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. Credit card is just one of the many bank transactions that happen every day. Another type of transaction is the debit card. 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. This type of transactions allows you to make payment using virtual address. This type of transaction only requires you to have the mobile number and not the details of the account. One advantage of this kind of transaction is that you can send money at any time you want provided you don’t hit the maximum number of transaction. Wire transfer also offers the fastest mode when sending cash. 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.
Another type of transaction is the batch transaction, see website. With this type of transaction you can send money to many people at one go without doing individual transaction. This type offers three steps of batch transactions. First is posting credit on your account. After this you make sure that the debits are posted on your account which comprises of any check written, online payments if any, card transactions or any withdrawal of cash made. And the last step is to post the fees on the account which shows up the same day you do transactions or few days later depending on the type of fees.
There is also paper based payments. This transaction often handles the check, payment orders and sometimes demands drift. One advantage of this type of transaction is that you can track the transactions on your account although its efficiency is not high. 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.
Another type of bank transaction is the intra bank transfer, more info. 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. We can also include online bank transfer as type of 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.