Wire transfers refer to the transfer of money from a particular bank account at the same or another bank. They provide a viable way to Send Money to Bangladesh. This is done nowadays usually by booking in the accounts of the banks involved.
The account holder’s bank issues the order to credit of a recipient account a certain amount of money. The corresponding record that is transmitted contains name and account number of the sender, bank code of the bank responsible, account number of the recipient, bank code of the beneficiary bank and the amount.
The Central Bank shall communicate this information via a data medium exchange method to the recipient clearing banks.
The banks involved in the transfer update using the transmitted records the account information of their customers on the one hand and their deposits with the central bank on the other hand. For example, if the total assets of the customers of a bank (the bank’s balance sheet on the liabilities side) decreases due to the adjustment of transfer data at the same time also decreases the balance at the central bank (the bank’s balance sheet on the asset side).
At the same time the customer account data will be updated in a similar manner in which this can take through electronic banking. This update will at some banks work in real time with other banks made only at night, making the duration of the transfer process in the perception of the customer, extended.
A transfer between two accounts held with the same bank runs differently and often much faster. Here, the information is not only transmitted to the central bank, but merely transferred between internal accounts. Neither the assets of the bank at the central bank nor the total balance of all customer accounts changed by such an internal transfer. For many banks, this is also displayed in real time when you plan to Send Money to Bangladesh.
For timely payment of the debtor, it is not enough to have submitted the proof of payment within the specified time (eg, within the discount period) at his bank.
Guide to Electronic Funds Transfer (EFT)
Electronic Funds Transfer (EFT) refers to financial transactions conducted electronically. ETF is also the name given to the very values of electron transfer between accounts, or internally in the same institution and between different institutions.
The communication of electronic transactions between servers and card operators are made through X.25 lines. But there are gateways that use the internet through the VPN to communicate with customers through X.25 lines.
Work is underway to change these communications to MPLS or IP, given that the X.25 technology is already quite outdated and is not showing reliable due to obsolescence of equipment and lack of trained personnel to maintain stable lines. The main tools used for electronic transactions currently use IP communication between clients and gateways between X.25 gateways and card operators.
