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The movements of money between accounts are one of the most common and requested operations in banking entities. And in a field as specialized as banking, it is very common to use different terms as synonyms when in fact they are not. This is what happens with transfer and bank transfer . Do you want to know how they differ ? We tell you.
What is a transfer
Transfers are the movements of money that are made between accounts of the same owner and within the same entity. It is also sometimes called internal transfer.
It is also called a transfer to money transfers that are made between different holders who have open accounts in the same bank.
As the movement of money is carried out within the same entity, the operation is carried out almost instantaneously and the note is made simultaneously in the two accounts.
What is a bank transfer
A bank transfer also involves sending money from one account to another . In this case, the difference with a transfer is that they are made between different entities and, normally, between different holders.
To make a bank transfer we only need to know the recipient’s account number, known as IBAN and, for more security, the name of said beneficiary. The key that tells us if that movement of money is a transfer is that both accounts belong to different banking entities.
Types of transfers
Depending on the destination, there are national and international bank transfers . The former are faster and, depending on the bank, may or may not charge commissions.
To make a transfer, the usual thing was to go to the bank and order it in person. Currently, with the arrival of online banking and the expansion of the functions of ATMs, it is possible to do them at any time and at any time.
How are these bank movements of money different?
- One or two benches. This is the main difference between handover and transfer. The transfer is made between accounts belonging to the same bank, while the transfer involves different banking entities.
- Collection or absence of commissions . As a general rule, the transfer does not usually involve any expense to the person who sends the money, while transfers may incur commissions depending on the bank and the type of transfer (ordinary, instant, urgent, etc.).
- Instant or not. As the transfer is made between accounts of the same bank, it does not usually involve any time delay. While transfers usually involve a longer delay (up to one business day)
- Cash. Transfers can be made in cash from an ATM, something that is not possible with a transfer.
Although they are very similar, transfers and transfers are remarkable and it is important that you take them into account when moving your money from one account to another.