Money Transfer

Money transfer generally refers to one of the following cashless modes of payment or payment systems:

• Wire transfer, an international expedited bank-to-bank funds transfer
• Electronic funds transfer, an umbrella term mostly used for bank card-based payments
• Email Money Transfer, an online banking transfer between Canadian banks
• Giro, also known as direct deposit
• Money order, transfer by postal cheque, Money Gram or others
• Paypal, transfer by email on Paypal.

It can also refer to the following cash-based wire transfer systems:

• al-Barakat, an informal money transfer system originating in the Arab world
• Hawala (also known as hundi), an informal system primarily used to send money to and from the Middle East, North Africa, the Horn of Africa, and South Asia
• Remittance, transfer of money by a foreign worker to his or her home country