Money transfer broadly refers to a cashless method of payment and can be used to denote specific payment systems such as – • Electronic money or funds transfer, a broad term to denote bank based cash payments • Giro, a direct deposit • Money order, which is sending money through postal cheques • Wire transfer, an international mode of bank to bank money transfer Transferring money can be done in many ways these days. Since the Internet money transfer to another individual’s account can be done online as easily as it can be done…
