Money transfer
Encyclopedia
Money transfer generally refers to one of the following cashless modes of payment or payment system
s:
It can also refer to the following cash-based wire transfer
systems:
Payment system
A payment system is a system used for transferring money. What makes it a "system" is that it employs cash-substitutes; traditional payment systems are negotiable instruments such as drafts and documentary credits such as letter of credits. With the advent of computers and electronic...
s:
- Wire transferWire transferWire transfer or credit transfer is a method of electronic funds transfer from one person or institution to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office...
, an international expedited bank-to-bank funds transfer - Electronic funds transferElectronic funds transferElectronic funds transfer is the electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems....
, an umbrella term mostly used for bank card-based payments - Email Money TransferEmail Money TransferInterac e-Transfer is a funds transfer service between personal and business accounts at participating Canadian financial institutions...
, an online banking transfer between Canadian banks - GiroGiroA Giro or giro transfer is a payment transfer from one bank account to another bank account and instigated by the payer, not the payee...
, also known as direct deposit - Money orderMoney orderA money order is a payment order for a pre-specified amount of money. Because it is required that the funds be prepaid for the amount shown on it, it is a more trusted method of payment than a cheque.-History of money orders:...
, transfer by postal cheque, Money Gram or others - PaypalPayPalPayPal is an American-based global e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders....
, transfer by email on Paypal.
It can also refer to the following cash-based wire transfer
Wire transfer
Wire transfer or credit transfer is a method of electronic funds transfer from one person or institution to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office...
systems:
- al-BarakatAl-Barakatal-Barakat or al-Barakaat , which means "Blessings" in Arabic, is a group of companies established in Somalia in 1986. Al-Barakat has involved itself in the modern form of hawala, an informal value transfer system, and the remittance trade. By 2001, it was operating in 40 countries and was the...
, an informal money transfer system originating in the Arab world - HawalaHawalaHawala is an informal value transfer system based on the performance and honor of a huge network of money brokers, which are primarily located in the Middle East, North Africa, the Horn of Africa, and South Asia...
(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