What is tfr in banking?
1 answer(s)
Right, in banking, TFR stands for Telegraphic Transfer.
It's essentially an electronic method of sending money abroad. You might know it better as a 'wire transfer' or a 'SWIFT transfer'. The name is a bit old-fashioned, a throwback to when transfer messages were sent by telex.
Nowadays, it’s all done securely through the SWIFT network. So, when you ask your bank to send funds to an account in another country, you are instructing them to perform a Telegraphic Transfer. It’s a very common and reliable method for most international payments.