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A bank transfer, also commonly known as a credit transfer or a wire transfer, is a banking option that allows people to send electronic funds to another person or company wherever they happen to be in the world. In this article you will find out everything that you need to know about this particular method of payment.
We now live in a world where absolutely everything seems to happen online. Many of us are not entirely sure how it came to be like, but we are not complaining as things are much easier now. For example, if we want to transfer money to a friend or a company that we are buying services from, we can go on our computers or mobiles and do it in a matter of minutes. But, how did we get here? Well, if we take a quick look at what has happened in the last 150 years, we can get a much better understanding.
Money has been around for over 3,000 years and, for most of this time, financial institutions and banks have existed as well. However, global industrialization completely changed the way that money could exchange hands. As more and more people began working with innovators and contractors overseas, a new method was needed for people to send and receive money. This is when the bank transfer came into being.
Since the 19th century, they have become one of the most popular and best methods of sending money around the world. The popularity of this money-sending method led to a number of companies being created that specialise in this service. Some of these companies still exist to this day, such as Western Union. In fact, Western Union is now one of the world’s biggest money transfer companies. These types of transfers were made possible thanks to the major advances in telecommunication technology. ATMs were soon introduced, and financial institutions started doing everything electronically.
In 1991 the World Wide Web was made available to the public and, before long, millions of people had a computer and a modem. Then, seven years later Wi-Fi came into being and we all know how dependent we have become on that. This improvement in technology led to a significant rise in e-Commerce, which meant that financial institutions had to find solutions so that people could transfer money online. These solutions were eventually found and now we can make bank transfers anywhere in the world without having to leave the comfort of our home.
There are a number of ways that you can carry out a bank transfer.
Whichever method you decide to use, you will usually have to provide the following details in order for the transfer to be successful:
This depends on what bank you are using, but it will often take two to three working days before the money shows up in the recipient’s bank account. Sometimes, it can take four or five days. We now live in a time where you can buy something from your local fruit and vegetable store using your bank card and when you get home you will be able to log on to your internet banking account and see that the bill has been removed from the balance. So why can’t bank transfers be just as quick? Why does the recipient have to wait for their money?
Well, banks do not allow instant transfers due to the risk of fraud. They need to make sure that the money being sent hasn’t come about through illegal means. Once they are certain that it hasn’t, they will authorise your transfer. Another reason why they delay your transfer is that by holding on to your money, they earn a tiny bit of interest off it.
Therefore, with all this in mind, if you know that you are going to soon have to make a bank transfer, do your best to plan ahead.
How to Avoid Any Bank Transfer Issues
To make sure that you have no issues while making a bank transfer, follow these tips.
This depends on which bank you use as each bank has its own fees. Therefore, you will have to check with whatever bank you have an account with, in order to see what their bank transfer fees are. However, for most banks, when you are sending money to a person or company in the same country as you, the fees will be a lot smaller than if you were sending money to a bank account that is abroad. Some banks will not even charge their customers when they make a bank transfer to another account in the same country.
N.B. If the bank that you use state that there is no transfer fee for international transfers, you need to check the exchange rate that they will use. This is because instead of charging you a fixed fee, they might be converting your cash using unfavourable exchange rates.
The answer is that it depends on the bank that you use. There are plenty of banks out there that gives their customers the opportunity to download an app which they can use for all of their banking needs, be that checking your balance, making a payment, or sending a bank transfer.
To find out if your bank offers an app, you will either have to contact them and ask, or simply search for the bank in the Apple Store or in Google Play.
Some Final Thoughts on Bank Transfer India
A bank transfer is a reliable and secure way of making an online payment and if you don’t mind waiting a few days before your money appears in your bookmaker account, then you definitely won’t have any issues with this payment method.
If this will be an issue for you, then you will need to choose another banking option. Thankfully, there are plenty of other options out there that you can choose from.