What are the differences between transfers of funds and bank transfers?

  • I am
  • confused because
  • in German
  • there
  • is

only the word Banku00fcberweisung that means “all of them.”

Is wire transfer considered still as bank transfer? Of the mentioned words is there a dominating one, that I can use most of the time when talking about modern banks and online banking.

Asked on December 26, 2021 in Meaning.
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1 Answer(s)

According to Collins… a

wire transfer is a direct payment of money from one bank account into another Bank

transfer… a payment between two bank accounts In the

long run, both wire transfer and bank transfer are defined as a transfer of money from one bank account to another. If a wire transfer originally refers to a particular form of bank transfer it remains widely used regardless of the actual means of transfer. How do you conduct a money transfer from bank to ATM? When currency is transferred between two banks the reason for this is wire transfer instead of bank transfer.

If one party removes some cash from his/her wallet and then hands it to another party then a money transfer has taken place but it is not a “bank transfer” or “wire transfer”. Those said, context might be enough to make clear that the type of “money transfer” in question is a formal or bank intermediated one but if it is important to indicate the specific nature of a money transfer then using “bank transfer” or “wire transfer” might be more appropriate.

A remittance is money that you send to someone if they have problems or something that they need fixed.

Remittance describes the money which is being transferred

An appropriation is an amount of money that a government or organization reserves for a particular purpose.

In a financial institution, “money” is money (credit/money) used for money which the government aims to transfer. Not “bank” or “wire” etc. I

don’t think that from all the other terms, although an appropriation is (eventually) money that it is not necessarily “bank” or “wire” transferred.

Answered on March 29, 2022.
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