Question

How is money transferred from one bank account to another bank account explain with an example

Answer 1

Solution:

The money transfer from one bank account to another bank account is quite easy due to the advancement of the modern technology.

There are several ways through which money can be transferred.

These include IMPS, NEFT, RTGS, direct transfer and so on.

All these are the online forms of money transfer.

Answer 2

Money transfer from one bank account to another bank account :

If a person has to make a payment to his or her friend and writes a cheque for a specific amount, this means that the person instructs his bank to pay this amount to his friend. His friend takes this cheque and deposits it in his account in the bank. This said amount is transferred from one bank account to another bank account

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