right? In terms of cheaper fees as compared to Bank Draft.

Well, here's the thing - if they give you a demand draft, it's an actual piece of paper that you then have to send to the other end. God help you if it goes missing in transit or anything like that. If you do a telegraphic transfer (why do they still call them that? It's not like there's a dude sitting in the basement tapping out dot-dash-dot-dash-dot), the money appears in the recipient's account pretty much straight away (or when the Fedwire window opens).

Simple answer: use a TT, even if the fees are higher.

 

[PCI_Slot]

Well, here's the thing - if they give you a demand draft, it's an actual piece of paper that you then have to send to the other end. God help you if it goes missing in transit or anything like that. If you do a telegraphic transfer (why do they still call them that? It's not like there's a dude sitting in the basement tapping out dot-dash-dot-dash-dot), the money appears in the recipient's account pretty much straight away (or when the Fedwire window opens).

Simple answer: use a TT, even if the fees are higher.

Haha yes when I read "telegraphic" it reminds me of people manually plugging in and plugging out some jacks from a board, like the old telephones.

Anyways, true on what you said. But i think it's still good to know the difference in fees and see if that individual willing to take the risk.

I'll go for telegraphic transfer.

 

[iCuteCube]

Always go for Telegraphic transfer for me.

Cant answer to it if the slip of paper goes missing and it really get messy and headache. The difference might not be that huge to worth the trouble.

Conclusion: Always go for TT

 

[OnlyHuman]

Use the Telegraphic Transfer through iBanking.. it will save you all the trouble.

 

[Encik Cucuk]

TT is safe! if u hv the other party's bank account; swift code...but comms is ex.. also can use Money changer's remittance nxt day arrived! $30 for each $10K remittance.