Fund transfer: Between NIP and NEFT

By Elizabeth Adegbesan

THERE are different types of funds transfer services and it is important for bank customers to understand the differences and implications.

Fund transfer is when you send money to person or persons from your bank account using a transfer channel. You can transfer funds to people living within and outside the country using various transfer channels.

Types of Fund Transfer

Manual funds transfer: This is performed in the banking hall. The sender visit the bank of the receiver,  fill out a fund transfer form which specifies the account number of the receiver and the amount to be  transferred.

Electronic funds transfer: Electronic funds transfer is the transfer of money from your bank account to another bank account through computer-based systems. Such transfer can take place within your bank or across multiple banks. These include Nigeria…