Please bare with me here, this is my first time doing an online bank transfer.

Let's say I wanna do a bank transfer to someone else in CIMB bank, i log onto my OCBC account and go into the *Funds Transfer to Other Banks* option.

Under the *Funds Transfer to Other Banks* option, there's this *To Non Registered Beneficiary* and *To Registered Beneficiary*.

What does beneficiary means?