Money transfer

From Wikipedia, the free encyclopedia

Money transfer generally refers to one of the following cashless modes of payment or payment systems:

  • Electronic funds transfer, an umbrella term mostly used for bank card-based payments
  • Wire transfer, an international expedited bank-to-bank funds transfer
  • Giro, also known as direct deposit
  • Money order, transfer by postal cheque, money gram or others
  • Postal order, purchased at a post office and is payable at another post office to the named recipient

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 India, Pakistan, Bangladesh and Nepal
  • Remittance, a transfer of money by a foreign worker to his or her home country
  • Currency exchange, transfer for of one currency to another

See also[edit]