What are Transfer Payments?

Transfer of account refers to a bank currency settlement method that does not use cash directly, but transfers money from a payment account to a receiving account through a bank to complete currency receipt and payment. It has gradually developed with the development of the banking industry. When the settlement amount is large and the space is long, the transfer settlement can be used to make it safer and faster. In modern society, the vast majority of commodity transactions and currency payments are made through transfer settlement.

[zhun zhàng]
Domestic
Bank transaction
As a bank settlement method, bank transfer has a wide range of applications. Transfers and settlements can be made in the same city and place, between unit accounts and unit accounts, between unit accounts and individual accounts, and between individual accounts and individual accounts.
On the morning of September 23, 2016, the six departments jointly issued "
Free intra-bank transfer
In order to effectively curb the behavior of buying and selling accounts and counterfeit account openings, and comprehensively promote the management of real-name accounts, the Notice on Strengthening Payment and Settlement Management to Prevent New-type Illegal Crimes in Telecommunications Networks clearly states that as of December 1, 2016, banking financial institutions To open a bank settlement account for an individual, the same person can only open one type I account in the same bank. If a type I account has been opened, then a new type of account should be opened for a type II or III account. The move is aimed at protecting funds. [5]
On March 28, 2019, the central bank made appropriate adjustments to the self-service teller machine transfer management policy, that is, when handling business for individuals through self-service teller machines, the transfer acceptance interface (including foreign language interface) can display the payee name, account number and Information such as the amount of the transfer (name should be desensitized), and clearly prompt in Chinese that the business will arrive in real time and be confirmed by the customer. If the above requirements are met, the provision for self-service teller machines to be transferred to the account 24 hours later may no longer be implemented. [1]

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