How Is Money Transferred From One Bank Account to Another Bank Account? Explain With an Example.

In modern times we have different options to transfer the money from one bank account to another such as through Cheque, draft, internet banking etc.

A Cheque is a paper that instructs the bank to pay a specific amount from the holder’s account to the person in whose name the cheque has been issued.

In case of a Cheque, a person writes a Cheque in the name of the person in whose account the money is to be transferred. Then it is deposited by the person in his/ her bank. The bank transfers the amount to the person on whose name the cheque is drawn.

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