What is the word for transfer of funds? (2024)

What is the word for transfer of funds?

To "remit" is to send money or make a payment and what you send is called remittance.

What is another name for transferring money?

A remittance is money that is sent from one party to another. Broadly speaking, any payment of an invoice or a bill can be called a remittance.

What is a money transfer called?

Wire transfer. The term “wire transfer” is often used to refer to any electronic transfer of money from one person to another.

What is the term for moving funds?

A transfer is the movement of assets, funds, or ownership rights from one place to another. A transfer is also used to describe the process by which ownership of funds or assets is reassigned to a new owner.

What's a better word for transfer?

verb. send from one person or place to another. synonyms: channel, channelise, channelize, transmit, transport.

What is the legal term for transfer?

The passing of a thing or of property from one person to another; alienation; conveyance.

What are three 3 forms of transfer payments?

Government transfer payments include Social Security benefits, unemployment insurance benefits, and welfare payments. Taxes are considered transfer payments.

What is a fund transfer in simple terms?

A funds transfer can generally be described as a series of payment instruction messages, beginning with the originator's (sending customer's) instructions, and including a series of further instructions between the participating institutions, with the purpose of making payment to the beneficiary (receiving customer).

What is transfer spending?

Transfer payments commonly refer to efforts by local, state, and federal governments to redistribute money to those in need. In the U.S., Social Security and unemployment insurance are common types of transfer payments. Corporate bailouts and subsidies are not commonly referred to as transfer payments.

What does budgeting transfer mean?

Budget Transfers are used to transfer budgeted amounts from one fund to another, or from one account within a fund to another account.

What is an unlawful transfer?

A quick definition of unlawful deportation and transfer:

It means that someone has taken people away from their homes and moved them to another place, without their permission.

What is the word for transferring a contract?

Novation is a mechanism where one party transfers all its obligations and rights under a contract to a third party, with the consent of their original counter-party.

What is another word for transfer in real estate?

The term conveyance refers to the act of transferring property from one party to another. The term is commonly used in real estate transactions when buyers and sellers transfer ownership of land, building, or home.

What is an example of direct transfer of funds?

Understanding Direct Transfers

A wire transfer, for example, is an electronic transfer of money using a network of banks or financial companies. A wire transfer is a fast and secure way to move money since the account owner doesn't need to withdraw or physically handle the money.

Which transaction is a transfer payment?

A payment of money by the government to an individual that does not form part of an exchange but rather represents a gift without anything being received or required in return. Examples of transfer payments would include student scholarship grants, welfare checks, and social security benefits.

What is a bank transfer?

A bank transfer lets you move money from one bank account to another. It's usually instant, free and done using mobile or online banking, over the phone or in branch. Here's what you need to know.

What is the slang for wire transfer?

Typically, a telegraphic transfer is complete within two to four business days, depending on the origin and destination of the transfer, as well as any currency-exchange requirements. Telegraphic transfers are also known as telex transfers (TT), or more generically as wire transfers or electronic funds transfers.

What is a money transfer and how does it work?

A transfer is usually initiated from one bank or financial institution to another. Rather than cash, the participating institutions share information about the recipient, the bank receiving account number, and the amount transferred. The sender pays for the transaction upfront at their bank.

What is an example of a transfer income?

Examples of transfer income are old age pensions, scholarships, unemployment allowance, pocket money, etc.

What is an example of an expenditure transfer?

EXAMPLE: We are going to have a transfer from the General Fund (0001) to the Food Safety Fund (0187) for $100,000. Based on the diagram, this is going to be an Expenditure Transfer since the contributing fund is the General Fund and the receiving fund is a special fund.

What are the three main means of transferring funds through banks?

Different payment and settlement systems in India have made the task of transferring money from one bank account to another easier and faster. A large number of banks, private companies and government bodies along with others are adopting different payment and settlement methods such as NEFT, RTGS and IMPS.

Is making a transfer the same as making a payment?

Of course not. Transferring funds is transferring funds, specifically between two bank accounts. Paying a bill is paying a bill. What you CAN do is pay a credit card bill by transferring funds from your bank account to the credit card company's bank account.

What is a budget payment?

Budget billing is a service offered by some utility companies that provides a set monthly bill for services like gas or electricity.

What is a money transfer transaction?

Essentially, an electronic funds transfer is a transaction by which funds move from one institution to another or one account to another at the direction of an institution's customer and through the transmission of electronic instruction messages that cause the institutions to make the required bookkeeping entries and ...

What is the short form for bank transfer?

TRF is a common abbreviation for the term TRANSFER. It is a transfer of funds within the same bank. The term “transfer” relates to money movement. This term is frequently used when money is transferred from one account to another bank from one account to another.