Difference between transfer and transfer Details!

Throughout this article we will try to solve all your doubts about the difference between transfer and transfer, we know that these two terms can sometimes cause confusion, so we are going to try to help you differentiate them and know each of their meanings. Let's start.

Difference between transfer and transfer

When we see these two terms for the first time, our most natural reaction would be to think that both refer to very similar concepts, there are even people who think that they may be synonyms, but let us tell you that they are different concepts, that you must know how to classify to avoid being able to make a mistake and make wrong transactions.

We know that the process that consists of sending money from one place to another is a fairly common process for all banking entities for us as users, it is considered as the activity that we carry out in 90% when entering a banking Web platform or when going to a physical teller of a bank. But we must know that depending on the transaction that we decide to carry out, these may have certain different consequences.

So now what are the most marked differences? Well, it is simple, the transfer is completely free, while, for transfers, banks or financial entities charge various commissions depending on the amount with which the transaction is being made, the bank to which it is directed or even the geographical location to whom the money is directed.

Difference between additional transfer and transfer

Another of the big differences is that transfers, also known as “internal transfers”, can only be carried out in the same bank, that is, they consist of only internal processes, that is, if you can carry out these transactions for both your own accounts and have in the same bank or for other users with accounts in the same bank, there are no such restrictions.

In addition, we can include that these processes are automatic and without payment of commissions, since the money is not going to move to other places, banks do not usually charge for this type of action even if you do it for your own accounts or other clients, such as we said earlier.

However, there are some times when the collection of commissions does apply, it is almost always when the transfers are made from a legal account to another legal account of a different office, in this case if a small amount is collected, the which will be stipulated based on the internal regulations of the banks, which in turn will be differentiated depending on the amount transferred and the person to whom the operation is made.

Therefore, it is a point that you must take into account when you make a transfer, in case you have just enough money or want to send the entire amount that you have in the account, you must always remember that you do not know if you are going to charge commissions, so it is always advisable to have a surplus or a slack to help you with that.

This contrasts with transfers, which consist of carrying out transactions with accounts that belong to other banks, therefore, they will always generate commissions for carrying out the operation, and here we begin to see the differences with the term that we define above, and this applies to any account that is from another bank regardless of whether it belongs to the same owner or is for another person or office.

How much would that percentage be?

It is something that may catch your attention, because the answer is that it will totally depend on the amount for which the transfer is made, the bank where it is issued, the one that receives the money and how both handle this type of transaction. , the geographical location of where it is made and where it is received, can even influence the way in which the transactions are carried out, whether it is from the mobile app or directly from the website. All this can influence so that they charge you a higher or lower commission rate for carrying out the operation.

Perhaps you may ask yourself, why do banks charge these commissions? Well, it is for the simple fact that it costs them money to carry out the operation, as well as they must have a certain support in case it is necessary to make a refund of the transferred funds for some reason, that is, these amounts are not taken out up the sleeve, all are duly regulated in the basic banking tax laws.

This law is what allows the bank user to be able to choose whether they want the payment of the commission to be made by you as the client who makes the transfer or the one who receives it, or you can assume the payment of this half, which means one part each, all are aspects that you can choose.

In addition, you should be aware that the higher the amount you transfer, the higher the commissions, therefore, you should know that you cannot count on just enough money for the transaction, you must always have the corresponding slack, so that in this way the operation can be successful.

A few years ago a factor that had a strong influence was the location where the financial institution was located, if it was in the same region or outside, this strongly influenced the collection of commissions, however, this is an aspect that a few years ago was unified and today is not a very decisive point. Unless it is a transaction for a bank that is outside the country, in this case the corresponding commission may be affected.

Main difference between transfer and transfer

The main differences have to do with four main points, which are: the entities that may be involved in carrying out the operation, the collection of commissions, the instantaneity of the process and the possibility of having a cash income. We are going to develop each of these points a little more so that you do not have any doubts:

Entities that may be involved

In the case of transfers, only the same financial entity is involved to be able to carry out the operation, either for the same owner or another.

In the case of transfers, other banking entities are involved in order to carry out the operation, and in the same way, whether for the same holder or another.

Collection of commissions

In the case of transfers, they do not imply payment of commissions by the client. Unless we are talking about operations of large companies with large amounts, in this case you should pay special attention.

In the case of transfers, it generates the payment of a commission which is established by the bank depending on different factors such as: the charge for the amount of the transaction, the geographical location from where the operation is made to where it is sent , the mode or form in which the transaction was carried out and the regulatory aspects as such of the banking entity.

Instantaneity

In the case of transfer, as we are talking about accounts that belong to the same bank, it is mentioned that the operations are carried out immediately or instantaneously.

When we talk about transfers, these money transfer processes are not done instantly, so it is good that you document yourself based on your bank so that you can know the transaction times, they almost always take around 24 business hours to that the money is reflected.

Possibility of cash income

For this option in the case of transfers does not accept this possibility. In the case of transfers, you can deposit the money you want to move in cash. Taking the money to be received at the box office, and this will be reflected around 24 to 48 hours after having carried out this operation.

Types of transfers

Now let's talk about something that may be very interesting and important to you, what are the types of transfers that we can make? We mainly have 6 types of transfers that we can make, which we are going to talk about a little more below:

• National: In the first place, we have this type of transfers that consists of all those that are made within the country, all those that are considered national.
• International: They are those that are made from your country to any other foreign country.
• Those of the European Economic Area: These are the ones that can be carried out inside or outside what is known as the European Economic Area, what you should know about this type of transaction is that since it leaves the bank's area of ​​operation, there are commissions for currency exchange and geographical location, in addition to the fact that the transactions may take a few days to become effective.
• Bank of Spain: It involves all the transfers that are made by this banking entity, an interesting fact is that it allows reception almost instantaneously, so it can be ensured that if the money is urgently needed, it will be available. This acts as a bridge between the banking entities involved, so if the operation is carried out using this route, there will be a greater increase, since it must go through several places so that it can be carried out satisfactorily.
• Non-residents: This is a type of transfer that can also be made, since different commissions can be charged for residents and non-residents, this is what is known in Spanish banking as "non-resident euros", so You should pay special attention to this.
• Payment orders abroad: This type of transfer came to air as a result of the large number of foreigners who entered the country, immigrants looking for alternatives to be able to send money to their families, made banks look for alternatives to facilitate these procedures for these people.

Of course, carrying out this operation implies some points to take into account, such as: in order to carry out this operation, the people who send the money must show all the necessary documentation for their identification, in addition to having their immigration status evaluated, as well It is very important that the bank to which the money is to be transferred must be involved with the bank of origin, in addition to the fact that the entire transaction must be duly supervised by national and international regulations.

This last point is to avoid that the transferred money has a criminal origin or this whole procedure is being given to carry out money laundering, or to hide criminal activities, for that reason, the banks ask for certain information about the origin of the money and the person to that is sent to you.

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We talk about commissions

Now it may be interesting or necessary for you to know about the collection of commissions when making transfers, since this is a difference between transfer and transfer, for that we are going to try to develop a little each of the parameters that are taken into consideration:

Manual transaction

These include all those that are made directly at the bank's ticket offices or branches, almost always when operations are carried out in this way, the commission is 0,20% of the total amount of the transaction. However, in the event that the amount with which the operation was made implies that 0,20% is less than 2 euros, this amount will be charged. Therefore, we can say that for operations of less than 2.000 euros, 2 euros will be charged and for larger ones it will be the corresponding 0,20%.

Transactions through files

A file is known as an application which carries out the processes automatically with the bank or cashier, in this way, it collaborates so that all banking procedures can be carried out quickly and much more easily. This is very useful mainly for companies, which make monthly payments to suppliers or perform billing, in this way, they can speed up the process, therefore, it is highly recommended if this is your case.

To carry out this type of operation, the bank requests some information such as the full name of the beneficiary, its account number, the concept to carry out the transaction and the amount to be imported, then the proper programming is carried out and in this way you should not worry about this. again, since the system does it by itself.

Although this will depend on the bank where you are making this type of transaction, in most cases the commission is 0,10%. However, as in the previous case, the lowest amount to be deducted per operation is 1 euro, therefore, for all those operations less than 1000 euros, a commission of 1 euro will be charged and in higher cases if it is going to be canceled the corresponding amount of 0,10%.

Internet transactions

This can result from the three options, the easiest way to make a transfer, in addition to being the most used, not only because of how practical, fast and safe the procedure can be, but also because it has a fixed commission cost of 0,10%. regardless of the amount of money with which the transaction is made.

Generally, all banks have the same operating percentages, in these we can include: BBVA, Bankinter, Cajas Rurales, Deutsche Bank, Barklay, La Caixa, Bancaja, among others.

It is important that you know that exceptions can always exist and there are some cases in which you can apply the fact of reducing the amount of commissions or even not charging anything, this will depend on the concept of the operation, the client, among others. . That is why it may be important that you check with your bank if you are a potential client to receive one of these exceptions.

We hope that with this article we have helped you to know all the difference between transfer and transfer, however, for more information we leave you the following video in it you will find additional points that we may not have had a chance to share with you, that's why we invite you to that you take a few minutes and you can visualize it.