Money Transfer

   

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Money transfer is the day to day transaction wherein money is transferred from one account to another. Money travels from one location to another during money transfer. Ofcourse, in actuality there is no tangible movement of money. Rather one account is credited and another is debited.

A transfer of ownership occurs when the money is relocated. The instruments used for money transfer includes a cheque, a pay order, demand draft, ATMs, debit cards and credit cards. Different circumstances for Money transfer are:
• Issuing loans
• Cash/cheque deposits
• Interest/income/salary deposits
• Payments for telephone bills, gas bills, electricity bills, etc
• Payments against your purchases
• Repayments against loans
• Payments for insurance premiums
• Payments for taxes

Due to the electronic age it is now possible to transfer money safely and conveniently. Electronic money transfer has even crossed the borders. You can now transfer money internationally through a simple and safe online money transfer, wire transfer, money transfer software or even through money transfer agents. Internet plays a very important role in these money transferring methods. You need to first register yourself to avail this facility. You need to fill in a form applying for the electronic money transfer facility. The form will contain the necessary details of your bank account. Your bank will then issue a user ID and a password within seven working days of receipt of your form. This will register you for the electronic money transfer facility. A certain amount is charged to you as an administration charge in case you are transferring the money to a third party.-

Benefits of money transfer:

• Money transfer is the safest method as the sender is already verified through his own account number.
• Account opening is easily available in case you do not have any.
• There is no longer a need to carry cash to/from money transfer locations. This avoids the in-transit loss of hard cash.
• Electronic money transfer has no boundaries and can work with almost any country or state.
• Money is transferred in the matter of seconds in case of electronic media.

Security is a primary concern while transferring money. Several complaints have been registered regarding financial frauds during money transfer. As criminals get smarter, it is our prime responsibility to watch our money and personal information very closely. Here are some tips for having secured money transfer:

• Never share your personal information with the third-party during money transfer.
• You may find electronic money transfer to be as simple as handing over the money in tangible form. However, you have to make sure that you make secured transactions.
• Call your recipient immediately after sending the money to make sure that it has reached to the desired person.
• In order to safeguard your money, consider using a service that provides insurance if the transfer is seized.

Remember, protecting your hard earned money is your own responsibility. Hence, in future make sure that you are protecting yourself and your personal information during money transfer.