Banking Transactions: Understand How to Do It Correctly
How to make money transfers from one account to the other? What is DOC? What is TED? There are lots of questions about banking, right?
If you have to transfer some amount of money between one account and another, you have more than one possibility to do so. There are several options available in the market and we often do not know which one is best for that moment.
But it’s alright. We’ll explain it to you so that you can make your best choice in each case!
What you need to conduct bank transactions
To carry out banking transactions, you will need to have some data in hand, such as:
– Full name of the account holder to which the transfer will be sent;
– the financial institution of that person with the agency and the account number;
– Sometimes it is necessary to also have the CPF or CNPJ (for legal entities). So you already have that number in your hands too;
– Account type: whether the amount will be sent to checking account or savings account;
– In some cases, you may also need the account operation number (which is required, for example, for cash transfers).
Deposit per envelope
This is a well-known way to conduct bank transactions between one account and another.
You deposit the money, or check, into someone else’s account, placing it in an envelope and depositing it through an ATM.
The suggestion is to correctly fill the envelope, also putting your data, such as phone and full name, in case of a possible problem.
+ How to fill out a check
What is the difference between DOC and TED?
These two options can be done by both the ATM and internet banking .
This last case, then, is a hand in the wheel, because it facilitates the life of those who have to walk many blocks to arrive at a box in person.
For both a DOC and a TED, you also need to have all the data relating to the recipient.
The DOC, or credit document, is then a type of bank transfer. It is limited to an amount of $ 4,999.99. That is, this is the maximum value you can transfer in one day.
The recipient will receive the amount transferred on the following business day – for the transfers made until 9:59 pm. Otherwise, only on the second business day.
It is also worth noting that not every bank allows the realization of DOC for a savings account, so stay tuned.
The TED, which stands for Available Electronic Transfer and allows the transaction of any amount of value.
So, unlike DOC, there is no specified maximum value – that’s since 2016.
If you make the transfer before 5pm, the recipient will receive the amount in your account only a few minutes later.
There is no standard rate established by the Central Bank. So each financial institution will charge a specific amount. It is important that you check with your bank manager.
What we do know is that transaction fees for DOC or TED are much cheaper when conducted over the internet or ATM. So it pays to understand how they work and start using any of these options.