What is cash-in-transit?

Cash-in-transit (cit) is a term used to describe situations in which real cash money moves from one condition to another. As with cash valuables in transit (CVIT), cash-in-transit may include physical cash moved from one place to another, such as cash vault and delivered to a business customer in an armored car. More often, this term is used to describe the state of deposits or transfers of money, as the funds are moved from one account to another.

One of the more common examples of cash-in-transit concerns the way the deposits are published and made available to the account holders. Many banks require the deposits to take a certain time of day to be published as it is received on the same day. This means that if banking rules and regulations state that they will only receive deposits in hand by 2:00. The same working day is published, a deposit that is offered at 15:00. will not be affilly published and make the account holder available until the followingthe working day of the working day. In fact, the deposit will appear in the account statement as a deposit for this working day rather than the actual deposit date.

The same general approach also applies to electronic transfers. If the account holder receives a payment from the employer through a direct deposit, the funds are immediately credited and available if the transfer is accepted within a certain time of day. If the transfer is accepted after this deadline, it is recorded, but is not actually published on the account and is ready for use until the next working day. During this time framework in which the deposit was accepted but remains uncomfortable to the account, it is said that it is a transfer of cash.

The term still applies to real physical cash assets that move from one place to another. SECURITSPOLITY Y are often involved in the management of this physical relocationVKY from the Ministry of Finance to the bank or transport of cash from one branch of the bank to another branch located elsewhere in the city. Here, the transfer of cash applies not only to the state of cash, because it is moved from one place to another, but also how quickly the funds are accepted and recorded in the recipient's bank records.