How do I make a telegraphic transfer please?

summerday

My mum is able to repay her mortgage in full, a few years early.

On the redemption statement it says: 'We only accept redemption monies by telegraphic transfer'.

I was hoping to help her pay it through her online banking, does telegraphic transfer mean going into the bank to do it? I have searched her bank't website but can't find any info on it. Hopefully someone helpful here will be able to explain how she can pay it.

Many thanks.

Fruit_and_Nut_Case

Here's Wikipedia's thoughts on the matter.

Gromitt

That term is now historic, the modern day term is "Faster payment" or "CHAPS", depending on how much you are paying and from what bank. Some banks only allow upto 10K via faster payment and if you type incorrect details you may not be able to retrieve the funds.

wiseshark

Take Gromitt's advice very seriously and make certain of no mistake in account details.

I would urge you to make a £1.00 test payment beforehand, then check and pay the remainder.

The_pc_tech

Yep banks apparently now only have to take into account the sort code and account number when transferring money (that's no doubt been the case anyway but saw it in black and white the other day when my account terms were updated)

Hominu

In other words, ask the bank for written confirmation of the sort code and account number, and then go to a bank you have an account with and ask them to make a transfer to those details. It'll cost about £25, but if any mistake is made its up to them to fix it. Its not cheap but this is a one off payment of (I'm assuming) thousands of pounds.

Not worth using online banking and the possibility of a typo in my opinion (which you may have to split up into multiple payments across multiple days, depending on the amount you are paying off)