Money Transfer
MONEY TRANSFER
Money transfer generally refers to one of the cashless modes of payment or payment systems which includes
Electronic funds transfer
Wire transfer which is an international expedited bank-to-bank funds transfer
Direct deposit also is known as Giro
Money order, transfer by postal cheque, money gram or others.
Wire transfer which is an international expedited bank-to-bank funds transfer
Direct deposit also is known as Giro
Money order, transfer by postal cheque, money gram or others.
Let us have a brief overview of the above terms:-
Electronic Fund Transfer:-
Electronic funds transfer popularly known as EFT are an electronic transfer of money from one bank account to another taking place either within a single financial institution or across multiple institutions through computer-based systems, without the direct intervention of bank staff.
What is a Wire Transfer?
A wire transfer is an electronic transfer of money. In a traditional wire transfer, the fund goes from one bank or credit union to another using a network such as SWIFT or Fedwire. But the term wire transfer has other types of transfers in its purview.
Giro transfer is a payment transfer method from one bank account to another bank account and initiated by the payer, not the payee.
A money order is a payment order for an amount of money which is pre-defined. As it is required that the funds be prepaid for the amount shown on it, it is a more trusted method of payment than a check.