Glossary

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Term	Definition
Telex	A telex transfer is a method of electronic funds transfer that was once commonly used for international transactions. Telex transfers may also be known as telegraphic transfers, and are a type of wire transfer. Traditional Telex transfers were largely replaced when the new SWIFT system was created in 1973 to standardize these transactions and increase their speed. However, messages can still be sent and received over the old telex network, some countries still use the term "telex transfer" to refer to transfers made through SWIFT.

Term

Definition

Telex

A telex transfer is a method of electronic funds transfer that was once commonly used for international transactions. Telex transfers may also be known as telegraphic transfers, and are a type of wire transfer. Traditional Telex transfers were largely replaced when the new SWIFT system was created in 1973 to standardize these transactions and increase their speed. However, messages can still be sent and received over the old telex network, some countries still use the term "telex transfer" to refer to transfers made through SWIFT.