International money transfer
This is the transfer of money involving a non-cash form of money. This form of money transferhas the following modes of payments:
This transfer is electronic and it is done from one individual or institution to another themethod is considered more secure as each and every account holder must have a provenidentity
Electronic funds transfer
It relies mostly on computer-based systems and can be done within an institution or bydifferent institutions.
Email money transfer
This is mostly based in Canada and involves both individual and institutional accounts .it iscommon in Canadian financial institutions.
This is done from a bank account to another bank account and the transfer comes from theperson who is paying transferring money to the payees.
Transfer by Companies
.This involves international transfer companies like Western union, Moneygram etc. they arethe most commonly used money transfer methods.
Mobile money transfer
This is the type of money transfer which involves mobile phones,it was started by safaricom acompany in Kenya and which is part of Vodacom of the United Kingdom and it is rising topopularity with many people acquiring mobile phones.
Advantages of international money transfer
This form of the transfer is fast compared to the distance that is covered, otheralternatives like cheques takes a longer time compared to this.