What is it?
A telegraphic transfer is an electronic Instruction to send money from one bank account to another – either within Tanzania or another country. Telegraphic transfers are usually faster and more convenient that cheque clearing.
What does it offer me?
- A convenient way of sending and receiving payments at competitive rates
- Transfer of funds can be done through Internal Money Transfer (IMT) or externally through MoneyGram
- Minimum charges apply
- Transfers can be used for various purposes, such as payment for goods and services
- Both senders and recipients do not need to have a transactional account with us (with the exception of foreign transfers, which require the sender to have a transactional account).
What do I need to apply?
Anyone wanting to send or receive funds at home or abroad through us can use the service.
No documents are needed for local transfers – but the recipient must present valid identification.
For foreign transfers, the sender must have a transactional account (current or savings account) with us and provide details of the recipient in the destination country.