The history of money transfers dates back 150 years and over that time the procedure has become largely electronic. The best advantage of this electronic system is that the transfer process gets completed in a matter of minutes. There is no dearth of institutions offering money transfer services and a bank account is not a necessity to utilize these services.
Safety is another advantage of the electronic service. The money being transferred is tracked constantly via a unique ID, which leads to efficiency and the money gets directly transferred to the person for whom it is meant.
International money transfer companies have gone online and this has increased the popularity of this service. The best way to transfer money is through banks, but money transfer companies like Western Union, Moneygram, Money Transfer are also safe. Websites that offer the service, like Paypal, are not common, but word is out that Google is also trying to enter this business.
In an electronic funds transfer the card holder makes use of a payment card. Transaction types in this case are sale, refund, withdrawal, advance, deposit, cash back, inter-account transfer, payment and inquiry. In an Email money transfer, funds are transferred between personal accounts in participating financial institutions. CertaPay, a division of Acxsys Corporation is the provider of this service. With this method, the sender opens an online banking session and has the power to choose the recipient of the money. If the recipient is a subscriber to online banking, he gets the fund deposited at no extra charge.
A giro is a term used in banking referring to a method of payment. The payer gives the giro to his bank and the fund is transferred to the payee's bank. It is a push-initiated transaction. Wire transfers are a very efficient method of money transfer between bank accounts. Another efficient system of money transfer is al-Barakat, prevalent in the Arab countries; it is an informal value transfer system.
No matter which money transfer service one uses, they all are very professional, extremely quick and quite easy to operate. If security, speed or convenience is priority, online money transfer is the best way out.