What is the meaning of Transfer?

In a' Transfer', a 401(k) or IRA custodian or trustee moves the assets in your existing account directly to the custodian or trustee of your new account. With a transfer, you don't risk failing to deposit the full amount of your withdrawal within the 60-day deadline for rollovers. And, in the case of a transfer from a 401(k) or similar retirement savings plan, nothing is withheld for income taxes. In contrast, if you handle the rollover yourself, your employer must withhold 20% of the account value.