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.
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.