INTERNET BANKING PROJECT INTERVIEW QUESTION: How funds are transfered?

radhika743 · 01-11-07, 11:01 AM

INTERNET BANKING PROJECT INTERVIEW QUESTION:

Q.) How funds are transferred from one Account to Another account?

Please give me an example to explain this question in the Interviews.

Please help me.

**sk_kireeti** · 01-11-07, 08:41 PM

Funds transfer from account to another account may be complex in real time and I don't think I have a complete picture about the whole process. But here is my basic understanding on the account transfer process.

1. Simple case -

Transacting money with in same currency zones. Most simplest of all. Just check if it satisfies the conditions like min. balance, has money to transfer or not and also check it it is possible to transfer money between those two accounts (like both accounts have internet txns enabled and the account types are same and so on).

2 complex case -
Between different currency zones. In this case, even conversion charges has to be collected from the debtor account (sender) and the amount should be credited in destination accounts (credit account) currency. Another thing to remember is, even the sender sends money in destination accounts country currency. that is, If I have to send money from India to UK, I have to specify the number of pounds I have to transfer to my friends account in UK. Again, conditions like min balance, available balance to transfer and so on come into picture.

3. complex case -
Transferring money across currencies and account types... this case could be like transfering money to a loan account in US from my Indian account.

4. Txn with in same currency zone, between account types... this is another case.

Thanks,
Krishna

**sk_kireeti** · 01-11-07, 08:41 PM

currency zones can also be termed as security groups, zones... as per your project design.

**sk_kireeti** · 05-11-07, 12:02 AM

Radhika,

Go through this site. You will get lot of information on electronic fund transfer... especially check the links around the page (don't miss the links at bottom).

What is an Electronic Funds Transfer?

Thanks,
Krishna

radhika743 · 05-11-07, 09:28 AM

Krishna Thanks for sending me wonderful websites on INTERNET BANKING FUNDS TRANSFER.

You have always been a good online friend for me .

Best Regards.
Radhika..

01-11-07, 11:01 AM	#1 (permalink)
radhika743 Senior Member Join Date: Aug 2006 Age: 28 Posts: 275 Thanks: 0 Thanked 5 Times in 5 Posts Thanks: 0 Thanked 5 Times in 5 Posts Rep Power: 5	INTERNET BANKING PROJECT INTERVIEW QUESTION: How funds are transfered? INTERNET BANKING PROJECT INTERVIEW QUESTION: Q.) How funds are transferred from one Account to Another account? Please give me an example to explain this question in the Interviews. Please help me.

01-11-07, 08:41 PM	#2 (permalink)
sk_kireeti Super Moderator Join Date: Feb 2006 Location: Hyderabad Posts: 2,355 Thanks: 117 Thanked 241 Times in 198 Posts Thanks: 117 Thanked 241 Times in 198 Posts Blog Entries: 4 Rep Power: 51	Re: INTERNET BANKING PROJECT INTERVIEW QUESTION Funds transfer from account to another account may be complex in real time and I don't think I have a complete picture about the whole process. But here is my basic understanding on the account transfer process. 1. Simple case - Transacting money with in same currency zones. Most simplest of all. Just check if it satisfies the conditions like min. balance, has money to transfer or not and also check it it is possible to transfer money between those two accounts (like both accounts have internet txns enabled and the account types are same and so on). 2 complex case - Between different currency zones. In this case, even conversion charges has to be collected from the debtor account (sender) and the amount should be credited in destination accounts (credit account) currency. Another thing to remember is, even the sender sends money in destination accounts country currency. that is, If I have to send money from India to UK, I have to specify the number of pounds I have to transfer to my friends account in UK. Again, conditions like min balance, available balance to transfer and so on come into picture. 3. complex case - Transferring money across currencies and account types... this case could be like transfering money to a loan account in US from my Indian account. 4. Txn with in same currency zone, between account types... this is another case. Thanks, Krishna __________________ Give 1 cup rice to a hungry Indian just by a mouse click. No money, no form filling, no hassle... Click here for the donation.

01-11-07, 08:41 PM	#3 (permalink)
sk_kireeti Super Moderator Join Date: Feb 2006 Location: Hyderabad Posts: 2,355 Thanks: 117 Thanked 241 Times in 198 Posts Thanks: 117 Thanked 241 Times in 198 Posts Blog Entries: 4 Rep Power: 51	Re: INTERNET BANKING PROJECT INTERVIEW QUESTION currency zones can also be termed as security groups, zones... as per your project design. __________________ Give 1 cup rice to a hungry Indian just by a mouse click. No money, no form filling, no hassle... Click here for the donation.

05-11-07, 12:02 AM	#4 (permalink)
sk_kireeti Super Moderator Join Date: Feb 2006 Location: Hyderabad Posts: 2,355 Thanks: 117 Thanked 241 Times in 198 Posts Thanks: 117 Thanked 241 Times in 198 Posts Blog Entries: 4 Rep Power: 51	Re: INTERNET BANKING PROJECT INTERVIEW QUESTION Radhika, Go through this site. You will get lot of information on electronic fund transfer... especially check the links around the page (don't miss the links at bottom). What is an Electronic Funds Transfer? Thanks, Krishna __________________ Give 1 cup rice to a hungry Indian just by a mouse click. No money, no form filling, no hassle... Click here for the donation.

05-11-07, 09:28 AM	#5 (permalink)
radhika743 Senior Member Join Date: Aug 2006 Age: 28 Posts: 275 Thanks: 0 Thanked 5 Times in 5 Posts Thanks: 0 Thanked 5 Times in 5 Posts Rep Power: 5	Re: INTERNET BANKING PROJECT INTERVIEW QUESTION: How funds are transfered? Krishna Thanks for sending me wonderful websites on INTERNET BANKING FUNDS TRANSFER. You have always been a good online friend for me . Best Regards. Radhika..

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