The present study examines the three dimensions of the transactional distance theory of Moore and their correlation with student satisfaction, through a quantitative survey with data collected from 115 postgraduate students of the Hellenic Open University (H.O.U). The results indicate that students perceived low levels of teacher-student transactional distance and slightly higher, but still low, levels of student-student and student-content transactional distance. Moreover, they seem to be satisfied by their distant learning studies. Male students perceived lower levels of teacher-student and student-content transactional distance than female ones, while students with previous experience in distance learning perceived lower levels of student-student transactional distance than those without such experience. Statistically significant correlations exist between the three dimensions of transactional distance and satisfaction, with the strongest, negative correlation, observed between satisfaction and student-content transactional distance. Finally, statistically significant and, moderate to low, positive correlations were observed between the three types of transactional distance, indicating their interlinkages.