What is an Online Transfer?

What is an Online Transfer?

It is a payment process that happens through internet. There is no physical card activities of cheque or draft etc. Only you need a virtual account and its credentials. It is also known as electronic transfer system. The common terminologies of online transfers are EFT that is Electronic Fund Transfer and TT that is Telegraphic Transfer. Also, the latest fool proof technology for electronic fund transfer is called block chain method. In block chain, one transaction is registered in multiple locations together that include sender, receiver, senders banker, receivers banker, intermediary banker, agency system etc.

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What is an Online Transfer?