27/06/2013
Money transfer generally refers to one of the following cashless modes of payment or payment systems:
Wire transfer, an international expedited bank-to-bank funds transfer
Electronic funds transfer, an umbrella term mostly used for bank card-based payments
Email Money Transfer, an online banking transfer between Canadian banks
Giro, also known as direct deposit
Money order, transfer by postal cheque, Money Gram or others
Paypal, transfer by email on Paypal.
It can also refer to the following cash-based wire transfer systems:
al-Barakat, an informal money transfer system originating in the Arab world
Hawala (also known as hundi), an informal system primarily used to send money to and from the Middle East, North Africa, the Horn of Africa, and South Asia
Remittance, transfer of money by a foreign worker to his or her home country
