F1.1 Describe several ways money can be transferred among individuals, organizations, and businesses.
Skill: Describing Different Ways to Transfer Money
Students will learn about and describe different ways to transfer money between people, organizations, or businesses.
Methods of transferring funds may be appropriate for some individuals, businesses, and organizations, but not for others, depending on a variety of factors. It is essential to be aware of our own privilege and position as teachers. We must consider the complexity of students' family situations.
Ways to Transfer Money
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Method of Payment |
Use of This Method of Payment by Individuals, Organizations and Businesses |
|---|---|
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Cash  |
People, organizations and businesses use cash because it is accepted just about everywhere. |
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Electronic Transfer 
Gift Card 
Cheque image A specimen check :At the top left ‘the Home addressMiddle left: the address of the bank branch.At the bottom of the check: transit number, institution number and account number.Space to enter the name of the person or company to whom the check is issued.Top right: enter the date, month, and day the check is written.Under the date, enter the numerical amount of the check.In the middle of the check, the amount in words.Bottom right: enter your signature to certify the authenticity of the check.
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Electronic transfers, gift cards and cheques can be used to send money to family members who live far away. When the payer and the payee are in the same country, it is easy to use any of these methods of payment. Organizations and businesses can also use electronic transfers, gift cards and cheques to make fast and secure payments. Electronic transfers can be automated, meaning that a withdrawal can be scheduled to occur on a certain day, week or month, allowing for the standardization and organization of payments or transactions to and from customers or businesses and organizations. When a company issues gift cards, they guarantee the value of that card for the purchase of their goods and services. |
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Debit Card  |
Organizations and businesses must pay a fee to access payments intended for them from debit card transfers. Interac is the Canadian company that facilitates payments between customers, organizations and businesses. |
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Credit Card  |
Credit cards were available to people before debit cards were even available. Credit cards are generally used to make larger payments that may not be allowed due to debit card transaction limit restrictions. Organizations and businesses are required to pay fees to facilitate transactions between themselves and customers. The availability of credit cards as a method of payment, however, facilitates transactions and can help expedite payments in an organized and secure manner, so the fees are an acceptable cost. |
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Cryptocurrency  |
Individuals, organizations and businesses could use cryptocurrency to have more diversified investments. |