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transfers (mail, wire, cable)

(banking) Transfers are the remittance of money by a bank to be paid to a party in another town or city. If the instruction to pay such funds is transmitted by regular mail, the term “mail transfer” is used. Wire transfer is used to designate a transfer of funds from one point to another by wire or telegraph. Cable transfer is used to designate a transfer of funds to a city or town located outside the United States by cable. Commissions or fees are charged for all typed of transfers. When transfers are made by wire or cable, the cost of transmitting the instructions to pay by wire or cable is charged to the remitter in addition to the commission.

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