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What is a telegraphic transfer?

(4 Posts)
dooit Wed 27-Aug-08 15:12:37

My solicitor is going to TT some money into my bank account (either Barclays or Halifax).

Does it arrive in the account as cash or is it like a cheque that will require so many days to clear.

Is there a preferrable bank to have it sent to, (is Halifax or Barclays) that has a shorter clearance time? As I need to get my hands on it PDQ!


Fimbo Wed 27-Aug-08 15:13:28

It will be cleared funds as soon as it arrives, i.e. you can draw on it straight away.

Fimbo Wed 27-Aug-08 15:14:12

Doesn't matter which bank it gets sent to, there is no clearance time as it is already clear iyswim.

dooit Wed 27-Aug-08 21:12:37

That's excellent news. Thanks Fimbo.x

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