Money Transfer
Money transfer generally refers to one of the following cashless modes of payment or payment systems: Wire transfer, an international expedited bank-to-bank funds transfer Electronic funds transfer, an umbrella term mostly used for bank card-based payments Email Money Transfer, an online banking transfer between Canadian banks Giro, also known as direct deposit Money order, transfer by postal cheque, Money Gram or others Paypal, transfer by email on Paypal.
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online Funds Transfer to your own accounts or to other accounts in the bank or to accounts with other Banks. Other banks branches can be located. No hassle of handling cash. Do the Funds Transfer at the convenience of your living room, your corner cabin or while you are travelling.
It can also refer to the following cash-based wire transfer systems: al-Barakat, an informal money transfer system originating in the Arab world Hawala (also known as hundi), an informal system primarily used to send money to and from the Middle East, North Africa, the Horn of Africa, and South Asia Remittance, transfer of money by a foreign worker to his or her home country LCC Money Transfer Moneygram Western Union Transfer Money 4U Xendpay.
- National Electronic Funds Transfer (NEFT)
National Electronic Funds Transfer (NEFT) NEFT is electronic funds transfer system, which facilitates transfer of funds to other bank accounts across the country. This is a simple, secure, safe, fastest and cost effective way to transfer funds especially for Retail remittances.
- Real Time Gross Settlement (RTGS)
The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time.'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
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