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How does money roll….? The modes of payment that are cashless are money transfer. The money is a rolling diamond in the market. The transfer can happen through wires or cable less. The transfer takes place between two individuals, two organizations (banks) or multiple entities. The same piece of paper is circulated through the market. The governing finance bodies are known to keep record of the circulation of money. The international money transfer does need some bodies to function globally. Going global, the world caters to different types of money transfers. Ways to get money rolling or international money transfer ways…… The different ways to get money rolling are: Wire transfer: A credit transfer internationally following bank-bank policy more often. It is an alternate to the bulk payment modes. Varieties of options are available with different wire systems and operators. The quick availability of funds can be availed through systems like Real time gross settlement. The systems like CHIPS provide net settlement periodically. Electronic funds transfer: The computer application help money transfer electronically between individuals or banks. There are certain terms designed to carry out the process: • The payment card method • The direct deposit payroll payment method •The electronic chips •The online banking offers electronic bill payment •The stored electronic money •The wire transfer •Electronic Benefit transfer E-mail money transfer: Used in Canada, it is fund transfer service between personal and business prospects. Giro transfer: The payee favorable money transfer from one bank to another instigated by the payer. PayPal: An alternate to traditional modes of payment, it is an American e-commerce online electronic fund transfer system. In order to have an account with PayPal, the prerequisites that need to be taken care of are: •A PayPal account •Balance in the PayPal account •PayPal credit account, PayPal extras, PayPal Smart Connect or Bill me later •Bank account verification •Other funding sources such as non-PayPal credit cards Money order: Pre-specified amount of money through payment order is money order. The most trusted method as the funds are paid in advance. Another side to rolling money or money transfer…… Al-Barakat: “Blessings,” is what it means in Arabic. A group of companies adopting modern way of “Hawala”. It is an informal way of money transfer. It is operational in more than 40 countries and is largest private employer of the country. Hawala: The informal way to send money to and from post office exchange rates Middle East, North Africa, The horn of Africa and South Asia. It is considered to be an alternate to remittance system. Remittance: The foreign worker can now transfer money to one’s home country: Thank you Remittance. It is the world’s second largest money flow to developing nations thus increasing the international money transfer policy and international financial status.
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money transfer, international money transfer, post office exchange rates,
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