Types of Bank Transactions
When you withdraw or deposit money or process a check, a bank keeps a track of everything. When you do this it’s referred to as bank transactions. Research shows that about 5000 credit transactions happen in every second. Credit card is just one of the many bank transactions that happen every day. A debit card is another form of transaction. In here are few types of bank transactions and how they operate, learn more.
First there is unified payment interface. Through this you can make transactions by virtual payment address. In order to send money you only need the mobile number and details of the account are not necessary, click. Even though there is a limit of money you can transact at a day you’re able to do transactions at any time. Another type of bank transaction that makes sending of money a little easier is the wire transfer. Everything in wire transfer is done electronically especially when moving money from one account to another. Most business owners work with this type of transaction.
There is also batch transacting that falls under type of transactions. This kind of transaction allows making a bunch of transactions at once without having to work on individual account. In order for batch transaction to go through you have to do three things. The first step thing is posting credit on the account that will make transaction first. Secondly you add the debits that include payments and withdrawals. And the final step is to add the fees which displays afterwards depending on kind of fees.
Another type of transacting is the paper based payments. This kind of bank transaction focuses on the bankers check, payment orders, refund orders and demand drafts. When it comes to safety of transactions this is the best type as you track the flow of your money despite the efficiency being low, click here. It can also take much time to finish processing paper based payment thus can’t take care of urgent needs. This type of transaction is mostly considered as it’s a sign of transaction not failing. This kind of transactions gives someone faith that a given transacting will go through, read more here.
Intra bank transfer is also one of the types of bank transactions. This type of transaction involves sending of money from one account to another in the same bank. One advantage of this type is that there are no fees of transactions and the bank just do addition and subtraction on your accounts. We also have online transacting as one type of bank transaction. With this transaction you don’t have to visit the bank. You can make payments just with your computer or mobile phone.