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 online payments, 'fund transfer' is a crucial component of e-commerce transactions, allowing customers to pay for goods and services electronically. An e-commerce specialist might explain, 'We ensure that fund transfers through our website are quick and secure, enhancing customer satisfaction.'

Practice Scenarios

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?

Tech

Scenario:

Our priority is to make financial transactions seamless and secure for users using our app.

Response:

That's a crucial feature. We should ensure robust security measures during fund-transfers in our app.