Bank transfers are one of the most popular ways of payment ,which include in themselves all types of credit transfers , wire transfers and and cash payments. If you are not an owner of a credit card but you want still to send a significant amount of money to someone , a bank transfer remains one of the effective ways to do it easily and safely.
How it works
You can initiate your own bank transfer in different ways – whether by directly going to the bank in person and completing some documents or by phone banking. Another option is to do this by sending an email with the payment form to the bank. A bank transfer is usually made if a person wants to send a certain amount of money to another person for a definite reason. If you want to make a bank transfer you must have the Bank Identifier Code (BIC) and recipient bank’s International Banking Account Number code. After that you must go to the bank which happens to be the mediator between the sender and the receiver so that the transaction could be completed.
When choosing a bank transfer as a way of payment a few details must be taken into account. The first one is that whether it is an international bank transfer or a bank transfer within the same country. Once you have made your transaction the process is irrevocable. The person may only ask to refund the transaction made. Secondly do not forget that there is a chance for some delays in the transactions which often tend to be for more than a couple of days. Another specification is that when you choose bank transfer as a paying method you should put enough money in the account, because there are additional fees charged from the bank.
Creating an account / purchasing a card
When using this type of payment you do not need to possess an account or a credit card. All you you have to do is to initiate a bank account on your name so that you are able to make a transaction. The receiver must also be a possessor of a bank account in order to receive the amount of money. A transfer form for the transaction is completed at the office of the bank and then the transaction is completed.
Making a payment
Making a payment via bank transfer is a good and significantly fast way to transfer your money to family members and friends. It is a common way , especially used for international transactions as they tend to be safe and secure.
Withdrawing money
After being sent the amount of money could be withdrawn from the receiver in two possible ways. The first one is by directly going to the bank office and receive the sum. The second one is when you possess a card which corresponds to your bank account. In such case you can go to the nearest ATM and benefit from the transaction.
Advantages of using bank transfer
The advantages of using bank transfer as a way of payment are several:
Payments are said to be fully electronic.
The level of security is higher.
It is appropriate for people who are not keen on using credit cards for international transfers.
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