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Bank Transfers and Deposits
Bank Transfers and Deposits
The transfer can happen between accounts of the same bank or to accounts held with other banks.
Pix is the transfer method created by the Central Bank, it is free for individuals and takes place within the bank’s APPs. In addition to it, we have two more types of transfers that are widely used: TED and DOC.
To use these two transfer methods, it is necessary to have information on who will receive it, such as their names, CPF (Individual Taxpayers’ Register) or CNPJ (National Register of Legal Entities), account number, bank and branch.
DOC – Credit Order Document has a transfer limit of BRL 4,999.99. If the transfer is made before 10pm, it will be credited on the following business day.
In the case of TED – Available Electronic Transfer, the compensation takes place on the same day, as long as this transfer is carried out before 5 pm, and there is no limit to the amount that can be transferred.
The bank deposit is a delivery of values to a financial institution, this institution is responsible for keeping the value in custody and returning it in cash if the user so requests. The amount deposited enters the form of credit in the account, and can be used for purchases and payments in a digital way.
The deposit can be made by cash or check, at the ATM or inside the branch.
The time for clearing the amount will depend on certain points such as the time of making the deposit. When done inside the branch, the amount will be immediately accessible, while at the ATM the amount is credited within 1 business day. For checks, this period can be extended to up to 3 days.
It is important to remember that these banking functions are available for all three account types: current, salary and savings.
Fees may apply for DOCs and TEDs.
Bank Transfers and Deposits
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