What is Transaction Banking?7 min read

What is Transaction Banking?7 min read

We will tell you about Transaction Banking. Why? Because, understanding the transaction process and how it works may require knowing the meaning of transaction banking.

We can thoroughly define transaction banking as any money moving in or out of your bank account. Somehow, we misuse the word in our daily routine and shuffle it into another much-used term, banking transfer.

To clear the clouds, we want to emphasize that a bank transfer is one type of banking transaction which refers to carrying funds from one account to another.

This transfer may be within one bank or several banks. On the other hand, a bank transaction includes different types of financial activities besides a transfer.

These are all transactions: opening a bank account, cashing out from an ATM, a deposit into a savings account, changing the cheque into cash, debit/credit card charges, or Mortgage payments. 

Transaction Banking Process

How a bank transaction works is another curious question. Technically, a transaction operation proceeds as follows: Account holders demand their bank (the sender bank) to make a payment.

At this point, the bank checks up on whether they have sufficient funds in the account to pay this amount. In the case they have, the sending bank arranges an electronic file for the receiving bank and puts the transaction into operation.

This operation can be viewed in bank customers’ transaction history once requested or can be reachable in the mobile application if the subject bank has one of its own.  

A Brand-new Way of Banking

Although the traditional banking system looks like a fairytale for the Z generation who were born to the felicities of the millennium age, we, the children of the 90s, passed through the struggles and obstacles of the period when there were neither “www” nor smartphones.

The times we need to be physically present in a suffocating bank branch with a pile of documents under our arms to operate a transaction banking service domestically or overseas. 

The above process would take at least a half day. Well, you better not ask how long it used to take to receive such a transaction. Let’s say less than four days would be a blessing in our super-fast banking system back then.

Therefore, we can absolutely say that old banking can be the least missed part when it is time to stroll down memory lane. Thankfully, these attitudes and snail’s pace operations are the dusty pages of history now. 

As the time flew with all those problematic money transfers, creating accounts, changing addresses, and doing this in a boresome loop, the Renaissance of online money transfers began.

A wire transfer didn’t just shorten the transfer time but also eased the path we follow via online banking. It was a beginning of a new era in which account holders sever all ties with being physically in a brick-and-mortar bank. 

Today, when we need an urgent transaction, whether it is a forgotten school loan reimbursement or an advantageous foreign currency exchange of the day, all we need is to sign in our online banking accounts and be our own professional bank employees.

There is no difference between a Christmas Eve and an ordinary work day in this fantastic system. You can quickly and securely operate any type of bank transaction free from location, time, and other limitations.

Here, in The Kingdom Bank, our professional inner team has created a state-of-art online banking platform where you can send money overseas, pay your scheduled bills with a few clicks, and many more.

You can create your bank account online in a blink of an eye, whereas you can also utilize our tailor-made services special for you.

Visit thekingdombank.com today and elevate your online transactions to the next level!

Would you like to go for a bank account in The Kingdom Bank and meet our high-standard online services?

Click here to create an account now!

team@thekingdombank.com

https://www.thekingdombank.com/