Transfer means migrating a domain from one registrar to another.
During the transfer domain settings usually don't change, and the website and mailboxes
associated with the domain remain operational while the transfer has been completed.
The transfer process can last for up to seven business days.
After a successful transfer, the domain (.com, .net, .org, .info, .biz, .eu, etc.) is renewed
for 12 months, hence preserving any period remaining prior to the transfer.
In order to complete a transfer, you need to
unlock the domain,
and have
the EPP key
for transfer.