Telex

Telex, originally known as "teleprinter exchange," refers to a network used for sending text-based messages through dedicated telecommunication lines. In the context of financial transactions, a telex transfer (sometimes referred to as a telegraphic transfer) is an electronic method of transferring funds. Historically, this was a popular way to send money internationally before the advent of more modern technologies.

Telex transfers involved sending a message from one bank to another, instructing the transfer of funds. The message, transmitted over the telex network, contained details such as the amount of money to be transferred and the recipient's account information. This system was secure and reliable, but relatively slow by today's standards, often taking several days to process a transfer.

The introduction of the SWIFT system in 1973 marked a significant evolution. SWIFT (Society for Worldwide Interbank Financial Telecommunication) standardized the process of financial messaging, making international transfers faster, more secure, and more efficient. While SWIFT replaced the traditional telex system for most financial institutions, the term "telex transfer" still persists in some regions and is sometimes used interchangeably with "wire transfer" or "SWIFT transfer."

Despite the decline in their use for financial transactions, telex machines can still send and receive messages over some portions of the old telex network, mainly for specific types of communication where immediate confirmation is crucial, such as in shipping and some legal contexts.