Description

Features

• Transfers are made between branches of CBE only.
• Transfers are made between branches of different cities or towns.
• Availability of telecommunication and local post offices enhances the smooth flow of transfers between branches.

• Facilitates the operations of trade and other economic sectors and helps to accomplish their organizational objective as a whole.
• It is an easy and convenient way for both the sender and the receiver.
• Transfer of money can be done with a minimum cost, time, and energy.
• It reduces the risk of losing money.
• Eligibility
  
  • Individuals
  • Workers
  • Students
  • Members
  • Travelers, etc
  • Organizations
  • Private organizations
  • Cooperatives
  • Public enterprises
  • Government.
  Types of Local Transfer
  

  CBE provides three types of transfers:

  1. Telegraphic Transfer (TT): Transfers are made through telephone, telegram, telex or radio. It is relatively the fastest means, and is usually preferred by most transfer users.

  2. Mail Transfer (MT): Transfers are made through post offices. It is considered to be an ordinary type and takes a longer time to reach the paying branch.

  3. Demand Draft (DD): Transfers are made with the use of a special bank instrument called “draft”. Drafts are usually called “demand drafts” or “sight drafts” because they are paid immediately, on demand or on sight. They are negotiable within twelve months from the date of issue after which the drawer's confirmation is required for payment.
     

  Other Means of Transfer

  Cashier’s Payment Order: is a special bank instrument negotiable within six months from the date of the issue. They are issued to Finance Bureaus, Land Revenue Office, Customs Authority, Maritime and Transit Service Corp., and to secure bids only.