What is the full form of TRF? 

Transactions Reversal Fraud is the full form of TRF and the full form of TMS (Treasury Management System) banking software, which transfers money quickly after transmitting a file from one branch to another, and now automates this operation. Bank transfers now have an electronic option.

Transfer, or TRF as it is known in the banking industry, is the process of moving money manually by a banker from one branch to another. In this instance, both the bank transaction and the delivery of the funds take a long time.

The importance of transfer 

There are many significant importance of transfer. TRF is significant since it aids or helps the country in reducing the number of bank branches. Additionally, it aids in lowering branch costs.

Also, Read: HDFC International Money Transfer 

Types of Transfers

M-T-R (Manual Transfer) and D-T-R (Direct Transfer) are the two categories of TRFs.  Whether the branches choose to send money to other branches or money from thown branch will rely on their preferences.

MTR

In manual transactions, the transfer is carried out within the same branch or from one branch to another, depending on the kind of account. Bankers carry out manual transactions by hand. For instance, if an employer wants to physically transfer money from his account to an employee’s account, the employee must submit a request and a banker must follow the requirements of the central bank or other monetary authority.

DTR

Direct money transfer, commonly referred to as RTGS (Real Time Gross Settlement), is carried out over a computer network (Faster). It is carried out for standard, low-value transactions like salary payments and others.

Also, Read: Thing to Consider when Transferring money 

Difference between TRF & IMPS

When moving money from one branch to another, it is done electronically using IMPS on mobile devices and the IFSC Code. It takes less than a minute and is quicker than TRF transfers. You must input your mobile number and the destination bank’s IFSC code in Ifor for the money to be sent right away. For the transfer of funds via TRF, you must manually enter Branch details such as Bank Name, Account Number, IFSC Code, etc. at both ends. This method requires more time than IMPS. 

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