What is TT rate in forex?

TT (Telegraphic Transfer) buying rate indicates the rate at which bank convert foreign inward remittances to INR. TT Selling rate indicates the rate at which the bank sends an outward remittance through telegraphic transfer.

What is TT Clean rate?

TT clean rate: This rate is applicable for purchase of FC under TTs or any other clean instrument where no interest or profit factor is involved i.e. DD, MT against which fund has already been covered/paid by the issuing bank and received by the paying bank.

What is TT rate and bill rate?

TT selling rate applicable to all outward transaction in which any foreign currency purchased by paying domestic currency. Bills Buying Rate/Bills Selling Rate. Bills are export import proceeds. Bills buying rate is nothing but inward remittances, bill selling rate nothing but outward remittances.

How is TT selling rate calculated?

The TT selling rate is calculated on the basis of interbank selling rate. The rate to the customer is calculated by adding exchange margin to the interbank rate.

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What is TT selling rate of SBI?

For USD (Date: dd/mm/yyyy)CurrencyBuy Rate(Rs)GBP90.07CAD57.53USD63.15

What is the difference between TT and OD?

Notes : Telegraphic Transfer (“TT”) rates and On Demand (“OD”) are rates available involving foreign exchange. The TT rate is applicable to funds that has already been cleared with the Bank while the OD rate is applied otherwise.

What is cash buying rate?

Most trades are to or from the local currency. The buying rate is the rate at which money dealers will buy foreign currency, and the selling rate is the rate at which they will sell that currency. … Different rates may also be quoted for cash, a documentary transaction or for electronic transfers.

What is difference between TT buying rate and selling rate?

TC selling rate is the rate at which banks sell Travellers cheques and receives INR. … TT (Telegraphic Transfer) buying rate indicates the rate at which bank convert foreign inward remittances to INR. TT Selling rate indicates the rate at which the bank sends an outward remittance through telegraphic transfer.

What is TT margin?

Margin is the amount of money you need set aside for open positions and working orders. Margin is calculated at the Product level and appears as a column in the Position window. One of two methods of margining exist in X_TRADER 7.8. If you log into X_TRADER using TT User Setup 7.2.

What is a TT?

A telegraphic transfer is an electronic method of transferring funds utilized primarily for overseas wire transactions. Telegraphic transfers are used most commonly in reference to Clearing House Automated Payment System (CHAPS) transfers in the U.K. banking system.

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Which bank gives best forex rates?

Banks giving the best money exchange rates to India

  1. ICICI – Money2India. ICICI Bank offers the Money2India facility for transferring money to more than 100 banks in India from USA. …
  2. SBI Express Remit. …
  3. HDFC Bank – Quick Remit. …
  4. Axis Remit. …
  5. Click2Remit. …
  6. BarodaRemitXpress. …
  7. IndRemit. …
  8. IndusFastRemit.

What is the meaning of DD and TT?

Meaning: The way of transferring money from one place to another within the country is known as Inland Remittance. In Banking Channel, money can be transferred from one place to another in the following ways: Demand Draft (DD) Telegraphic Transfer (TT)

How is telegraphic transfer done?

Telegraphic transfers work as follows: The sender (“the remitter”) instructs his or her bank to send funds overseas to someone (“the beneficiary”). This can be done at a branch or by internet banking. The remitting bank sends the funds to a bank it deals with in the destination country (“the correspondent bank”).

Can I exchange dollar in SBI?

With the foreign currency in hand visit your bank where you hold an account. For example, if you are an SBI bank account holder, you can exchange foreign currency in SBI. Ask for the exchange rate of the foreign currency with respect to the rupee and the service fee quoted by your bank.

What is card rate in SBI?

Interest Rate Charged on SBI Credit CardsCredit CardMonthly RateAnnual RateFor all unsecured SBI credit cards3.35% per month40.2% per annumFor all secured SBI credit cards2.25% per month30% per annum

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What is card rate in banking?

Card rates are subject to change, based on market volatility. The final rate applicable will be the card rate prevailing at the time of debit/credit to customer account. Card rate will be applicable for all customer forex transactions at branches. 3. Card rates are for foreign currency conversion to INR.

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