on 11-29-2007 10:52 AM
hi all,
please let me know what is wire transfer?
thanks
venu
Hi Venu
In US, EFT/wires are called ACH or ABA. This means Automated Clearing House. This is a network of Federal agencies and or Banks/FIs who use the Clearing house for clearing the Direct deposit payments among themselves. Even the recipient uses the information for updating his books (receivables).
S Jayaram
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Hi Venu
Wire transfer is synonymous with Electronic fund transfer. But wire transfers are fast and convenient and funds transferred within a day whereas EFT takes 2-3 days. In US, if funds to be transferred are within US, then it is generally called Wire, otherwise EFT
S Jayaram
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It is the movement of money through a bank that is not a check or cash.
So some form of automatic payment, it could be a BACS or CHAPS in the UK for example.
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