Money transfer services

• Cash


  Money in the form of bank notes and coins, commonly used as a method of payment by consumers, although businesses tend to use other methods
• Cheques


  A slip of paper filled in with information and signed by an account holder, telling the bank what the account holder wants done with their money
• Payment cards (debit cards)


  Cards issued to customers by banks and other financial organizations, enabling the rightful holder to make payments and purchases without having to use cash or a cheque and to debit the charge direct to their bank account
• Credit cards


  Enable the holder to make purchases without the use of cash or cheque and to pay the amount involved at some later time
• Current/chequing account


  Charges are paid to the bank for operating this kind of account, used for making payments with a cheque book and payment ATM card usually provided
• Standing orders


  An order given by an account holder to their bank to transfer a certain sum of money to another account at regular intervals
• Credit transfer


  A method of transfer of money from one account to another without the use of cash or cheque, where the amount involved may vary with each payment
• Bank draft


  A kind of cheque drawn on a bank rather than an account holder, although it will have been raised by an account holder and paid for in advance
• Letters of credit


  An undertaking by a bank to honour bills of exchange drawn against it up to a specified amount provided certain conditions are met, for example, imported goods are supplied by a specified date
• Deposit/savings accounts


  Earn interest and are used if you want to leave money in the bank when it is not required for immediate use, with several types serving different needs
• The bank sends the account holder a statement of account (also referred to as a bank statement) from time to time or on request, detailing all amounts paid into the account, how much has been taken out, and the balance left
• Charges are often made for each cheque issued by businesses, especially if the balance held in the account falls below a certain minimum, but banks vary in the charges they make
• By prior agreement with the bank it is possible to overdraw on a current account, that is, to draw out more money than has been paid into the account, with interest charged on the amount overdrawn
• Joint account


  May be shared by two or more persons, with a variety of arrangements for signing cheques
• Paying money into a bank account is important because it provides a place for keeping money that needs to be available for immediate (current) use, with some banks paying interest on amounts left above a certain minimum level