With the development of technology, the money can be received on the same day to recipient by “Electronic funds transfer (EFT) or Wire Transfer money” i.e. online money transfer. It is the electronic exchange, transfer of money from one account to another account. It is one of the quickest ways to transfer money in any ones account. The charges are nominal for the transactions but fastest way to send money. The fees are charged to both the parties a person sending it and the person receiving it. Normally both are bear by the sender i.e the person who transfer the money.
A Wire transfer can be done mainly in two manners that is by bank to bank or through retail outlet (Cash offices). Mostly all the banks offer wire transfer services to their client. Normally bank charge fees on each online transfer service. The sender fees are paid additional to the amount to be sent and the receiver fees are deducted from the amount which is to be received. In Bank to Bank transfer the sender and the receiver requires the bank account in the respective bank. Both the banks must have the reciprocal accounts with each other. In case they do not have then the intermediary or correspondent banks are used to process the transaction. Online money transfer from bank to bank takes very few hours to transfer.
In retail outlet (cash office) transfers it is not mandatory that the sender and the receiver should have the accounts. But cash office takes time than bank to bank transfer. Fees of cash offices transfers are cheaper than the transfer through bank to bank. At the same time cash office transfer is more risky than bank to bank transfer. Many scams are done in cash offices transfer.
Few things should always keep in mind, while transferring the funds online through bank to bank. There should be sufficient balance in the sender account which covers the transfer money as well as processing fees of the bank. The second step is to avail the banking details of the receiver like the beneficiary name, beneficiary bank name, account number, IBAN (in case of international transaction), swift code or IFSC code, intermediary or correspondent banking details. Then fill up the form of the online money transfer. Before transferring the money, the sender is required to sign the payment or can say enter the identification number to precede the transaction.
Through retail outlet (cash office) transfers the sender is required to visit the website or office or through call any mode which is convenient to him for using online transfer service. Then the sender has to provide the cash office with the details of the recipient like the name and the payment destination. The cash office company will provide you with a code which you have to give to receiver. The receiver has to give the code along with the photo ID while receiving the money from the retail office (cash office). In case the receiver is unable to get the photo ID then in that case the company may setup the password.