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English definition of “money transmission”

money transmission

noun [U]
 
 
FINANCE, BANKING
the act of moving money between bank accounts or from one person or organization to another: Another development has been the growth of electronic money transmission. Banks will be obliged to tell customers up front how much they charge for cash machine, cheque, and other money transmission services.
(Definition of money transmission from the Cambridge Business English Dictionary © Cambridge University Press)
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