Money transfer explained

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
• Giro (banking), also known as direct deposit
• Money order, transfer by postal cheque, money gram or others
• Postal order, purchased at a post office and is payable at another post office to the named recipient
• Wire transfer, an international expedited bank-to-bank funds transfer

Cash-based wire transfer systems

• al-Barakat, an informal money transfer system originating in the Arab world
• Currency exchange, transfer for of one currency to another
• Hawala (also known as hundi), an informal system primarily used to send money
• Remittance, a transfer of money by a foreign worker to his or her home country

See also

• Cash carrier
• Foreign exchange company
• Money transmitter
• Transfer payment