fund-transfer

Vocabulary Word

Definition

The term 'fund-transfer' is a bit like moving money between different bank accounts. It's also used when transferring money to someone else's account—you're just sending money from your account to theirs.

Examples in Different Contexts

In banking, 'fund transfer' refers to the electronic movement of money from one account to another. A bank manager might say, 'Our online banking platform facilitates secure fund transfers between accounts, both domestically and internationally.'

Practice Scenarios

Accounting

Scenario:

It's an end of a financial year; we need to tally revenues and expenses accurately to balance our books.

Response:

We also need to perform fund-transfers across our accounts to ensure a balanced end-year report.

Banking

Scenario:

Mr. Peterson, would you like to split your deposit between your checking and savings accounts?

Response:

Sure, could you please initiate a fund-transfer of half the amount to my savings account?