explain work of a TT
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Funds sent between institutions are transferred through the Federal Reserve System for U.S. domestic transfers and the Society for Worldwide Interbank Financial Telecommunication (SWIFT) for international transfers. While the term can refer to both U.S. domestic and international transfers, it is most commonly associated with transfers through SWIFT. The use of these systems provides a level of security to the transaction as well as a set of standards and regulations to control how the transfers take place.
The cost associated with a telegraphic transfer can also be affected by these variables. Additional factors affecting the cost can include but are not limited to the amount being transferred and the institution chosen to complete the transaction.
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