c
 
 

 

 
c
 
 

This is the transfer of money involving a non-cash form of money. This form of money transfer
has the following modes of payments:

 

 

This transfer is electronic and it is done from one individual or institution to another the
method is considered more secure as each and every account holder must have a proven
identity


  
 

It relies mostly on computer-based systems and can be done within an institution or by

different institutions.

   

 

This is mostly based in Canada and involves both individual and institutional accounts .it is
common in Canadian financial institutions.


 

This is done from a bank account to another bank account and the transfer comes from the
person who is paying transferring money to the payees.

 
  .

This involves international transfer companies like Western union, Moneygram etc. they are
the most commonly used money transfer methods.

  

 

This is the type of money transfer which involves mobile phones,it was started by safaricom a
company in Kenya and which is part of Vodacom of the United Kingdom and it is rising to
popularity with many people acquiring mobile phones.

 

 
   


 

i.V This form of the transfer is fast compared to the distance that is covered, other
alternatives like cheques takes a longer time compared to this.
 ii.V The transfer is more flexible and one can easily move money from one bank to another
or even from one country to another without following long procedures.
iii.V This transfer is more secure considering there is no money in cash-form, it just needs
use of passwords and security checks that only the involved parties are well informed.
iv.V This mode of money transfer promotes foreign currency exchange as the sender sends
in their own domestic currencies which is later converted in to the other currency
depending on the rate of currency exchange.
v.V Some international money transfer systems eg giro transfer do not require the
immediate assent of the receiver unlike email transfer where both the sender and the
receiver must intervene.

D 

 
   


 

I.V ue to changes in currency rates of exchange the transferred amount might end up
being less than the intended amount as it reaches its destination because of high
rates of exchange between the two currencies.

 

 
   


 

For one to send or receive money by international money transfer the following information is
required:

I.V 0fficial identifications of both the sender and the receiver.This is to verify whether
the sender and receiver are disclosing their real identities and to avoid loss of
money.
II.V The bank account of the receiver, the banks swift code, address, bank account
number. This is to ensure that the money goes to the intended re ceivers account.
III.V The time at which the money is sent is also essential and is required and the time it
is withdrawn is also recorded.

  

From the above illustrations we have seen the various forms of international money transfer
and their merits and demerits.