Types of banking transactions

We'll tell you all the transactions you can carry out in a bank, as well as the most effective way of consulting them.

When you think about the services a bank offers you, most people just think of having their salary paid in, getting cash or, if necessary, arranging a loan or a mortgage. But is that all? Of course not! Without going too deeply into the world of the many and diverse products a bank offers, with your checking account you can carry out different types of really useful banking transactions you maybe hadn't thought about until now.

In this article we'll take an orderly look at these types of bank transactions. Learn about them in terms of whether they involve paying in or withdrawing money from your bank account. We'll also tell you how you can carry them out from your cell phone thanks to BBVA's online banking and where to check so that you can keep up to date with the state of your account.

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Types of bank transactions that involve paying in money

This is probably the group of bank transactions that incites the most personal interest. And quite rightly too, as all these transactions involve an increase in your capital.

The types of bank transactions that involve depositing money into your accounts are as follows:

  • Direct payment of salary or pension: when you link a monthly payment, whether it is a salary for work or a pension you receive from the government, this money is automatically paid into the associated account. Direct payment is undoubtedly one of the easiest ways of getting paid, as the entire procedure for paying in your salary is carried out by the person or body paying you and the bank.
  • Transfers received: those transactions that occur when a person or company orders their bank to withdraw money from their account and deposit it in yours. The main difference between this and a direct payment is that transfers are usually one-off transactions rather than regular payments. For example, you can receive a transfer if you're going on holiday with friends and for convenience you pay all the flight tickets and then each one of them repays (transfers) their part to you.
  • Interest payments: this occurs if you have contracted a product with your bank that generates a return and you decide to receive payment of it. The interest payment is, therefore, the receipt of the money generated over a specific period by a product, such as a deposit. This type of bank transaction will not take place every month, as products that generate interest usually require long periods of “inactivity” before the returns can be redeemed.
  • Cash deposit: this is perhaps one of the oldest bank transactions. You pay in an amount in cash and it is automatically added to the balance of the account you specify.

Types of bank transactions that involve withdrawing money

Despite the fact that the nature of this kind of transaction is not so attractive, it is necessary to pay special attention to them and check them carefully. The fact that they result in a reduction in your capital is precisely why you should check that all the details are correct and that your account has not been charged more money than was due.

The types of banking transaction that involve a withdrawal of money from your account are the following:

  • Direct debit billing: in the same way as you can ask your employer to pay your salary into a specific account, you can ask your bank to pay regular bills from that same account. This expedites the many payments we are obliged to pay as citizens or householders. The most common direct debits are those for electricity and water bills and certain taxes.
  • Transfers carried out: provided you give the order to withdraw an amount of money from your account and pay it into the account of another person, it will be recorded in your banking transactions as “a transfer carried out”.
  • Payment of debit entries: the most common debit entries are monthly repayments of a mortgage or a loan. As with direct debit billing, this is a way of simplifying the corresponding procedures. Usually, when you take out a mortgage or a loan, you authorize the bank to withdraw the monthly payments from your bank account without have to notify you every month.
  • Payment of fees: it is usual for a bank to charge you fees for the various services and products you have contracted with it. Without going any further, the maintenance of the account in which your bank transactions are recorded may be subject to a charge.
  • Cash withdrawal: the opposite to paying in cash. In other words, withdrawing money on credit or debit using a card whenever you go to an ATM is registered in your account as an operation that lowers your balance.
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BBVA online banking, all your banking transactions with a bonus of convenience

Today's pace of life means we haven't got time to spend going to a bank branch for example to deposit money in our account. For this reason and because BBVA is always one step ahead of the needs of its customers, it has created BBVA Online Banking. Thanks to the BBVA mobile app, considered as the Number 1 mobile banking app in the world by the consultancy Forrester, you will be able to carry out all your day-to-day bank transactions with a single click of your cell phone.

The bank transactions you will be able to carry out with BBVA Online Banking are the following:

  • Paying in cash at an ATM: to carry out this transaction all you need is your access passwords to bbva.es or the BBVA app. Insert your card in the ATM and select the on-screen option “Carry out another operation”. Next you will see the operation “Pay in money”. Select this and specify into which account you wish to make the deposit. Place the bills in the slot and after the ATM has counted them you will be able to continue paying in cash or complete the operation. If you decide you do not want to pay in any more, the screen will show you a summary of the operation. Read it carefully to check the details and click on “continue”. You can print your receipt, or help the environment by choosing to receive it via email or SMS.
  • Mobile Cash: imagine you've just had a coffee in a café and you realize you haven't got any money on you and you've left your credit card at home. With Mobile Cash on the app you can solve the problem in minutes. This is a service that allows you to send money to whomever you like (in this case to yourself) and withdraw it from any BBVA ATM without need for a card. Just go to the app, select operations and enter the phone number of the recipient and the amount of cash you want them to be able to withdraw.
  • Bizum: consists of being able to send and receive money instantly between cell phones without the need to enter a bank account number. It works like a text message and the money is moved from your account to that of your friend, even if you're not with the same bank. And it's completely secure.
  • BBVA Cashup: is a tool that uses the Bizum system, but takes it one step further in convenience and ease for you. If you want to send money, all you have to do is go to the app through which you normally chat with your friends and in the tools section of the keyboard click on “Cashup”; choose the contact you want to send it to, enter the amount and validate the operation with your BBVA app password. It's as easy as sending an emoji!

Besides these bank transactions that will simplify your daily life, the BBVA app also allows you to set up direct debits for your bills in BBVA from your cell phone or, if you prefer, to pay those for which you haven't set up direct debits. It also allows you to turn your cards on and off if you're suddenly not sure where they are, request foreign currency without having to wait in line at your branch and check your virtual mail.

Look for the BBVA app in the App Store of your Smartphone or Android and begin to benefit from all the options it offers you in carrying out your bank transactions at any time and in any place.

Digital bank statement, the best way of consulting your bank transactions

At BBVA we know how important it is to keep a periodic check on all types of bank transactions. For this reason, it has designed the digital bank statement.

To change the traditional printed statement (which always ends up in the waste basket) for the new digital new format, you just have to validate your email address with BBVA and have your password operational. If that's not the case, don't worry as you can do both these things easily during the registration process. Go to bbva.es and start benefiting from all the advantages of always having your bank statement with you.

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