What are different types of money?
There are five different types of money: check, concept, transfer, order and wires. All five methods are used to move money from one bank account to another. These types of cash services are available worldwide and form the primary function of consumer banks.
The check is a paper note issued by a bank account holder of another party. It can be a person or company. Checking can have a wide range of designs and colors, but must contain the basic information needed to complete the transaction.
The check must provide the name, address, date, recipient name and the entire amount to be transferred. All checks require the signature of the bank account holder. Inspection number, bank account, bank identifier and branch number are required. This information is pre -printed at the bottom of the check and are formatted according to the rules of the banking institution in the country.
The proposal is issued by the bank at the request of the account holder. Theproofed details are the same as for control, but there are two main differences.The proposal can be issued in a foreign currency and will be appreciated by an unrelated bank in another country. The proposal funds are downloaded from the bank account at the time the proposal is issued.
Money transfer is one of the most commonly used cash services in Europe. Funds are shifting within the banking system from one account to another. The recipient does not require any paper documents because the sender is responsible for creating a transfer from their bank. The only information required is the bank and identification numbers of the bank.
The cash order is available from a wide range of companies outside the banking service. The funds are paid by the Code of Procedure, which issues a paper document with the full amount, recipient and date of effect. The recipient takes the cash order and can cash on the front of the same company or at their bank.
Cash wire transfer is used to quickly convert funds to a bank appet in another country. Banks around the world will subscribe to the old network of money transfers along a secure network. This type of cash services can only be accessed from the bank. Money is one of the first functions of the banking system and provides means to safely move money around the world. Always collect the information required in advance and check the accuracy of the information used to ensure that they are correct.