Money Transfer Services Key Terms
Learn money transfer service vocabulary for smoother transactionsThere are many options for transferring money and a variety of fees associated with those options. Businesses need to be knowledgeable about the ins and outs of sending money in order to ensure that money transfers are smooth, inexpensive, quick and free from fraud. The following terms are important when selecting the money transfer options that work best for your business.
Money transfer company
Money transfer softwareMoney transfer software allows companies and small businesses to transfer money from one account to another by using the money transfer software loaded on their computer.
Wire transferA wire transfer is simply another name for the electronic transfer of money.
Prepaid debit cardPrepaid debit cards are becoming very popular with money transfer companies. These cards work exactly like bank debit cards or check cards. Instead of picking up cash, the recipient is given a prepaid debit card with the amount of money specified by the sender placed on the card.
Transfer feesAny type of money transfer transaction has a fee attached to it. Money transfer companies vary in the fees they charge, so it's important to choose the company you use carefully.
Currency exchange rateThe currency exchange rate is the amount of money one currency is worth when exchanging it for another currency. This is also known as rate of exchange, foreign exchange rate or exchange rate.
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