GOLDILOCKS
"Based on the supervisory and regulatory role of this bank, and in order to enhance the process of external transfer through official channels, it was decided that all licensed banks (in Iraq) will implement external transfers for companies."
Banks use external transfers for companies because they are a quick and easy way to move money between accounts, and they can be used for a variety of purposes:
Paying suppliers and taxes:
Businesses can use bank transfers to pay suppliers and taxes.
Building credit:
Bank transfers can help build credit, unlike some other ways to move money.
Secure:
Bank transfers are generally secure for businesses and their customers, unlike credit card payments which are more susceptible to fraud.
Customers prefer them:
Customers often prefer bank transfers, especially for purchases where they don't want to use a credit or debit card.
No chargebacks:
Unlike credit card payments, customers can't reverse bank transfers.
Record of transactions:
Banks keep a record of transactions, so business owners can check when payments were made and set up automatic payments.
External transfers are a fundamental part of the modern banking system, and they allow individuals and corporations to move money between accounts without having to visit a branch or ATM.
Yes, wire transfers, and now internet transfers, are common ways to send money internationally and exchange it for foreign currency.
Other ways to make cross-border payments include credit card payments, e-money wallets, and mobile payments.
© Goldilocks
https://www.investopedia.com/what-is-an-external-transfer-5185528
https://cbi.iq/news/view/2682
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