Distinguish between the following: Telegraphic Transfer and Mail Transfer.

Telegraphic Transfer (TT) A TT is a transfer of money by telegram or cable or telex or fax from one center to another in a foreign currency. It is a method used by banks with their own codes and correspondent relations with banks and abroad for transmission of funds. It involves payment of funds on the same day, it is the quickest means of transmission of funds. As there is no loss of interest or capital risk in this mode, it enjoys the best rate for the value of receipts. Mail Transfer (MT) It is an order to pay cash to a third party sent by mail by a bank to its correspondent or branch abroad. It is issued in duplicate, one to the party buying it and the other to the correspondent bank. The amount is paid by the correspondent bank to the third party mentioned therein in the transferee country by its own cheque or by crediting the party's account. As the payment is made after the mail advice is received at the other end, which will take a few days, the rate charged to the purchaser is cheaper to the extent of the interest gain to the seller bank.