Sourcing glossary
T/T (Telegraphic Transfer)
Also known as: TT, Telegraphic Transfer, wire transfer, bank transfer
An international bank wire, usually sent over SWIFT, and the most common way importers pay Chinese suppliers for production orders.
In China sourcing, "T/T" almost always means paying the supplier's company bank account by international wire, most often in US dollars. It is usually split into a deposit when the order is placed (commonly 30%) and a balance before shipment or against shipping documents.
A T/T has no built-in buyer protection: once the money arrives it is hard to recall. Your protection comes from paying only an account in the contracted company's name, confirming any change of bank details by phone, and tying the balance to a passed inspection. See how to pay Chinese suppliers.
Related terms
Guides that use this term
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Part of Incoterms & Payment.