Money Transfer Between Bank Accounts Within One Business Day

Electronic funds transfer is basically the electronic transfer of money between one bank account and another, either in a single financial institution or among multiple financial institutions, through computer-based networks, without the actual physical intervention of concerned bank personnel. In other words, it is an electronic transaction, carried out by the recipient's banking system on behalf of the sender. The basic idea of this process is to reduce the possibility of physical money handling during a money transfer. This technique also ensures a more efficient and fast retrieval of money by the recipient's banking institution, as there is no need for physical interaction between the two entities during money transfer. These methods are generally used for non-business purposes like sending monetary transfers or remittances, online payments, donations, etc. Click on the link to get more information regarding electronic transfer of money.

For a money transfer, two factors need to be considered. The first factor is the recipient's bank account and the second factor is the transfer medium or channel selected by the sender. If the recipient's bank is known, he can simply take the money directly to his account or give it to a trusted friend or any other reliable person. However, if the known bank is not available, then the next best thing is to go through a known channel, so that the transaction does not fall into wrong hands. Money transfer agents can be called in for this purpose, who help in transferring money to the intended recipient's account.

Many people do not feel comfortable about making a money transfer from one bank account to other. This is mainly because of the fear that they may lose their money. But if you use a trusted money transfer agent, you will have no such worries. Such agents transfer money by wire from one account to another, exactly as if you were transferring it yourself. Thus, the fear is completely unnecessary. Follow this link to get more helpful tips on secure money transfer.

Online transfers, also known as internet payments, are fast becoming popular among those who wish to make online payments. However, it can be quite risky to carry large amounts of cash over the internet, especially if you are dealing with currencies. Using an intermediary, you can transfer money to someone across the world without putting your life at stake. Also, transfers involving only one currency may take much longer time than transfers involving several currencies. An alternative post for more info on the topic here: https://en.wikipedia.org/wiki/Wire_transfer.