Having recently retired and with plans to travel to exotic countries, the issue of receiving the pension, social security, dividends and interest checks from different corporations presents a dilemma. The challenge is that these payments are made by checks thereby bringing a concern on how to deposit these checks for the months that I will be absent. To this problem, the bank is likely to propose a change in the method of payment from the use of a check to electronic money transfer (EFT).
Electronic money transfer (EFT) involves the use of computers and electronic technology in the transfer of money thereby replacing the need for using checks and other paper transactions (Kebede, 2013). One form of electronic money transfer is the wire transfer. To make a wire transfer, the organization seeking to do the transfer approaches the bank and gives authorization, thereby allowing transfer for a certain amount of money. The sending bank sends a message through a secure system such as SWIFT to the receiving bank and places a request that it affect payment according to the instructions provided. The message contains settlement instructions. In wire transfer, the actual movement of funds is not instantaneous, but rather the funds may take several hours and even days before actual transfer happens. The banks engaged in this transfer needs to have a reciprocal account with each other.
This method of transferring funds will be appropriate for my situation since it eliminates the need of collecting checks and later making deposits for the funds’ transfer. The method is thereby convenient and gives me an opportunity to carry on with my plans of exploring foreign lands. Other advantages of the wire transfer of money include the security of the systems used and speed in receiving the actual transfers (Melicher & Norton, 2017).
Kebede, S. Z. (2013). Electronic Funds Transfer: and the Case for Consumer Protection in Ethiopia. University of Oslo. Retrieved from: https://www.duo.uio.no/bitstream/handle/10852/39024/Simri_Thesis_with_name.pdf?sequence=1
Melicher, R. W., & Norton, E. A. (2017). Introduction to finance (16th ed.). Hoboken, NJ: John Wiley & Sons.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more