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Money Transfer (other)
Money transfer generally refers to one of the following cashless modes of payment or payment systems: *Electronic funds transfer, an umbrella term mostly used for bank card-based payments *Giro (banking), also known as direct deposit *Money order, transfer by postal cheque, money gram or others *Postal order, purchased at a post office and is payable at another post office to the named recipient * Wire transfer, an international expedited bank-to-bank funds transfer Cash-based wire transfer systems * al-Barakat, an informal money transfer system originating in the Arab world * Currency exchange, transfer for of one currency to another * Hawala (also known as hundi), an informal system primarily used to send money *Remittance A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes ..., a tran ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment System
A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, payment instruments such as payment cards, people, rules, procedures, standards, and technologies that make its exchange possible.Biago Bossone and Massimo Cirasino, "The Oversight of the Payment Systems: A Framework for the Development and Governance of Payment Systems in Emerging Economies"The World Bank, July 2001, p.7 A payment system is an operational network which links bank accounts and provides for monetary exchange using bank deposits. Some payment systems also include credit mechanisms, which are essentially a different aspect of payment. Payment systems are used in lieu of tendering cash in domestic and international transactions. This consists of a major service provided by banks and other financial institutions. Traditional payment systems include negotiable instruments such as drafts (e.g., cheques) and documentary credi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electronic Funds Transfer
Electronic funds transfer (EFT) is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems. The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit and credit accounting entries necessary to complete the transaction. An electronic funds transfer starts when the sending customer send an electronic instruction with the purpose of making payment to the beneficiary or the receiving customer. Process According to the United States Electronic Fund Transfer Act of 1978 it is "a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account". EFT transactions are known by a number of names across countries a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Giro (banking)
A giro transfer, often shortened to giro (), is a payment transfer between Transaction account, current bank accounts and initiated by the payer, not the payee. The debit card has a similar model. Giros are primarily used in Europe; although electronic payment systems exist in the United States (e.g., the Automated Clearing House), it is not possible to perform third-party transfers with them. In the European Union, the Single Euro Payments Area (SEPA) allows electronic giro or debit card payments in euros to be executed to any euro bank account in the area. Name The word "giro" is borrowed from Dutch language, Dutch and/or German language, German , which are both from the Italian language, Italian meaning "circulation of money". The Italian term comes via the Latin meaning "gyre" from the Greek meaning "circle". History and concept Giro systems originated in Ptolemaic Egypt in the 4th century BCE, where state granary deposits functioned as an early banking system with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Order
A money order is a directive to pay a pre-specified amount of money from prepaid funds, making it a more trusted method of payment than a cheque. History Systems similar to modern money orders can be traced back centuries. Paper documents known as "flying cash" were used in China from the 800s, while the Hawala practice of informal financial remittances through a widespread system of brokers can be traced to India in the 1300s and remains common in parts of Asia and Africa. The modern western money order system was established by a private firm in Great Britain in 1762, though due to high costs was not very successful. Around 1836 it was sold to another private firm which lowered the fees, significantly increasing the popularity and usage of the system. The Post Office (United Kingdom), Post Office noted the success and profitability, and it took over the system in 1838. Fees were further reduced and usage increased further, making the money order system reasonably profitable. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Postal Order
A postal order or postal note is a type of money order usually intended for sending money through the mail. It is purchased at a post office and is payable to the named recipient at another post office. A fee for the service, known as poundage, is paid by the purchaser. In the United States, this is known as a postal money order. Postal orders are not legal tender, but a type of promissory note, similar to a cheque. History file:Irl 9shillingPO.png, Republic of Ireland, Irish 9 Shilling#Irish shillings, shilling postal order uprated with additional Postage stamp, stamp used in 1969. Used postal orders are seldom seen because most were destroyed when they were redeemed or cashed at the Minister for Posts and Telegraphs, post office or List of Irish companies#Banks.2FFinancial Institutions, bank In the Postal orders of the United Kingdom, United Kingdom, the first postal orders went on sale on 1 January 1881. It is a direct descendant of the money order, which had been establis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wire Transfer
Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash office. Different wire transfer systems and operators provide a variety of options relative to the immediacy and finality of settlement and the cost, value, and volume of transactions. Central bank wire transfer systems, such as the Federal Reserves Fedwire system in the United States, are more likely to be real-time gross settlement (RTGS) systems, as they provide the quickest availability of funds. This is because RTGS systems, such as Fedwire, post each transaction individually and immediately to the electronic accounts of participating banks maintained by the central bank. Other systems, such as the Clearing House Interbank Payments System (CHIPS), provide net settlement on a periodic basis. More immediate settlement systems te ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Al-Barakat
Al-Barakat, or Al-Barakaat (), which means "Blessings" in Arabic, is a group of companies established in 1987 in Somalia. The firm is involved in the modern form of '' hawala'', an informal value transfer system and remittance method. By 2001, Al-Barakat had outlets in 40 countries, and was the country's largest private employer. It handled about $140 million USD a year from the Somali diaspora, and also offered phone and internet services. After the 9/11 attacks in United States, the US government listed Al-Barakat as a terrorist entity, seized its assets, and detained several people associated with the company. The firm's shut down placed an enormous strain on Somalia's economy, as a majority of residents were dependent on remittances sent by relatives based abroad. In 2006, the US and UN officially removed Al-Barakat from their blacklists, finding that there was no evidence of the company's involvement in funding of any terrorist activities. In 2014, a ceremony was held t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency Exchange
A bureau de change (plural bureaux de change, both ; British English) or currency exchange (American English) is a business where people can exchange one currency for another. Nomenclature Originally French, the term () is widely used throughout Europe and French-speaking Canada, where it is common to find a sign saying "exchange" or "change". Since the adoption of the euro, many exchange offices have started incorporating its logotype prominently on their signage. In the United States and English-speaking Canada the business is described as "currency exchange" and sometimes "money exchange", sometimes with various additions such as "foreign", "desk", "office", "counter", "service", etc.; for example, "foreign currency exchange office". Location A bureau de change is often located at a bank, at a travel agent, airport, main railway station, large supermarket branches, and anywhere else where there is likely to be a market for people needing to convert currency. They are p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hawala
Hawala or hewala ( , meaning ''transfer'' or sometimes ''trust''), originating in India as havala (), also known as in Persian, and or in Somali, is a popular and informal value transfer system based on the performance and honour of a huge network of money brokers (known as ''hawaladars''). They operate outside of, or parallel to, traditional banking, financial channels and remittance systems. The system requires a minimum of two hawaladars that take care of the "transaction" without the movement of cash or telegraphic transfer. While hawaladars are spread throughout the world, they are primarily located in the Middle East, North Africa, the Horn of Africa and the Indian subcontinent. Hawala follows Islamic traditions, but its use is not limited to Muslims. Origins The hawala system originated in India. In 2003 Hawala as a legal concept was documented, finding evidence of Hawala reaching back to 1327, in a publication by Matthias Schramm and Markus Taube, with the titl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Remittance
A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Remittance is more than three times as large as the total global foreign aid. In 2021, $780 billion was sent to 800 million people, while foreign aid totalled $200 billion. Most remittance flows from high-income countries to lower-income countries. Workers' remittances are a significant part of international capital flows, especially with regard to labor-exporting countries. A substantial share of remittance ends up in the hands of banks and money-transfer companies due to fees imposed on money transfers. Governments can play a vital role in enabling migrants to support their families more effectively by implementing measures that help reduce transa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash Carrier
Cash carriers were used in shops and department stores to carry customers' payments from the sales assistant to the cashier and to carry the change and receipt back again. The benefits of a "centralised" cash system were that it could be more closely supervised by management, there was less opportunity for pilfering (as change would be counted both by the cashier and by the sales assistant), and it freed up the assistant to attend to the customer and perhaps make further or better sales. Cash balls The earliest type was a two-piece hollow wooden ball which ran along sloping rails, carrying cash and sales docket or receipt. One set of rails sloped down from sales desk to cash office and another set sloped in the opposite direction. This was known as a cash railway. William Stickney Lamson of Lowell, Massachusetts patented this system in 1881. His invention soon attracted the interest of other shopkeepers, and in 1882 along with Meldon Stephen Giles, the Lamson Cash Carrier Compan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Exchange Company
A non-bank foreign exchange company also known as foreign exchange broker or simply forex broker is a company that offers currency exchange and international payments to private individuals and companies. The term is typically used for currency exchange companies that offer physical delivery rather than speculative trading. i.e. there is a physical delivery of currency to a bank account. Foreign exchange companies are normally distinct from money transfer companies or remittance companies and bureaux de change as they typically perform high-value transfers unlike their money transfer counterparts that focus on high-volume low-value transfers generally by economic migrants back to their home country or to provide cash for travelers. The transactions offered by foreign exchange companies are usually either spot transactions or forward transactions. Some foreign exchange companies, such as Moneycorp and Global Reach, offer foreign exchange options for business clients too. Given ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
