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Money Trasfers

 

                  

 International Transfers

     
ForeignDemandDraft:  

These are instruments are issued by a bank against is correspondent bank that is where it maintains an account and is guaranteed by the bank for payment. Drafts can be issued in 8 currencies ( GBP, Euro, Yen, USD, Rand, INR, JPY, AED).

     
SWIFT:  

ABC Bank is part of the swift society, for worldwide, inter bank, financial telecommunication. The service is represented in 208 countries and with over 8,300 financial institutions and global companies as members. This means that the Bank is able to securely transfer funds all over the world using the SWIFT channel. This mode of money transfer is especially suitable for world wide money transfer for corporates, high priority transactions amongst others.

     
Western Union:  

ABC Bank has partnered with Western Union® a global leader in money transfer services, to offer the ability to send money to more than 320,000 Western Union Agent locations in over 200 countries and territories. Western Union offers money transfer, bill payments, purchase money orders and other prepaid services. has also served on the Aga Khan Planning Board and has vast understanding of the Ugandan market.

     
   

 Local transfers

     
RTGS:  

Real Time Gross Settlement; a funds transfer mechanism where transfer of money takes place from one bank to another on a "real time" and on "gross" basis. Settlement in "real time" means the payment transaction is not subjected to any waiting period. Gross settlement means the transaction is settled on one to one basis without batch processing with any other transaction.

     
EFT:  

Electronic Funds Transfer; Electronic Funds Transfer (EFT) is a system of transferring money from one bank account directly to another through the local clearing house. It is used for both credit transfers, such as payroll payments, and for debit transfers, such as mortgage payments and takes about 24 hours to reach the recipient.

     
Direct Debit:  

Instruction to collect funds from another bank account for the receiving client. Ideal for insurance companies and organisations that receive regular payments from customers.

     
Bankers Cheque:  

They are cheques issued by the Bank against funds received by the Bank and pose no risk to the recipient as funds are guaranteed to be available to cover the transaction.