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Bank transactions can be carried out through various modes of payment, depending on the type of transaction, the parties involved, and the technological infrastructure available. Here are some common modes of payment for bank transactions:
Cash:
This is the most straightforward mode of payment. It involves physical currency notes and coins. Cash transactions are often used for in-person purchases or transactions where electronic methods are not feasible.
Cheque(cross cheque):
A cheque is a written order instructing the bank to pay a specific amount to the person or entity mentioned on the cheque. Cheques can be used for various purposes, such as making payments to individuals, companies, or institutions.
Online Banking:
Online banking allows customers to conduct transactions over the internet through their bank's website or mobile app. This includes transferring funds between accounts, paying bills, and managing account details.
Mobile Payment Apps:
Mobile payment apps, such as PayPal, Venmo, Apple Pay, Google Pay, and others, enable users to send and receive money using their smartphones. These apps are often linked to bank accounts or credit/debit cards.
Direct Bank Transfers:
Direct bank transfers involve sending money from one bank account to another. This can be done through online banking or by visiting a bank branch. Different countries may have different systems for facilitating direct transfers, such as ACH (Automated Clearing House) in the United States or SEPA (Single Euro Payments Area) in Europe.
Credit/Debit Cards:
Credit and debit cards are widely used for making purchases at various merchants. When you use a credit card, you're essentially borrowing money from the credit card issuer and agreeing to pay it back later. Debit cards, on the other hand, deduct funds directly from your linked bank account.
Wire Transfers:
Wire transfers involve electronically transferring funds from one bank account to another, often across international borders. They are commonly used for large transactions and are generally more secure but may involve higher fees.
Automatic Clearing House (ACH) Payments:
ACH payments are electronic transfers of funds between banks in the United States. They're commonly used for direct deposits, bill payments, and other types of transactions.
Electronic Funds Transfer (EFT):
EFT is a general term that refers to the electronic transfer of money between banks. It encompasses various types of electronic payment methods, including ACH transfers, wire transfers, and card payments.
Cryptocurrencies:
While not as mainstream, cryptocurrencies like Bitcoin, Ethereum, and others can be used for certain types of transactions. Cryptocurrency transactions are based on blockchain technology and offer a decentralized form of payment.
ATMs (Automated Teller Machines):
ATMs allow users to perform various banking transactions, including withdrawing cash, checking account balances, and transferring funds between accounts.
The mode of payment you choose for a bank transaction will depend on factors such as convenience, security, transaction speed, and the parties involved. It's important to use secure and trusted methods, especially for sensitive transactions involving financial information.
12. ( RTGS) Real-Time Gross Settlement
13.Pay order
14. Fund transfer by client request letter
15.Gift cheque
16.Prize Bond