Gone are those days when hand-to-hand transaction was the only means of money transfer. You can’t be at every place in person to give or receive money. The problem becomes acute when you need money transfer between two distant places, say two countries. With the passage of time, the demand for both inter-state and inter-country money transfer has hit a new high. So, a better alternative to Transfer Money has been innovated to provide people with greater facilities in this regard. The more interesting fact is cash is not used for this mode of payment.
Modern day money transfer is the best possible way to ensure safety for the transferred money. The big business wigs do such transaction almost day in and day out and that too in greater measure. So, they need more safety for this purpose. Even the ordinary people who need such transfer once in a blue moon or on monthly basis prioritize the safety factor for the chunks they are transferring. Here are some most common types of money transfer:
Wire transfer – It refers to bank-to-bank money transfer. In this process, transaction happens between two recognized banks located in different countries. If you want transfer Money2India from another country, this option will serve your purpose.
Email money transfer – It is extensively used by the Canadian bank. The name suggests that emails are used for account transferring.
Electronic funds transfer – This term refers to cashless based payments. One good example of such money transfer is use of cards for purchase of grocery products. Generally, the credit card bank companies do transactions through this way.