Bank Money Transfer

   

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Bank money transfer is the insubstantial transfer of cash from one bank to another. Money is an essential element of our day-to-day life. Individuals deposit or withdraw money from banks at their own convenience. Banks also participate in the enhancing savings for their account holders.

Banks are major organizations that are responsible for huge amount of money transfer across the world. However, nowadays many private financial institutions are equally participating in the money transfer programe. There are numerous money transfer options provided by banks for quick and convenient transfer to your family. These are offline and online methods of sending money.
Offline bank transfer method:
The offline methods are the conventional methods of bank money transfer. These conventional methods include money transfer through Cheque, Demand Draft, Pay Order, Speed transfer etc. The person is first required to open an account with the respective banks to avail this facility. With the increased number of branches, banking transactions can be done for your nearest location.

Cheque/Demand Draft/Pay Order: These are the traditional instruments used during bank money transfer. You can deposit, withdraw and even make payments to the desired person and location with the help of these instruments. There has always been a risk of in-transit loss while carrying an undersigned cheque/DD/pay order if it is not crossed. However, these drawbacks have been succeeded by some other bank money transfer methods.

Speed transfer: Speed bank money transfer can be done by giving instructions to the bank to directly credit your account or issue a demand draft within 24 hours. This facility carries a minimum transfer fee and is very useful for opening a fixed deposit in your bank.

Online bank transfer method:
This method appeared as a solution to the problems of traditional bank money transfer methods. Online money transfer method offers you the convenience of transferring money electronically from any location. Through online banking you can transfer the amount to your recipient within minutes. You have to register with them online and input details of the transaction you would like to make. Once you have registered and have approved, you are allowed to make an online bank money transfer to the person you wish to, with low transfer fees.

Benefits of bank money transfer:

• All the transactions made to banks are proved to be secured.
• You do not have to go anywhere personally to make payments. Bank money transfer arranges for the same and takes care that the money reaches at the receiving end.
• The money can even be transferred to overseas account with the help of bank money transfer.
• Bank money transfer method is easily approachable where cash or credit cards are not accepted.
• Banks provide you with not just one but multiple options of transferring money to your desired location.

Demerits of bank money transfer:

• Bank money transfer facility is not available during weekends and public holidays. This restricts an individual from using bank services during an emergency.
• Individuals fear of thefts and robberies in banks due to poor security. The loss of money cannot be recovered in most of these cases.