A Beginners Guide To

Types of Bank Transactions

When you withdraw or deposit money or process a check, a bank keeps a track of everything. This is referred to as bank transactions. It has been proven that there are about 5000 credit card transactions in every second. There are so many bank transactions that happen each day and credit card is just one of them. A debit card is another form of transaction. In here are few types of bank transactions and how they operate, learn more.

One of them is unified payment interface abbreviated as UFI,view here. Through this you can make transactions by virtual payment address. By having the mobile number you want to send the money to is enough. Even though there is a limit of money you can transact at a day you’re able to do transactions at any time. Wire transfer also offers the fastest mode when sending cash. Wire transfer often handles the transaction in electronically way. Wire transfer is usually used by business people to shift money from one account to another, click for more.

Batch transaction is another type of bank transaction. This kind of transactions helps you to do many transactions avoiding working on each account. This type offers three steps of batch transactions. The first step thing is posting credit on the account that will make transaction first. This is followed by putting your debits on the account, online payments done and any withdrawals. You finish by adding the fess which reflects the same day or days after.

Another type of transacting is the paper based payments. This type of transaction mostly deals with check, payment order, bankers check, refund order or demand drafts, click for more. 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. Some people prefer this type because it gives them faith that the transaction is real and not a scam.

There is also intra bank transfer as type of traction. It allows sending money from one account to another under the same bank. The bank does not charge any fees for this type of transaction, view here for more. Another type of bank transaction is online transaction. This transaction allows you to make transactions at home or work place. You can make payments just with your computer or mobile phone.