A bank always keeps a record of it customer bank account, whether it’s by depositing or withdrawing money or writing checks. This is referred to as bank transactions. Research shows that about 5000 credit transactions happen in every second. And credit card transactions are one of the many transactions that happen every day. Another type of transaction is the debit card. In this article we will look on types of bank transactions and how they operate, discover more here.
First there is unified payment interface. This type of transactions allows you to make payment using virtual 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. Wire transfer is usually used by business people to shift money from one account to another, click for more.
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. This type offers three steps of batch transactions. You start by putting credit on your account. 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.
Paper based payment is also a type of bank transaction. This transaction often handles the check, payment orders and sometimes demands drift. Its always be taken to be safer because you can see how the money is flowing even though the level of efficiency is less compared to electronic way of transactions. A full transaction of paper based payment may takes days to be complete. 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.
Another type of bank transaction is the intra bank transfer, more info. This type of transaction involves sending of money from one account to another in the same bank. Good thing about this its transaction frees. We also have online transacting as one type of bank transaction. With this transaction you don’t have to visit the bank. You can access your account and makes payment on the palm of your hand, click here for more.
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