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Domestic Transfer
A domestic transfer is the movement of funds between bank accounts within the same country. This can include transferring money between personal accounts, paying bills, or sending funds to another person’s or business’s account within national borders.
Domestic transfers are commonly used for routine financial transactions and are generally quicker and less costly than international transfers. They are subject to national banking regulations. They can be processed through various channels, including online banking, mobile apps, and bank branches.
Ensuring the security of domestic transfers is vital to prevent fraud and protect customers’ financial information. Advanced security measures, such as multi-factor authentication (MFA) and real-time monitoring, help safeguard these transactions from unauthorized access and fraudulent activities.