Netting off money transfers transactions single currency

In a situation where client A needs to transfer $1000 from the Deposit bank account to the Transacting bank account and, on the same day, client B needs to transfer $600 from the Transacting bank account to the Deposit bank account, the system will net off the money transfers to $400 from the Deposit bank account to the Transacting bank account.

Transactions and Bank charges are minimised in this way.

NOTE: Bank charges would be deducted from the account with the bigger amount (Client A in the example). See Bank Charges On Money Transfers Between Cash Instruments

Netting off is limited to single currency transfers and not applicable to Forex transfers

Last Updated on 7 years ago by Tinus Burger