What is another word for hawala?
Pronunciation: [hˈɔːlə] (IPA) 
Hawala is a traditional informal money transfer system that involves the transfer of funds without any physical movement of money. The word 'hawala' is an Arabic term, but the system exists in many other cultures under different names. In India, it is commonly known as 'hundi,' while in Pakistan, it is called 'hundi' or 'hundi system.' In Afghanistan, it is known as 'hawala.' In some parts of Nigeria, it is known as 'fei ch'ien,' and in China, it is referred to as 'chop.' The system also goes by different names in countries like Turkey, Iran, and Yemen, with each having its unique variations and rules. Regardless of the name, the hawala system offers a secure and efficient way to transfer funds across borders without the need for formal banking systems.
