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Categories of Bank Transactions

A bank is responsible for anything that happens to your account whether its depositing, withdrawal of cash or even if a check comes through. When this happens to your account it’s considered as bank transactions. Research shows that about 5000 credit transactions happen in every second. Credit card is just one of the many bank transactions that happen every day. There is also debit card that allows paying bills and making transactions. In this page we will discuss more about bank transactions and they work.

One type of bank transaction is the unified payment interface. You do payments using this transaction by using virtual address. By having the mobile number you want to send the money to is enough. 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. 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.

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. The first step thing is posting credit on the account that will make transaction first. 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.

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. 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. 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. This type of transaction allows you to send money within your bank especially if you share the same bank with the person. The bank does not charge any fees for this type of transaction, view here for more. We also have online transacting as one type of bank transaction. This transaction allows you to make transactions at home or work place. You can make payments just with your computer or mobile phone.