There are various methods to
transfer money overseas.
Money transfer overseas is that process in which money can be transferred from one location to another. Various companies are offering this type of services to a large number of customers.
The majority of common people do not have any idea about how to transfer money overseas, however, the process is fast, reliable, as well as convenient to manage. By these methods, money can be sent or received in any part of the world without any harassment. In today's world, the Internet is playing a significant role in the area of overseas money transfer. The use of Internet as a medium for overseas money transfer is safe, fast and affordable in comparison to other traditional money transfer methods.
To transfer money from overseas, the following methods are usually implemented:
Electronics Funds Transfer (EFT)
This is an umbrella term and is applicable for payments based on debit cards or credit cards. In this case, the financial transactions are performed electronically with the help of computerized systems.
The transactions, which are held under this method, include the following:
- Administrative
- Sale
- Withdrawal
- Refund
- Cashback
- Payment
- Inter-account transfer
- Deposit
- Inquiry
Wire Transfer
It is a global and speedy process to transfer funds between banks. It can be either performed by a bank account transfer or a cash transfer from a cash office. Methods used include Western Union Money Transfer, country-to-country wire transfers and wire transfers within the United States.
Giro
This is also termed as direct deposit. It is a payment method used by banks, which has the contrasting features of a check. The electronic bill payment methods have similar characteristics to Giro. If a payee receives a check, he puts the check in his own bank account, on the other hand, a Giro is submitted by the payer to his own bank and the funds are transferred into the payee's bank account directly. Post offices implement the Giro quite frequently.
Email Money Transfer
The banks in Canada use this process for online funds transfer. Financial institutions in Canada utilize the Interac Email Money Transfer system or EMT for funds transfer purposes for personal accounts. This service is only available in Canada. CertaPay provides this facility, which is a business segment of Acxsys Corporation.