Everything you need to know about what a bank transfer is, we tell you its main definition, types and classification, commissions, and more.
What is Bank Transfer?
A bank transfer is a transfer of money that is made through banking entities, from the account of a person who orders the transfer to the account of another that receives the money ( beneficiary ). It is executed between different banks, that is, there are usually at least 2 banking entities involved.
When transfers are made within the same bank, that is, when the person ordering and the beneficiary have their account at the same bank, the transfer is called a transfer.
Types of Bank Transfers
Bank transfers can be classified according to different criteria, including geography, method, and time.
Depending on Geography
Depending on geography, bank transfers can be:
Depending on the method
Depending on the method with which it is ordered, bank transfers can be:
Function of time
Time-based bank transfers can be classified as follows:
Bank Transfer Fees
Operations through banking entities generate an expense, and in this way, these entities manage to generate income to maintain their activities. This expense represents the commission that must be paid by those involved in the transaction.
The fees for bank transfers depend on the nature of the transfer, that is, on the classification seen above: