In plain English
This means sending money straight from one bank account to a different bank account. The payment is made through a bank or the banking system, which moves the money between the accounts.
In context
Here, it names the option to make the payment by sending money directly from one bank account to another through the banking system.
- Situation
- Sending transfers, receiving payouts, withdrawing funds, and reading wallet balances
- What it communicates
- Labels a transfer method option.
Meaning limits
The term itself does not identify which accounts are involved or when the payment will happen.
Examples
“The invoice was paid by bank transfer rather than by cheque.”
“The landlord asked for a bank transfer for the first month's rent.”