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Fund Transfer

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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 The traditional way of fund transferring has now been replaced by different types of electronic transfers.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).

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3 COMMENTS

  1. It was a twist in fact! Is less stressful to make a transfer now because all you have to do is to go your computer, connect the internet, open the bank page and that’s it. No more lines or crowded banks just in the comfort of your home. And the best part is, you can do it on your pajamas.

  2. As mentioned in the article, the traditional way of fund transfer, i.e. through banks, standing in lines waiting for your turn is phasing out. In today’s busy world online transfer of funds is a huge blessing. One just have to be computer literate and in a secure zone. Fund transfer nationally and internationally through different ways is faster than waiting for a cheque to clear.

  3. Transfer of funds at the comfort of home is the new trend in banking. The long distance travelling, with even longer ques is a thing of the past. The article is informative about the types of banking involved. All this type of banking makes more availability of time and energy .

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