How to make a bank transfer to an account. I want a bank transfer tomorrow, but it takes a long time
A bank transfer is a convenient financial transaction that is used by citizens both within one state and throughout the world.
With the help of non-cash payments, there is an instant transfer of funds from the sender to the recipient for services provided, various commercial products and in the form of financial assistance.
Financiers treat a bank transfer, a transaction carried out by employees in a certain institution, in different ways, but ultimately they achieve the same goal by performing the following actions:
- on behalf of one client, the bank transfers the cash equivalent to another person;
- using one of the payment forms, funds are transferred according to payment orders addressed by one bank to another financial institution;
- Using one of the types of money transfer using non-cash payments, the service is carried out for a certain payment, the issuing bank undertakes the obligation to ensure payments.
The essence of the terminology comes down to a single concept: a bank transfer should be interpreted as a voluntary economic order transmitted by one person or company - for a fee to send capital in certain amounts to the recipient's current account.
Basic forwarding methods
You can transfer your finances to the consumer using the bank in the following way:
- simple, for this you need to know the details of your own account and the recipient;
- documentary, when the transaction is carried out upon presentation of a documentary set;
- using bank checks.
What is a bank transfer and how to arrange it? Answers in the video:
Intermediaries who participate in the transfer receive their earned percentage. Therefore, competition has arisen in this environment, and the development and implementation of new schemes helps to win it.
The main criteria in evaluating activities are the speed of funds transfer and the cost of the service.
Who became popular among intermediaries
Among the businessmen in this area, there are companies that have gained popularity among consumers with their operational speed and affordable cost in transferring finances to foreign recipients:
- Euroset points;
You can simply and conveniently top up your Sberbank account from your mobile phone if the recipient is in the same country as the sender.
Internal translation and its features
To send money accurately, the user must know the basic information of his recipient.
Payment details include the following information:
- Name of the bank;
- open current account number;
- BIC – digital value of the bank identification code;
- sum;
- purpose.
What does bank transfer mean? If the specified details are inaccurate, the transaction will be cancelled, the funds will be returned to the sender except for the commission.
You can transfer money within the territory of one state between different financial institutions; this is done with the help of a national bank.
What does Alfa-Bank offer for transfers between cards? Read more.
The actions are performed by the operator based on the submitted application or when using Internet banking, in which case there is a saving on funding for service personnel.
Managers use interbranch transfer if there is a need to pay between different departments, but in the same institution. A similar method is used when there are insufficient funds at the point in order to pay the client a significant amount.
Cash sending mechanism
Until the cash equivalent arrives at the address, it goes through certain processing.
The procedure consists of successive steps:
- The user sends a payment order to financial institution “A” for execution;
- The recipient has an open current account in bank “B”;
- The contractor of the establishment “A” debits the specified amount from the applicant’s account;
- The money is sent to the correspondent account of the Central Bank;
- The payment is checked and must comply with the requirements of the Central District Hospital;
- Funds are transferred to institution “B”;
- The recipient’s designated information is identified, all details match, and only then the amount received is credited.
Financial branches are not responsible for errors in payment orders; they are obliged to comply with the initiative coming from the sender.
How to carry out a transaction through international channels
The population migrates between countries, hence the need for international bank transfers. Citizens use the payment system that has gained popularity - SWIFT - to transfer money.
With its help, currency transactions are performed for users in different countries. Financiers participating in transactions have their own identification codes.
To carry out a transaction, you will need to fill out a form with the designation:
- the addressee, his personal data;
- name of the recipient institution;
- code;
- current account numbers.
The operation is carried out in the currency of the country in which the recipient is located
How to make bank transfers without commission? Watch the video:
Intermediary banks located on their territory:
- Germany;
- Japan;
- Great Britain;
Bankers have correspondent accounts through which they carry out international transfers.
How to transfer funds between cardholders
Citizens keep their savings in various financial institutions, and pay for goods using plastic cards, which are provided by various payment systems.
Cash can be topped up or withdrawn from an online account by transferring it to a card.
To this address, or rather to the wallet number, the earnings of remote workers are received; housing and communal services, fines and taxes can be paid from the electronic account. Mobile communications are generally paid without commissions.
Conclusion
Each person chooses the most convenient methods of payments and financial transactions, but not a single family budget can do without bank transfers.
People appreciated the convenience of payments without queues from the comfort of their own home, the instant receipt of money in emergency situations, where the bank and its transfer service are an important assistant.
I have long been tormented by the question, why are transfers using bank details so inconvenient in banks? Why are they held only on weekdays? Why can I transfer money instantly from card to card, but sometimes I have to wait a week for the transfer details? After all, the process is the same, isn’t it? I understand that in fact, perhaps, the transfer from card to card does not happen immediately. But the SMS arrives instantly, and you can also use the money right away. What’s the catch then with the bank details, why is it wrong with them?
I would be grateful if you reveal what the secret is.
Julia, now we’ll sort everything out.
Michelle Korzhova
financial consultant at Tinkoff Bank
How does a transfer using card details work?
It is important not to confuse the card and the account. A card is a piece of plastic, the key to a bank account. Money is not stored on the card, it is stored in a bank account.
You've probably noticed that cards belong to payment systems. The magic of translation speed lies precisely in them. The payment system is like a trusted negotiator: it instantly agrees with the banks that the transfer will take place, and the banks pretend that the transfer has already occurred.
I'll explain in more detail.
When you transfer money from card to card, you give a task to the payment system. She asks your bank if you have the required amount. If there is an amount, the payment system asks the bank to hold it, and it informs the recipient’s bank: “My friend, soon you will receive a transfer to such and such an account.” The money itself has not yet been transferred anywhere; it is blocked in your account. Typically, under a blocked operation there will be a message “Waiting for authorization.”
When the system approves your transfer, it tells the recipient's bank: “Look, your transfer will arrive soon. Pretend that the client already has this money.” Since banks trust the payment system, they credit the client’s account with money that has not yet been received.
At the end of the day, the payment system calculates how much it should transfer to whom, makes an offset and ultimately asks the banks to transfer the money where necessary. And now the banks take the blocked money from your account and send it to your address at their usual pace. You don’t see this - this is already banking. Since banks trust the payment system, and the system trusts banks, it is enough for them to immediately “agree” on the transfer, and make the transfer itself later. And for you it looks as if the money was transferred instantly. The magic of negotiations!
How does a transfer using bank details work?
Transferring from account to account using details is an old technology in which the Central Bank is involved, and everything there is strict and long.
All bank ruble transfers go through the Central Bank - a special payment document is sent there. The Central Bank has requirements for these documents, in particular, they can be sent only on working days and only at strictly designated times - these time periods are called “flights” in banks. Until July 2, 2018, these flights were strictly fixed in time.
Ruble flights between banks
Flight number (CB)
Formation of payment
The Central Bank accepts
The Central Bank confirms
The bank receives
Flight number (CB)
Formation of payment
The Central Bank accepts
The Central Bank confirms
The bank receives
Flight number (CB)
Formation of payment
The Central Bank accepts
The Central Bank confirms
The bank receives
Flight number (CB)
Formation of payment
The Central Bank accepts
The Central Bank confirms
The bank receives
19:00 Moscow time or tomorrow morning
Flight number (CB)
As before, the Central Bank receives the payment document during its working hours, checks the data and, if everything is in order, confirms the transfer. The Central Bank transmits the relevant information to the recipient bank of the payment. The receiving bank verifies the details of the person or organization for which the transfer is intended and transfers the money to his current account.
If there are errors in the details, the transfer ends up in the list of “unclarified payments”. If the recipient is not found within five working days, the money will be returned to the sender.
The rest of the procedure for sending and receiving transfers from banks remains the same.
In general, transfers using bank details take so long because they only happen at certain times and go through a bunch of checks.
If you have a question about personal finance, credit history or family budget, write to: [email protected]. We will answer the most interesting questions in the magazine.
Hello, dear Readers of the site! From this article you will learn about ways to make a money transfer, existing types of money transfers through banks, the Internet and other options.
There are several types for the possibility of transferring funds from one person to another. The most popular method is bank payment cards, but with the development of the Internet, transfers using electronic money are becoming no less popular.
Main types of money transfer:
1. Bank transfers.
2. Money transfers via the Internet using electronic wallets.
Bank transfers and payment cards
All bank transfers are the main option for financial interactions between people. Thanks to various banking products, people can make their payments quickly and securely.
Bank debit and credit cards are one of the most important methods in financial relationships between people. A bank payment card allows you to perform a wide variety of financial transactions.
Bank card capabilities:
- withdraw cash from ATMs and banks anywhere in the world;
- pay for purchases in supermarkets and other retail outlets;
- make online payments on the Internet;
- make an online transfer from card to card;
- download the card data to your smartphone and use it using your phone without having the card itself.
Electronic money
With the development of the Internet industry, more and more users are switching to using electronic money. Their use is as simplified as possible for users and does not require long waits in queues when opening an account or using and servicing electronic money.
There are a huge number of different electronic systems that allow you to perform various financial transactions. Each of these systems is individual and has its own policy for servicing its clients. Nevertheless, they all monitor market conditions and their service conditions are very similar.
Popular electronic payment systems:
- Webmoney.
- PayPal.
- Yandex money.
- Perfect Money.
- Qiwi.
- Cryptocurrencies: Bitcoin, Ripley, Dash and others.
The main advantage of electronic money is its anonymity and the speed of all financial transactions using it.
Ways to make a money transfer through a bank
The most popular option for receiving or sending money is transfers made through a banking institution. There are many different options for transferring money through banks. Further in the review the most basic of them will be presented.
Method 1: Bank transfer
Currently, the main method for transferring funds is a bank transfer between accounts. The essence of this transfer is to open a bank account, top it up with cash or another option for depositing money into the account, and then make a bank transfer using the specified details.
The advantage of bank transfers is that money can freely circulate between different banks not only in the country, but throughout the world.
Method 2: Transfer from card to card
This method is in demand for urgent transfers and when the speed of sending or receiving money is important. consists of opening a bank account and attaching a bank plastic card to it, after which, using services for transferring from card to card, you can send and receive funds, indicating only the card number itself.
IMPORTANT: Do not under any circumstances provide third parties with the card’s expiration date and its CVC code from the back of the card!
Method 3: SWIFT transfer
This type of transfer is international and is carried out in foreign currency. consists of sending and receiving money to a foreign currency bank account anywhere in the world. It should be noted that the SWIFT transfer system does not work in several countries - these are mainly countries with a low economic level of development.
SWIFT transfers are used not only by legal entities, but also by individuals. Through this method you can transfer any amount of money for a relatively low commission.
Method 4: Transfers through other payment systems
There are various payment systems that are serviced by many banks and with their help you can make money transfers without the need to open a bank account. Many people do not want to open a bank account, pay for its maintenance and monitor it - in such cases, banks offer to use the services of various payment systems with which it cooperates.
Popular payment systems are:
- Western Union;
- Contact;
- MoneyGram;
- Gold Crown;
- and other translations.
Money transfers in electronic payment systems
A progressive way of financial settlements is the use of electronic wallets. Their essence is to use a certain type of electronic wallet and instantly receive funds after making a transfer.
Popular transfers through electronic wallets:
- transfers and settlements within a certain electronic system, for example in Webmoney, PayPal, Yandex Money and other systems;
- exchange from different types of electronic wallets among themselves or to cards and to the bank via.
When using electronic payment systems, the user must remember security measures and store logins and passwords in a safe place. The best place is to have a paper notebook with everything written down by hand in clear printed letters and numbers and keep it in a safe or other safe place.
When making financial transactions, people are capable of making many mistakes. Errors occur due to haste, inattention, automatic actions and other human factors. To avoid problems with sending money, please read the recommendations below:
Before making a transfer, check:
- verify the identity of the recipient to whom you are sending money;
- make sure the recipient's details are up to date;
- fill out the details consciously, and not automatically;
- Do not rush under any circumstances, enter the details calmly;
- After entering all the necessary details, be sure to double-check all entered data;
- take screenshots before sending and after completing payment.
Conclusion
Any financial actions require a high level of responsibility and are risky, therefore, it is recommended to clearly understand and be aware of all your actions with money. Constantly studying financial literacy, developing personal correct and competent use of money will certainly lead not only to the preservation of your capital, but also to its increase!
This concludes our review of popular ways to make a money transfer through a bank and electronic payment systems. We wish you successful financial transactions and good luck!
From the translator: In recent months, financial news has become a fixture in the lives of many people. One of the recent topics is the possible disconnection of Russia from the SWIFT system. The threat looks very serious, but what actually threatens the country if events develop according to this scenario? Our material today is designed to help you understand how everything works in the global world of finance.
Last week [article published November 2013] Twitter went crazy because someone transferred almost $150 million in a single cryptocurrency transaction. The appearance of such tweet was in order:
Transaction of 194,993 Bitcoins worth $147 million gives rise to many secrets and speculations
There have been many comments about how expensive and difficult this would be to implement in a conventional banking system, and it may well be true. But at the same time, I paid attention to this: from my own experience, I know that almost no one understands how payment systems actually work. That is: when you "transfer" funds to a supplier or "make a payment" to someone else's account, how does the money move from your his bills to bills others?
With this article I will try to change the situation and provide a simple, but hopefully not too simplistic, analysis in this area.
First, let's find common ground
I think, first of all, you need to understand that bank deposits are obligations of [the bank to you]. When you put money in the bank, actually you don't have a deposit. It's not a bag of money with your name on it. Instead, you lent this money to the bank. He must them to you. This money becomes one of the bank's liabilities. This is why we say that our money is in a loan account: we have provided a loan to the bank. Likewise, if you overdraw and end up owing the bank, it becomes yours obligation and their asset. To understand how money moves, it is important to understand that every entry in an accounting report can be viewed from these two perspectives.Transfer of funds to a client's account of the same bank
Let's start with a simple example. Imagine that your name is Alice, and you are a client of, say, Barclays bank. You owe 10 pounds to your friend named Bean, who also uses Barclays. Paying with Bob is easy: you tell the bank your intentions, it withdraws funds from your account and deposits £10 into your friend's account. The procedure is carried out electronically through the Barclays automated banking system, everything is extremely simple: money neither goes into the bank nor is withdrawn from it; only the accounting system is updated. The bank owes you £10 less and Bob owes £10 more. Everything balances out and everything happens within the bank: the transaction is said to be "recorded" on the bank's books. This is represented in the diagram below: there are only three parties involved - you, Bob and Barclays. (Of course, the same analysis can be done if you are transacting in euros through Deutsche Bank or in dollars through Citi, etc.)
But what happens when you need to transfer money to a client's account at another bank?
Here the situation is more interesting. Imagine that you need to pay someone Charlie, a client of HSBC bank. The problem arises: it's easy for Barclays to withdraw £10 from your account, but how can they convince HSBC to increased Charlie's bill for £10? Why would HSBC agree to owe Charlie more money than before? They are not a charity organization! Clearly the answer is that if we want HSBC to owe Charlie a little more, they need to owe someone else a little more less.Who should this “other” be? This is definitely not Alice: if you remember, she is in no way connected with HSBC. By process of elimination, it turns out that the only possible option is Barclays. And the first thing that comes to mind is: what if HSBC will open an account with Barclays, and Barclays will open an account with HSBC? Each of the banks could open an account with another bank and regulate these accounts to solve these types of problems...
Here's what you can do:
- Barclays can withdraw £10 from Alice's account
- Barclays can then add £10 to the HSBC account held at Barclays Bank
- Barclays can then send a message to HSBC saying that they have increased their account by £10 and would like them to in turn increase Charlie's account by £10
- HSBC would have received this message and, knowing that they had an extra £10 deposited at Barclays, could have increased Charlie's account.
This payment processing model (and its more complex variations) is known as correspondent banking. Graphically it can be represented similar to the diagram presented below. The previous scheme is taken as a basis and a second commercial bank is added; it is important to note that the presence correspondent relations allows banks to facilitate the disbursement of payments to eligible customers.
The scheme works quite well, but there are some difficulties:
- Most obviously, this is only possible if the two banks maintain direct communication with each other. Otherwise, either you will not be able to make the payment, or you will need to route through third(or fourth!) bank until you complete the journey from point A to point B. Of course, this increases the cost and degree of complexity. (Some experts limit the use of the term “correspondent banking” to situations involving different currencies, but I think that this term is useful to apply even in simpler situations)
- More worrying is the fact that it is also risky. Look at the situation from HSBC's perspective. The result of their payment was an increased vulnerability from Barclays. In our example - only 10 pounds. But imagine it was £150 million and the correspondent bank was not Barclays but a smaller and perhaps less reliable institution: HSBC would be in big trouble if the bank went under. One solution would be to make a small change to the model itself: instead of crediting funds to an HSBC account, Barclays could ask HSBC to debit the money from an account used by Barclays. Then there would be no need for large interbank settlements. However, with this approach, other difficulties arise and, one way or another, the interdependence inherent in this model is quite a big problem.
[Note: This is not what is *actually* happening today, as the systems described below are used instead, but I think it made sense to start the story in a way that gives you a clear idea of what's going on]
Wait... why complicate things? Is it possible to just use the SWIFT system? Society for Worldwide Interbank Financial Telecommunications - International interbank system for transmitting information and making payments] and end it?
As a rule, during a discussion of payment systems, there will definitely be a person who will wave his hands, shout “SWIFT” and assume that the issue has been resolved. In my opinion, this only confirms that such people probably do not understand what they are talking about.The SWIFT network allows banks to seamlessly exchange electronic messages with each other. One of the message types that is supported by the SWIFT network is MT103. MT103 allows one bank to instruct another bank to transfer an amount to the account of one of its customers, while the same amount is debited from the account of the organization sending the message at the bank receiving it, so that everything balances out. You can imagine how message MT103 would apply in the case described in the previous part.
So, by sending an MT103 message on the SWIFT network, money is “sent” between two banks, but it is especially important to understand what is actually happening: the message on the SWIFT network is just an indication; the movement of funds occurs when they are transferred to certain accounts and depends on banks that have accounts in other banks (directly or through intermediary banks). Simply waving your hands and shouting “SWIFT!” is hiding these complexities and therefore preventing understanding of the system.
Okay... I see. What about ACH, EURO1, Faster Payments, BACS, CHAPS, FedWire, Target2 and so on and so on????
Wait... Let's do a quick recap first.We have shown that transferring money between two account holders at the same bank does not cause difficulties.
We also showed how you can transfer money between two account holders in different banks in a rather ingenious way: make sure that each of the banks opens an account in friend jar.
We also discussed how electronic messaging systems like SWIFT can manage the flow of information between two banks and ensure that transfers are completed quickly, reliably and cheaply.
But we have more to discuss... as serious issues arise such as counterparty risk, liquidity and costs.
Let's first consider liquidity and expenses.
We need to solve the problem of liquidity and costs
Firstly, you need to consider that the SWIFT network costs money. If Barclays needed to send a SWIFT message to HSBC every time you wanted to transfer £10 to Charlie's account, you would soon find a significant charge on your statement. But what's worse is that a more serious problem arises - liquidity.Think about how much money it would cost Barclays to be in touch with all its correspondent banks every day if the system described earlier were put into practice. They would need to have large amounts of money in accounts at all other banks in case one of their clients wanted to transfer money to a client's account at HSBC, Lloyds, Co-op or elsewhere. This cash could be invested, loaned, or otherwise spent.
But here's an interesting thought: Ultimately, a Barclays customer is just as likely to transfer money to an HSBC customer's account as an HSBC customer is to transfer money to a Barclays customer's account at some point in time.
That is, what if we continued to track all the numerous payments throughout the day and recorded only difference? With this approach, each bank could have much less cash in each of its correspondent accounts, and each could invest their money more efficiently, while cutting costs and (hopefully) sending some of that money to your bank. Such considerations led to the emergence deferred net settlement systems(SONR). In the UK, this system is BACS, and its analogues can be found in any country. In such systems, messages are not exchanged via the SWIFT network. Instead, the messages (or files) go to a central 'clearing' system (such as BACS), which keeps track of all payments and then, within a certain time frame, calculates the net amount that each bank owes to each other bank. They then carry out certain transactions among themselves (perhaps transferring funds to/from accounts that each bank holds with the other bank) or use the RTGS system described below.
This method significantly reduces the requirements for costs and liquidity and complements our scheme with one more block:
It is worth noting that the mechanisms for using credit cards and even PayPal can be described in the same way (as SONR): they are all characterized by a process of calculating internal transaction costs, the result of which is only a net amount determined for large banks.
But even with this approach, a potentially more serious problem arises - the loss of completeness of calculation. You can send your payment instructions in the morning, but the receiving bank will not be able to receive the (clean) funds until a certain point.
Therefore, the receiving bank has to wait to receive a (clean) settlement of the account in case of possible bankruptcy of the sender during the transfer: it would be reckless to transfer the funds to the receiving party in advance. The result is a delay.
On the other hand, you could take the risk and cancel the transaction if a problem occurs. But then the settlement would never be considered “complete”, and in this case the recipient could not expect to receive these funds before a certain date.
Is it possible to achieve both settlement completeness and zero counterparty risk?
This is where all the pieces of the mosaic come together. None of the approaches discussed earlier can be applied in situations where you need to be absolutely confident that payment will be processed quickly, and it cannot be canceled even if the sending bank subsequently goes bankrupt. You desperately need this kind of guarantee, for example, if you intend to create a system for clearing securities transactions: no one will give you $150 million in bonds or stocks if there is a risk that the $150 million will not be paid or cannot be returned!What's needed is a system like the first one we looked at (Alice transferring money to Bob's account at the same bank) - because it's really fast - but that works across more than one bank. The multilateral interbank system discussed earlier seems to work, but becomes quite confusing when large enough amounts are transferred and there is a possibility that a particular bank may fail.
Now, if only banks could have accounts in a bank that could not go bankrupt... a kind of bank that would be located at the very center of the system. You can come up with a name for it. Let's call him central bank!
Following this logic, the idea of a system arises gross settlements in real time[English] Real-Time Gross Settlement system, RTGS].
If all of a country's major banks had accounts with the central bank, they would be able to transfer money from one bank to another simply by instructing the central bank to debit funds from one account and deposit them into another. This is what the CHAPS, FedWire and Target 2 systems are designed for, which deal with transfers of pounds, dollars and euros, respectively. These systems move funds in real time between accounts that banks maintain with the relevant central bank. So this is the system:
- Gross– no accounting of debts (otherwise the system could not be instantaneous)
- Calculations– presence of completeness; no refund
- In mode real time– payments are made instantly.
I thought this article had something to do with Bitcoin
It's good that you reminded me. Now the question arises: can Bitcoin fit into this model?It seems to me that Bitcoin is very similar to the RTGS system. There is no debt accounting, (obviously) no correspondent banking relationships, and all settlements are gross and completed.
However, what is interesting about the “traditional” financial landscape is that most retail transactions today are not carried out through the RTGS system. For example, direct electronic payments between UK residents are made through the FPS fast payment system. Faster Payments system], which offsets counterclaims several times a day, but not instantly. Why is that? I would say because, first of all, FPS is (almost) free, while CHAPS payments cost £25. Many customers would probably use the RTGS system if it were as convenient and cheap.
Therefore, my unanswered question is: will the Bitcoin payment system remain just a semblance of traditional RTGS, carrying out only the most significant transfers? Or will changes to the underlying network (block size limits, micropayment channels, etc.) happen and happen quickly enough as transaction volumes increase, allowing the system to remain available for both higher and lower value payments?
It seems to me that the question still remains open: I am sure that Bitcoin will change the world, but at the same time I am not so sure that we will live in a world where every transaction carried out using the Bitcoin network “passes through” the Blockchain database.
