What is the Difference between Bank, Telegraphic, Electronic and Wire Transfer
Today, several methods are available all over the world in terms of money transfer. Some methods offer money transfer from account to account within the national banks, while some offer international money transfer via one bank to another or one firm to another. Bank, Telegraphic, Electronic and Wire Transfer are the names of such money transfer methods. To understand the differences between these methods, here is some discussion about them.
Bank transfer
Bank transfer is a method of money transfer, but at local level or within a short range. This method offers the money transfer just from one account to another within the branches of same bank.
Telegraphic Transfer
TT or Telegraphic Transfer is the way of money transfer via electronic means especially overseas or within the countries. In this method, a cable message has been sent from one bank to another and sender is the person, who bears the charges of sending money in this case.
Electronic Transfer
A computer-based system of money transfer from one bank to another within no time is called electronic transfer. You can say that EFT or Electronic funds transfer is way of money transfer by electronic means.
Wire Transfer
Wire transfer is a very reliable and widely using way of money transfer from account of one bank to account of another bank. In fact, it is a form of electronic fund transfer and used for transferring bulk amounts.
Bank vs Telegraphic vs Electronic vs Wire Transfer
No doubt, Bank, Telegraphic, Electronic and Wire Transfer are methods of money transfer, but have some differences between them. Wire transfer is the method of money transfer within two same or even different bank in contrast to bank transfer that means account to account transfer within the branches of same bank. Telegraphic transfer is the way of sending money by using cable messages, while electronic transfer is broader term that use internet banking to transfer the money within distant places.
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