Money Transfer Services in India

Money Transfer Services in India

   August 20, 2012       Unknown

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Online money transfer is where the old-fashioned concept of wiring money converges with the modern technology of electronic funds transfer The quickest and safest way of Money Transfer Services is via bank wire, the procedure for such a transfer is as follows:

1. The person who wishes to execute the Wire Transfer Services advises their bank of the amount of money to be paid as well as the bank details of the payee; these details will include the IBAN and BIC code. 

2. Once the sending bank has received all the relevant details and authorization they will transmit a message, via a secure system, to the receiver's bank that it effect payment as per the instructions given. 

3. Wire transfer services usually takes three business days for the funds to clear. 

Online money transfer services is the modern-day equivalent of wiring money: You can use these wire transfer services to send someone money instantaneously simply by transferring money (or the data that represents that money) from you to another person. Usually involving little more than contact information -- such as a cell phone number or an e-mail address -- for the sending and receiving parties tied to a bank account, online money transfer can be done for a small fee from a secure, Web-based service via any computer with Internet access. There's no need to go to a money wiring office, telegraph station or even a bank. The price of money transfer services will vary according to such factors as the country the money is being sent to, the amount the payment is for etc.

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What is Bank Wire Transfer

What is Bank Wire Transfer

   August 20, 2012       Unknown

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Wire transfer is a method of online money transfer from one person or institution (entity) to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office. Online money transfer systems are intended to provide more individualized transactions than bulk payment systems. Bank wire transfers are often the most expedient method for transferring funds between bank accounts.

A bank wire transfer is effected as follows:

The entity wishing to send money online approaches a bank and gives the bank the order to transfer a certain amount of money. The sending bank transmits a message, via a secure system, to the receiving bank, requesting that it effect payment according to the instructions given.

The message also includes settlement instructions. Either the banks involved must hold a reciprocal account with each other, or send money online to a bank with such an account, a correspondent bank for further benefit to the ultimate recipient.

Banks collect payment for the service from the sender as well as from the recipient. The sending bank typically collects a fee separate from the funds being transferred, while the receiving bank and intermediate banks through which the transfer travels deduct fees from the money being transferred so that the recipient receives less than what the sender sent. Each party in an online money transfer must be identified by the bank. It is hard to send money online anonymously, so it’s harder to pull off a scam with a bank wire transfer. In addition, if you send money online, payments are more certain - banks only do online money transfer if the sender has available funds, and it is difficult for the sender to pull the money back.

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