Cable (telegraphic) money transfer

• A method of sending and receiving payments.
• Payments are made using telegraph,cable or telephone.
• Payment is made in foreign currency.
• Money is transferred from the debtor’s (importer’s) account to the creditor’s (exporter’s) account.
• A safe and fast way of making payments.
• Money can be insured during transit.
• An expensive method of sending money because banks charge service fees.

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