Understanding Money Transfer
Electronic funds transfer is the internet-based electronic transfer of money between one account holder and another, either in one financial institution or across many financial institutions, through computer-based networks, without the actual intervention of bank personnel. A lot of money transfer happens every day. You can arrange for this money transfer online through your financial institution, bank, and/or a money transfer service provider such as PayPal, Xoom, MoneyGram, wire transfer etc.
Different funds transfer methods include credit card transfers, prepaid visa and master card, electronic money transfer, telephone based transfers, direct debit, withdrawal cash by checks, deposit transfers made by cheques, transfer money over the internet using a credit card, transfer money within the same system (such as from a savings account or from an international ATM network), use of an Internet fax and direct deposit into your account from your employer, etc. Money transfer takes place at the time when the money is credited or debited, in a fixed period of time or immediately when the funds are transferred. Visit this website to find more details related to this article.
There are various reasons for transferring money: to make a gift of your loved ones who are living far away, to pay bills of family members who are abroad, to pay rent of a house which you do not live in, buying a new computer system or other household equipment, to transfer money to your employees abroad or for any other business reason. Most of the transfers that take place usually use the most popular transfer services like e-check, e-money or Internet bank transfer. This facility can be enjoyed only if you have an online banking account. However, sometimes the most secure way of transferring money is phone based transfer, where funds are transferred securely over the phone line from one financial institution to another. To understand this subject matter clearly, click here to read more now.
The fees for direct transfers are often higher than the fees for money transfers made over the phone or through the internet. Some of these transfers may be automatically charged. Money transfer companies may charge an extra fee for facilitating transfers to Canada. Some companies may allow a certain amount of funds to be withdrawn from your account within certain limits after a specific amount of time. Money transfer may be either simple or complex process depending on the type of funds that you are transferring and the bank that is facilitating the transaction. Check out this related post to get more enlightened on the topic: https://en.wikipedia.org/wiki/Electronic_funds_transfer.
