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This question hailed from this question of mine. There, I asked about the singular or plural word of 'Fund' but here, I'm asking something different.

In India, banks have options of 'Funds transfer' and not money transfer.

Here is the screenshot from my personal netbanking.

Funds Transfer on NetBanking

Now, at times, I transfer money from my Account A to my Account B. Both are my accounts and I simply transfer money for some reason (say low amount in Account B). Also transactions for services and products do happen this way (For instance, if I am the moderator of ELL and ELL pays me for the services, if it transfers the money into my account, my bank will notify me as 'Funds received from ELL.').

Now the question:

Can we use 'funds transfer' as 'money transfer' if that money is not used for any charity or in the interest of society?

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    You ask about "funds transfer" in your question, but "fund transfer" in your title. I'd say yes to "funds transfer," and I'm not so sure about leaving off the s. – J.R. Jun 5 '14 at 9:09
  • @J.R. True, I have seen both here. Fund and Funds transfer. But let me make it clear to avoid confusion. Thanks. – Maulik V Jun 5 '14 at 9:18
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    This nuance seems to be at the arbitrary discretion of financial institutions - I'd venture that it's almost entirely arbitrary which is chosen. The fact that physical money isn't changing hands isn't necessarily an issue here, either, as technology has normalised the idea of currency as something less tangible. – jimsug Jun 6 '14 at 1:23
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Yes.

As both Esoteric Screen Name and user3169 effectively said in your linked question: Funds are (an amount of) money. Therefore, you will have very little problem replacing one with the other. Charity, or the interest of society has nothing to do with the definitions of either money or funds.

So yes, the two terms are interchangeable. Strictly speaking, because 'funds' is an amount of money it is more correct to use funds transfer than money transfer as the bank doesn't actually physically take dollar bills (or rupees) from one account and put them into the other, it's just electronic data (1s and 0s) being moved around. But in terms of your question, 'funds transfer' = 'money transfer'.

  • Does money refer specifically to the physical currency, though? I'd argue that today, in many parts of the world, money is just an abstract valuation of buying power - whether or not you can afford to pay for something doesn't necessarily depend on how much physical cash you have with you. I also think I'd be more inclined to say I have enough money in my account to pay for something rather than I have enough funds in my account when I'm paying for something with a bank card. Funds seems quasi-technical. – jimsug Jun 6 '14 at 1:27

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