Money Transfer And Remittance

Money Transfer

Money transfer generally refers to one of the following cashless modes of payment or payment systems:

• Electronic funds transfer, an umbrella term mostly used for bank card-based payments
• Wire transfer, an international expedited bank-to-bank funds transfer
• Giro, also known as direct deposit
• Money order, transfer by postal cheque, money gram or others

Remittance

A remittance is a transfer of money by a foreign worker to an individual in his or her home country. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries.