The invention relates to transferring of a time of day value between network elements of a data transfer network. It has been surprisingly detected that the phase reference signals available to various network elements can be utilized in the synchronization of time of day values between these network elements. In the solution according to the invention, a first network element sends to a second network element a difference variable (401, 402, 403) that indicates how much the timing phase of the time of day value maintained in the first network element differs from the timing phase of the phase reference signal available to the first network element. In the second network element that receives the message, an estimate of the time of day value is formed (404, 405) based on the difference variable and the timing phase of the phase reference signal available to the second network element.
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