Bank transfer is a term which is heard a lot these days in the economic scenario of today. To know types of bank transfers and to figure out which one is good, the first important thing is to know what it is.
What is Bank Transfer
Bank transfers are a very common term used for a spacious range of credit transfers. This credit payment includes cash payments and wire payments to local banks. The credibility of banks, these days is more depended on the capacity of Bank transfers rather than any other thing. This is what determines how good the bank is. The bank transfers are done according to the requirement of the customers.
Types of Bank Transfer
Now when it is clear what the term bank transfer means, the second most important thing to know is how many types are used for bank transfer. Generally, below are the mentioned modes of bank transfer used by several customers:
- Online banking—As the name says it all, it refers to the banking activities performed via the internet. Of course, most of the people are using this method massively because of the certain reasons.
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- Tele-banking (Mobile/Phone banking)—Telebanking is the method of fund transfer in which an amount is transferred by contacting the banking service agent via phone call.
- Getting the fund transferred through a bank by visiting—The most traditional way of bank transfer is this. Visit the bank and the funds are transferred in person.
Limitations of Bank Transfer
Bank transfer includes the payment done by the customer while shopping. In this case, there is a third party involved in the transaction who is the merchant. For customers, below are the things to keep in mind:
- When a payment is done and the money is delivered to the bank account, it is not under the control of the bank and because of this, the payment cannot be reversed. So, it is very important to double check the details before entering them into the recipient’s column.
- There is a limit of the transaction on the daily, weekly and monthly basis. It is advised to take care of the limit while making transactions.
- One should stay up to the window until the payment is done and successful because most of the times the user exits the window and the transaction halts and eventually gets canceled.
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- Sometimes, there can be delays in the transaction. If any problem persists, the user must contact the customer care executive without jumping to any conclusion.
Benefits of Bank Transfer
Since bank transfers are done via internet, it has brought a lot of opportunities and because of that, it has taken almost all the customers in its sphere. Below are the benefits of bank transfers:
- The biggest advantage is that transactions are safe and secure.
- The transactions are electronic and that is why time is saved.
- The bank transfer is very customer-friendly and convenient to use. This is the biggest reason why customers are using it.