VIEWING THE FOLLOWING OF BANKING SERVICES

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FINANCIAL CHEST – Not only providing savings and credit products, banks also provide other services that facilitate customers’ financial transactions for both business and personal needs. There are so many banking services, my friend, apparently, from those who are very close to you to those that you might just know when reading this article. Come on, let’s look at the appearance of banking services together.

1. Documentary Letter of Credit (Letter of Credit or L/C)

Are you an entrepreneur who has experienced concerns that you have already sent money to import goods and the goods were not delivered? Or are you worried about exporting the goods first, but later the other party doesn’t complete the payment? Now, if it’s like this, a letter of credit (Letter of Credit or L/C) service in banking can be a solution to this problem, pal.

Documentary letter of credit (Letter of Credit or L/C) is a written promise issued by the issuing bank on the basis of a written request from the applicant or himself to the beneficiary to pay or receive the draft, permitting another bank to pay or receive/take over the draft, if the document submitted by the beneficiary in accordance with the terms and conditions of the written promise issued by the issuing bank. So in other words buddy, this service will act as an intermediary that suspends payments until the transaction between the two parties is fulfilled.

2. Bank Guarantee

A bank guarantee is a guarantee in the form of a script issued by a bank to a customer, which results in the bank paying to the party receiving the guarantee if the guaranteed party (in this case the customer in question) is in default. With this financial service, my friend, the security of your payments and the smooth running of your business transactions will be guaranteed by the bank with a fast and easy process.

3. Inkaso

Who needs bill payment collection services in foreign currency? If you are one of them, maybe you are already used to using this one service, namely collection. Inkaso is the granting of power of attorney to the bank by the customer (both corporate and individual) to collect securities (both documented and undocumented) that must be paid after the party concerned (payer or interested) is in another place (in or abroad) approves the payment.

4. Clearing

As with other banking services, clearing aims to facilitate the process of completing financial transactions and guaranteeing their security. Hmmm… what do you mean? So buddy, clearing is the calculation of accounts payable between clearing participants centrally in one place by handing over securities and trade documents that have been determined to be taken into account. In general, this clearing can be categorized as a delivery service (transfer). However, unlike ordinary transfers, the time required for clearing is longer because it follows a certain settlement period. Items used in clearing services can be in the form of checks, bilyet giro, money orders, debit notes, or other forms approved by the World Bank as the executor.

5. Transfer

If this service is sure you already know it, right? Because based on the 2019 National Financial Literacy and Inclusion Survey, transfers are one of the most popular financial products and services used by the public. How about it or not, now all payment processes are very easy, right with the transfer service. As you know well, buddy, a transfer is a remittance received by the bank including the proceeds from the collection that is billed through the bank, which will be forwarded to another bank to be paid to the customer.

6. Safe Deposit Box

Do you have gold bars/chips or other valuables, but are confused about where to store it? Stored at home there is a risk of theft, stored under the pillow is a bit sore, the neck because it will get stuck… Well, maybe it’s time for you to use this one banking service, especially if it’s not a safe deposit box. Safe Deposit Box is a facility for storing valuables in the form of a box provided by a bank for the benefit of its customers. This safe box is kind of exclusive to you and can only be opened by the bank and you together, it’s really safe anyway.

7. Electronic Money (Stored Value Card)

You could say that in an era like now, the movement of financial transactions is getting faster, friend, because it is easier for people to transact without the need to use money in physical form. Now, people can transact with electronic money, one of them. Electronic money is a means of payment in electronic form where the value of the money is stored in certain electronic media and the user must deposit a certain amount of money (top up) first to the issuer and keep it in the form of a balance. Electronic money is divided into 2 (two) types, namely chip-based (this type is generally in the form of cards) while there are server-based ones (this type is generally in the form of applications installed on smartphones). Electronic money certainly helps people a lot from shopping, paying for toll services, to paying for public transportation services without having to worry about carrying cash and waiting for change for a long time.

FINANCIAL CHEST There are so many, my friends, it turns out that there are banking services that you can feel the benefits of, ranging from those that you may rarely or even never use, such as L/C and safe deposit boxes, and even some that are very close to our lives, such as transfers and electronic money. Wherever you go, there will always be banking services around you.

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