XPS was used to study the electronic structure of the amorphous rare earth alloy TbxCo1-x. We found that there is no significant difference in the band structure of the alloy and the core level spectra of Co and Tb between the amorphous and crystalline states. This implies that the charge transfer between Tb and Co is the same in the two states. The difference in magnetic properties for these states thus can not be explained by the different amount of charge transfer in them.