Advantages of Transfer Money From One Account to Another

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Get To Know About Advantages of Transfer Money From One Account to Another?

Transfer of money is basically the act by which an individual transfers money or funds from one bank account to another. You can either do it via Internet, or can telephone the bank and provide them with all necessary details for the transfer. Necessary details would include name and account details of the recipient and also number and address of the bank to which the money is being transferred.

You also need to clearly mention the amount and the date on which you want the money to be in the receiver's account. All details provided should be in writing to avoid any kind of errors and ambiguity. After the transaction is complete, always make sure to ask the bank to send a confirmation via e-mail or fax.
Now, money transfer facilities have greatly solved problems of exchange of money across borders. Someone in USA can easily send money to someone staying in India . Let's elucidate further on the benefits or advantages of money transfer:

  1. Fast- The swiftness or speed of money transfer is its key feature. Unlike cheques, which can take more than a week to get processed, transfer money can be instantly initiated and one can receive the money within a day or two. The speed in transaction helps you in better management of your finances and also to pay off pending bills on time. This will help you to avoid making payments of late fees, for you receive money much faster as compared to older means of money transfer.

  2. Safety- Safety is the second most important feature of money transfer. Sending money via cheques can always be risky. A cheque can easily get stolen or lost while on its journey from your mailbox to the receiver of funds. If the cheque gets lost, then you end up paying charges for late payment and no matter how much you try, you cannot make your creditor understand that it was not your fault but the cheque got lost on the way.

If the cheque gets stolen, then thugs can anytime get information about your account number and steal all your money. So, using money transfer save you from all these monetary hazards and provides you with immediate confirmation that the money has been transferred successfully.

  1. Flexibility- The flexibility factor is paramount in cases of money transfer. You can open several account in your name and use them to move money from one account to another at will. This will enable you to transfer money around for making purchases even when holidaying abroad.

Thus, money transfer is really easy.

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Advantages of Transfer Money From One Account to Another

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