Bank Transfer

A bank transfer is a method of electronic funds transfer that allows customers to send money directly from their bank accounts to another bank account, either within the same financial institution or across different institutions. Once initiated by the account holder, the bank processes the transfer by moving the specified amount of funds from the sender's account to the recipient's account. This can be done for various purposes such as paying bills, sending money to individuals, or conducting business transactions.

Bank transfers are known for their security and speed, particularly in the case of transfers between accounts at the same bank or through fast payment services that allow immediate fund availability. They are commonly facilitated through online banking systems, making them convenient for users to execute from anywhere with internet access. This method of payment eliminates the need for physical checks or cash handling, providing a reliable and efficient way for individuals and businesses to manage their financial transactions.