What is Cable Transfer?

A cable transfer is a form of wire transfer and is a quick way of transferring money overseas. Thanks to cable transfer, people and business corporations can buy and sell goods anywhere in the world. This is done without any hindrance to receiving and making payments for goods and services rendered.

How is the Money Transferred?

A cable transfer involves electronic funds transfer which starts with an entity located in a country. The transfer ends with a financial institution in a different country. Till the recent past, the main feature of cable transfer was the use of submerged wires for international funds transfer.

However, now internet technology has made it possible even for an average consumer to make use of cable transfer. In fact these days most of the banks present the customer with an opportunity to start a cable transfer. This is done by providing the necessary information on a template. After completion the template is processed by the bank and the cable transfer is finished. The bank sends a confirmation number along with a message to the customer. The message conveys that the transfer is complete.

Interesting Facts about Cable Transfer

To many people, the terms cable transfer and wire transfer mean the same. This is correct to an extent. The similarity between the two is that both are methods for electronically transferring funds from one point to another. The difference is in the end point of the transfer. One deals with transferring funds within the country and the other deals with funds transfer outside the country. Thus the term wire transfer is used to explain the method of transferring funds electronically where the point of origin and the point of termination are located in the same country.