What is the difference between transfer action and location change action reason (under P. Manage)?

Summary:

When updating and changing a location for an employee is there a difference between choosing action: transfer; pick an action reason, and Action: Assignment Change; action reason: location change?

Content (required):

Currently our HRIS department uses the person management function under my client groups to make changes to employees records. When updating an employees location who is staying in the same FEIN (we know its not a global transfer), we are unsure what the impact (if any) is on selecting one combination over the other. The location listed on the employment record is changing, and other fields such as job and department may also change depending on the employee.