What are Payment Transfers in Economics? – Know all the information here

Today the economy encompasses many aspects that both companies and users handle, since this is essential for daily living. In addition, technological advances provide tools that streamline purchasing power and withdrawing funds electronically anywhere in the world. That is why in this article we will talk about what is a transfer of payments in economics with easy-to-understand definitions.

What is a payment transfer?

A payment transfer is one Bank transaction that allows one person or institution to send a certain amount of money to another. In simpler terms, it is transferring money from one account to another regardless of the sender to which the money is sent.

It should be noted that transferring money over the same entity is called bank transfer and not transfer, it is important to correctly master the financial terms. Since in this way we can have complete knowledge of how some banking matters or tasks are handled in our area.

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It is normal that certain commissions are made for the use of the means of transfers in banking entities, below we explain what it consists of.

What is a banking commission?

A bank commission basically means a service provided by an institution, where a percentage is charged or subtracted from an account by bank movements. It is always a minimum discount that the bank makes, since they establish a fixed amount for each person or entity that uses their services.

On the other hand, electronic transfers are usually cheaper and in many cases it is totally free, being a method widely used in the world.

Commissions are always issued by the bank for the public to handle or have knowledge of. The commissions subtract or are charged for the movement of transfers not for reasons other than the person. Even if you make a transfer online, the bank provides you with an electronic invoice along with the commission that was made.

What are the types of transfers that exist?

Next, we will show you what are the types of transfers that exist and the characteristics that these have for clients:

transferring money

In this group or division are the movements that the country makes according to the area in which you live. I mean they are served to the country of destination of the funds according to the residence of the destination checking account.

  1. National or regional: In this group there are both sender and receiver in the same country or geographical area.
  2. Foreign or international: This is specifically the expedition or sending of money to other areas of the world.
  • Transfers by the way in which it is ordered.

Today bank transfers are carried out in different ways, and these tools are totally safe, reliable and innovative.

  1. Applications that are installed on mobile devices.
  2. The transmission of Fax.
  3. Electronic money transfers through the internet. In this case they are the same banks that issue an official page to perform these movements among others.
  4. From the branch or bank.
  5. And today there are many ATMs that have many functions and among them transfer money.

Taking into account the time it takes for the transfers to make the funds or money to the destination account, they are divided into three parts:

  1. Soon or immediate: Transfers are made at the time of execution, mostly when it is made directly to the destination bank.
  2. Ordinary: These money movements take one or two business days according to the rules established by the bank.
  3. Urgent or pressing: The money is credited immediately to the destination account, becoming effective immediately.

bank transfer over the phone

These concepts may vary according to the country in which you live, however the terms used are general and that are dominated worldwide. With the help of a dictionary you can look up some words that you do not understand and understand exactly the terms used in this article.

We hope that this basic accounting post will be very useful for you, as you immerse yourself in the new technologies in finance. And that will also contribute positively to you and those who want to use this article to increase their knowledge.

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