What does Fund Transfer mean?
Fund transfer refers to transferring of money from your registered current or savings bank account to any other account. Transferring funds to any other account also requires registration. The conventional way of transferring funds required visiting the bank branch in person for availing various services like withdrawal, deposit and so on.
The twist of Technology
With the advancement in technology, banking has gone online and so has the fund transfer process. The traditional way of fund transferring has now been replaced by different types of electronic transfers. The time taken in the fund transfer process depends on the method used, the destination country and the terms and conditions of the bank. If you want to transfer money in an account within your own country it usually happens within one business day usually, while fund transfer abroad is an entirely different process.
The four ways of fund transferring services include: money orders, bank drafts, wire transfer and internet money transfer. Fund transfer services are usually availed in situations where a cheque could take too long or where the receiver does not have a bank account.
Now you can transfer funds hassle free over the internet through National Electronic Funds Transfer system (NEFT), Real time gross settlement (RTGS) and Interbank Mobile Payment Service (IMPS).
