We study bipartite entangled states in arbitrary dimensions and obtain different bounds for the entanglement measures in terms of teleportation fidelity. We find that there is a simple relation between negativity and teleportation fidelity for pure states, but for mixed states, an upper bound is obtained for negativity in terms of teleportation fidelity using convex-roof extension negativity. However, with this, it is not clear how to distinguish between states useful for teleportation and positive partial transpose (PPT) entangled states. Further, there exists a strong conjecture in the literature that all PPT entangled states, in 3 ⊗ 3 systems, have Schmidt rank two. This motivates us to develop measures capable of identifying states useful for teleportation and dependent on the Schmidt number. We thus establish various relations between teleportation fidelity and entanglement measures depending upon Schmidt rank of the states. These relations and bounds help us to determine the amount of entanglement required for teleportation, which we call the "Entanglement of Teleportation." These bounds are used to determine the teleportation fidelity as well as the entanglement required for teleportation of states modeled by a two-qutrit mixed system, as well as two-qubit open quantum systems. © 2013 Springer Science+Business Media New York.