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Cable Transfer

>> Sunday, September 27, 2009

The cable transfer or telegraphic transfer is the quickest method of making international payments. A cable transfer is a telegraphic order sent by a bank to its correspondent bank abroad to pay the specified amount to certain person from its deposit account. For example, a Pakistani importer who wants to make payment abroad can arrange for a cable transfer from his bank in Pakistan. The importer has to bear expeses of the telegraph in addition to the specified amount. The bank uses secret system of code for making international payments.

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