9 WAYS TO DEPOSIT AND WITHDRAW FUNDS FROM YOUR CURRENT BANK ACCOUNT

[Mutt]

A current account is a kind of account with a bank for easy tracking of cash flows. The set of operations on the account of a legal entity (LLC) and individual entrepreneur depends on the selected cash settlement package and the capabilities of the bank itself.

You can list the movement of funds on the account as follows (basic operations):

1. depositing funds to the current account through the bank's cash desk;
2. withdrawing cash from the current account through the bank's cash desk;
3. transfer / payment within the bank (from other settlement accounts) from legal entities from account to account;
4. transfer / payment within the bank from individuals from account to account (including card account);
5. interbank transfer (payment) from legal entities from account to account (including bank card accounts);
6. interbank transfer (payment) from individuals from account to account (including transfer from card to current account);
7. replenishment of a cash card linked to a current account;
8. withdrawing cash from a cash card;
9. cash withdrawal from the current account through the bank cash desks using a check.

All transfers can be made for various reasons, for example, depositing cash to an individual entrepreneur's account from own assets is not considered in income and is not taxed, the basis (source of income) is indicated as "Working capital replenishment". And the funds withdrawn from circulation (proceeds) are another matter.

In addition, the bank's commission depends on the type of operation.

How to withdraw money from a current account or withdraw

1. At the bank's cash desk by means of a paper order (announcement of the deposit of funds - the form is determined by the bank). The bank may not have branches in your area or even city. Service on your account can be performed only in a specific branch. Withdrawal of funds can only be the owner of the current account, or the authorized person indicated in the agreement on the cash settlement.
2. At the bank's cash desk through a check. Your RCO tariff should provide for the maintenance and issuance of checkbooks. Only a certain employee can write checks (usually an accountant, the signature will be matched when issuing cash).
3. At the ATM of the bank serving the current account. This operation is subject to separate limits and commissions determined in the service agreement. The advantages are that the ATM can be located more conveniently than the same bank office; there is no need to provide any documents. Issuance can be carried out only with a cash card linked to the account (its issue and servicing are negotiated separately in the agreement).
4. At a third-party bank ATM with a cash card. The method, as a rule, has a high commission. Sometimes banks work closely together, which contributes to the reduction or even absence of commissions in certain banks.
5. In any convenient way (from a card at an ATM or at a bank branch) after transferring funds from your current account in favor of an individual (for example, to your own card account opened in another bank for an individual).
6. Withdrawing money from an account into electronic currency (Yandex.Money, Qiwi, etc.). Most electronic payment services allow you to issue classic bank cards to your account, with which you can pay for any goods or services without withdrawing cash (it is possible to receive cash through postal orders or through ATMs). Withdrawal to a mobile phone account is possible (for example, Megafon offers full-fledged bank cards linked to a mobile phone account).

How to transfer money to a current account

1. Intrabank or interbank transfer from a legal entity's account to your current account. An interbank transfer differs from an internal one only in the increased commission and the possible term of execution. Although the conditions and tariffs depend on the selected cash settlement package and the bank's capabilities. The transfer can be made through the bank cashier or through online banking.
2. Transfer money from a card to a current account from legal entities. The transfer, again, can be within the bank (from their own accounts, for example, from a separate cash card account, or from the accounts of other customers, if they are served at the same bank). Differences from the previous method are the commission and the technical implementation method (for example, the transfer can be made through the nearest ATM).
3. Transfer of money from a card to a current account from individuals. Most often these are payments (that is, they must be posted as income) or replenishment of turnover (they are not taken into account in taxes). To receive money directly as payment from customer cards, it is necessary to activate the acquiring or Internet acquiring service. Direct transfers from a card account to a legal entity's account are also possible, for example, through Internet banking for individuals.

Cash

1. Cash depositing through the bank's cash desk can be carried out on various grounds (payment document, cash register tape when making proceeds, replenishment for household needs, etc.). The set of necessary documents and the size of the commission depend on the basis for depositing.
2. Replenishment of a linked bank card through ATMs. The commission for depositing depends on which bank owns the ATMs or payment terminals.
3. Self-collection, or deposit of proceeds (cash surplus) through ATMs.

Before transferring money to a current account or making a payment / deposit from it, it is best to study the current tariffs in detail, since the commissions depend on the type of payments and the method of their technical implementation. So, for example, a bank that initiates a bank transfer from an individual in favor of an individual entrepreneur or LLC may charge its own interest, and the bank in which cash services for the current account are conducted charges an additional commission for this type of income.