Money Transfering From Banks
Nowadays internet banking and telephone banking cause the things to remain on the back. With the advancement of technology, everyone can easily make payouts and money transfers from wherever they are sitting. If you enter your information correctly, your money will be taken into account in a short time or in the account you wish to deposit. How is it possible to do these transactions via EFT and remittance?
What is EFT?
Under the name of electronic fund transfer, EFT transaction enables you to exchange money between institutions and individuals via internet. You can also do EFT transactions from the bank, but the transactions you make over the internet are easier and effortless. In this phase, there are four elements: the sender, the bank, the buyer’s bank and the buyer. As soon as you enter this information, your money is processed and the approval process begins by the bank. First, the amount you have invested and the adequacy of your account are checked.
Money transfer transactions are generally known as inter-account money transfer transactions. You cannot transfer money to a different bank as it is at EFT. Money transfers can be done by letter, computer. In order for the transfer process to take place, approval of the account holder is required and the transaction begins as soon as it reaches the bank. The transfer amount differs according to the bank. As with EFT, this process is not very easy, and the information requested from you is more and more time consuming.