Telegraphic transfer

A telegraphic transfer is a way of sending money from one person to another. It's named "telegraphic" because it used to be done by sending a message by telegraph (a type of signalling device). Nowadays, it's usually done electronically, like sending an email. Basically, you tell your bank how much you want to send and where you want it to go. Then the bank sends the money from your account to the person you are sending it to. It's a fast, easy, and secure way of sending money.