What Are Transfer Payments In Economy? – Know All The Information Here


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Today the economy encompasses many aspects that both companies and users handle, as this is essential for daily living. In addition, technological advances provide tools that streamline the purchasing power and the withdrawal of funds electronically anywhere in the world. So in this article we will discuss is a transfer of payments in economics with easy to understand definitions.

What are transfer payments in Economics? – Know all the information here

What it is a transfer payment?

A transfer payment is that banking operation that allows a person or institution, send a certain amount of money to another. Put simplest way is to transfer money from one account to another regardless of the sender which is sent the money.

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Notably, money transfer on the same entity is called transfer banking and non transfer, it is important to properly master the financial terms. Because in this way we can have full knowledge of how some banking issues or tasks are handled in our area.

It is normal that certain committees are made by the use of the means of transfer in banks, then we explain what it is.

What it is a bank fee?

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

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

The commissions are always issued by the bank for the public to drive or becomes aware of it. You subtract or commissions charged for the transfer movement not because of other reasons unrelated to the person. Even if you make a transfer online bank supplied a electronic invoice by the Commission We held.

What are the types of transfers that exist?

Then we will show which types of transfers that exist and the characteristics that these have for customers:

transferring money


  • Geo

In this group or division are the movements made by the country according to the area in which you live. So will cater to the country’s use of funds according to the residence of the current account target.


  1. National or regional : This group includes both sender and receiver in the same country or region
  2. .

  3. Foreign or international : This is precisely the issue or sending money to other areas of the world .


  • Transfers by the way in which orders.

Today is effected in different ways bank transfers, and these tools are completely safe, reliable and innovative.


  1. Applications that are installed on mobile devices.

  2. Transmission of Fax.

  3. electronic money transfers through internet . Here are the same banks issuing an official page to make these movements among others.

  4. From the branch or bank.

  5. And today there are many ATMs that have many functions and transfer money between them.



  • Time Service.

Given the time it takes to get cash transfers funds to the account or money destination, is divided into three parts:


  1. Sooner or immediately : Transfers are made at the time to run it, mostly when done directly to the target bank
  2. .

  3. Regular : These movements of money takes one or two business days according to the rules established by the bank
  4. .

  5. urgent or pressing : Money is paid immediately to the destination account effective immediately becoming
  6. .

bank transfer through the phone

These concepts may vary according to the country you live, however the terms used are general and dominate worldwide. With the help of a dictionary you can find some words you do not understand and accurately understand the terms used in this article.

We hope this basic accounting post will be of much use to the plunge into the new technologies in finance . And it will also contribute positively on you and those who wish to use this article to increase their knowledge.

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