Money Transfer

The term “money transfer” generally refers to some cash-free methods of payment or payment systems that include

Electronic transfer of funds

Wire transfer is an international express bank-to-bank funds transfer

Direct deposit can also be called Giro

Transfer via post-paid cheque, money gram, or other.

Let’s have a quick review of the terms above. The following terms are:

Electronic Fund Transfer:-

Electronic funds transfer commonly referred to as EFT, is the electronic transfer of funds from one bank account to the next that Who can carry out within an individual banking institution or between several institutions using computer-based systems with no direct involvement of bank personnel.

What is a Wire Transfer?

Wire transfers are electronic transfers of funds. In a typical wire transfer, the money moves from one financial institution or credit union via networks like SWIFT and Fedwire. The term “wire transfer” includes other kinds of transfers within its scope.

A Giro transfer transfers money from one bank account into another account initiated by the payee and not by the beneficiary.

The term “money order” refers to a type of payment arrangement for a specific amount of money. Since it is mandatory to pay by the amount specified on the document, it is an additional secure payment method than checks.