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What is the difference between a TT and a SWIFT payment?

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cmgu | 00:11 Sat 03rd Mar 2012 | How it Works
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What is the difference between a foreign ccy TT and a SWIFT MT103, MT202
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TT transfers use the older (telex) method of passing account details between banks.

The SWIFT system sends an 'MT103' message between the sender's bank and that of the recipient, backed up by an 'MT202' message between the banks' agents (to handle currency exchange rates), as per the diagrams here:
http://www.swift.com/...forcoverpayments.page

Chris
00:27 Sat 03rd Mar 2012

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