Online Money Transfer
The olden days of money order and postal checks are really gone. In today’s world money transfers within a financial system has become much faster than the transfers that are between two different financial system.
The general term used here is transferring money electronically.
Electronic transfers are fast and worry free. Each country follows a routine money transfer system when it happens between two financial systems. Some countries does it twice a day and some does it just once based on their locale and timing. Some terms like EFT (Electronic Funds Transfer) also refers to online money Transfer.
NEFT or National Electronic Funds Transfer have different timings followed within a financial institution and a centralised timing nationally and is mostly managed by centralised banks within a country.