Transfer Transaction Form For Travel Accounts: Fill & Download for Free

This is a pretty wide open question. Will try to answer as much as I can. I've included more visual versus text, as visuals can very easily get the point across, in a few minutes. Should you wish to explore further, I have provided some relevant links for further reading.First of all, the definition. When discussing payment systems, it is so easy to have different understanding of what a payment system is.WHAT IS A PAYMENT SYSTEM?a payment system consists of a set of instruments, bankingprocedures and, typically, interbank funds transfer systems thatensure the circulation of moneyGlossary definition from the Committee on Payment and Settlement Systems (BIS - Bank of International Settlements). See glossary at: http://www.bis.org/publ/cpss00b.pdf (March 2003)In its basic form a payment ecosystem has this very important singular relationship, without which a payment cannot be made:The whole concept of a "payment" is to exchange money between two parties, so hence the Payer and Payee concept.*Barring Bitcoin, regulated money (which is what 99.999+% of us use) requires a bank. It is not necessarily that a bank is required to move money, but a Bank is at the core, for example in Cash-to-Cash transaction, whilst a bank is not involved, a Bank was the source of the cash and could very well be the destination of cash as well (if) and when it gets deposited.The definition of a Payment System can be visualized as follows:The Payment Instrument section above can be expanded as:Central to all this is the Bank, and how the bank interacts with various entities would be explained below. First, you have to understand with whom a commercial bank can interact with:The above essentially represents the eco-system in which a commercial (non-investment bank) is operating in. The ovals in purple, represents the various verticals a bank can choose to associate themselves with and work in/with.A slightly wider view of the same would be:Credit: Above visuals are extracted from the presentation "An Introduction of Payment Systems" by Dyah N.K. Makhijani, Bank Indonesia. Source: http://www.bi.go.id/NR/rdonlyres/10122ACC-8ACC-41E1-91EA-94F3D98B874F/14130/AnIntroductiononPaymentSystem.pdfAs far as Banks are concerned, there are many types of banks, below is a pictorial representation of the different types of banks:PAYMENT SYSTEMS LAYER (REGULATORY)In most cases, a payment's ecosystem has a hierarchy of how the central bank is, then commercial banks, the payments layers and companies that work with the payments layer (as one of the examples, here is how a payments system hierarchy looks like for startups in a particular model that I was trying to demonstrate):The concept shown in the above diagram in a rudimentary form was to show that in most cases, Startups work with a Payment Service Provider who work with Banks, who are regulated by the Central Banks.THE FINANCIAL SWITCH ECOSYSTEMThe Switch in the Payment's Ecosystem is extremely important, it is what allows for a lot of the connectivity and transactions routing/communication to go through.Below is an example what the transaction set of a unified switch would look like. Not every transaction set shown below has to be on the switch, this is just a unified example, it all depends from switch to switch and operators/usage of that switch.BANK TO BANK (SETTLEMENT OF FUNDS)One thing that confuses people a lot is how is the bank to bank settlement done?I wrote a detailed answer on this which can be read here: Faisal Khan's answer to How does the settlement of payments work in banks? Specifically, how do payment systems that are connected to multiple banks actually settle the amount between two banks?To better understand how money is actually transferred between banks and different countries, you would most likely want to read up on this: Faisal Khan's answer to How does money transfer between banks and different countries work?WIRE TRANSFERS - HOW DO THEY WORK?From a wire transfer point of view, what exactly happens when a Wire Transfer is made, please read this answer: Faisal Khan's answer to What exactly happens when a wire transfer is made? How does the money travel from the sender's account to the recipient's account? How much time does each step take? What regulatory measures are in place, if any?Even more important is to understand what exactly happens when a remittance transfer is made? What are all the steps involved in a money-transfer transaction: Faisal Khan's answer to How does a remittance money transfer work? What are all the steps and who is involved?PAYPAL WALLETBecause PayPal will so frequently be cited as an example, many people need to learn up as to what exactly PayPal is and how does money loading/off-loading on a PayPal wallet actually work?To understand how it all works, here is a detailed answer on how PayPal works: Faisal Khan's answer to What is a Paypal account? Is it a kind of bank account which is maintained for demand deposits? __ 𝐏𝐥𝐞𝐚𝐬𝐞 𝐂𝐚𝐥𝐥 PayPal 𝐓𝐨𝐥𝐥 𝐅𝐫𝐞𝐞 𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐍𝐮𝐦𝐛𝐞𝐫 ☏+❶►❽❺❻▁❹❼❺►❷❺❺❺?WHAT HAPPENS WHEN YOU CHARGE YOUR CARD?From a merchant's POV, the payments ecosystem processing looks something like this:In a process flow, it would look something like this:Since everyone has a slightly different way of representing flows, here are a few more:and another one:Nomenclature aside, the key players/components are the same:Role of an Acquirer: the acquirer (Chase, First Data, etc) solicits, underwrites and owns the merchant account. They provide technology and hardware, which enables the merchant to process the transaction.Role of the Issuer: The issuer is the bank (Capital One, CIBC, RBC, etc) that provides the cardholder with their credit card. They bare the responsibility of approving the cardholder and billing and collecting the owed funds from cardholder.Credit Card Associations: Associations (Visa, MaterCard, AMEX, et) are commonly referred to as the credit card and debit card companies. The role of the associations is to govern the policies pertaining to their bank cards, monitor processing activity, and oversee the clearing and settlement of transactions. Currently VISA is the most popular association with approximately 65% transaction volume.ISOs (Independent Sales Organizations): ISOs (Payfirma, Square, etc) are organizations that partner with acquirers to open merchant accounts, handle support, manage payment processing, and build added-value technology on behalf of acquirers. ISOs do this in exchange for a percentage of the transaction volume.Merchant: The merchant is a business owner who submits a request to an ISO/acquirer for the ability to accept credit. Merchants are approved under the qualifications set by the associations and the policy of the underwriters.Cardholder: Cardholders (consumers) are customers of a bank that request a credit card. The cardholder will be approved by the issuer based on credit worthiness.Source: Payment Processing 101Here is a graph of how transfer fees in a credit card transaction works:A simple visual, to give you an example of some of the vendors involved:Juxtapose this to mobile payments, and it is inherently no different. Below visual shows the various types of payment systems.Here is another infographic on the mobile-payment ecosystem:On the product side of things, there is no one-product that fits, all, below is a rough representation of how the market segment that you will market to, look like:On the processing side, you might want to read this answers:How are credit cards validated and processed through providers such as Paypal and Square?How do credit card companies make money?How do payment gateways like authorize.net connect to credit card companies?One other link I would like to recommend to understand how consumers make choices as far as payment instrument of choice is concerned: The 2009 Survey of Consumer Payment ChoiceTo better understand the various payment systems - these two infographics are worth reading and are must-read/must-have.Evolution of Payments Market Map (2011)Mobile Payments and Banking Market Map (2012)Both these PDFs can be downloaded for free from: Downloads: Market MapsYou may also want to have a look at BIS (Bank of International Settlements), they have an excellent repository of reports (PDFs) on various payment systems around the world. Source: Payment and settlement systems in selected countriesThere is just so much information out there. Inbox me if you require more information.About the Author: Faisal Khan is a banking / payments consultant and digital money evangelist. He is the co-host of Around the Coin, a weekly podcast on banking, money and payments. He is also a frequent contributor to popular Q&A site Quora. His official website is at www.faisalkhan.com

I do travel guides that are fun, informative, entertaining and if you like to travel for free,well you’re in the right place because i will be counting down my ten favorite credit cards to use for travel. To redeem for free travel, free awards.The cards that will be on this list will be on this list for one of three reasons or maybe three of three reasons. It depends on the card, but the first one could be that it earned a really good sign-up bonus. The second one is that it can earn really good points or miles per spend and the third is that there could be some really great ongoing benefits for having the card.10 Citibank Citi Costco Card- This card is a cash back card,it earns a percentage cash back saved based upon how much you spend. This card is on the list because of the earn per spend. you get 4% cash back on gas, 3% cash back on travel, 2% cash back on Costco and 1% cash back on anything else. There’s no annual fee, there’s no sign up bonus but if you’re doing a lot of spend on Costco, travel and gas this card could be pretty good for you because you don’t have to worry about miles and points and where you can redeem it and where you can’t. Citibank also offers a Sam’s club version of the same card.9 Fidelity Cash Back Card- This is another cash back card. it’s pretty simple it earn 2% cash back on everything everywhere. No categories, no dates, not time, and no gimmick. Just 2% cash back on everything that you buy. i mention this one because i think it’s the simplest. There’s a bunch of other 2% type cash back cards. You could take a look around and see which one you would like.These are the only two cash back cards i have on this list. All the other cards that i’m gonna talk about on this list earns some form of travel currency, being it membership rewards, ultimate rewards, United miles, Marriott Points, things like that.8 American Express Gold Card- This is a new Gold Card and so i will start with the sign-up bonus. it has a pretty good one. You can earn 25,000 membership reward points by spending $2000 in the first three months plus they have another bonus where if you spend at restaurants, you’ll get 20% of your spend at restaurants in the first three months of card ownership up to $100 of the statement credit. Some perks for just having the card, it comes with $100 airline credit. You pick your airline at the beginning of the year, say like American Airlines, Southwest and then if you buy incidental things like baggage fees, seat upgrades.. it will credit $100 back to your card for those purchases. The American Express Gold Card also includes $120 dining credit that is given to you $10 per month that can be used at certain restaurants like Ruth’s Chris, Shake Shack, Cheesecake Factory or Gruhub. Basically you buy something from one of those restaurants and up to $10 per month is credited back to your statement. From an earning perspective based on dollar spent, this card is best at restaurants, supermarkets, and travel.7 Chase World of Hyatt Credit Card - This card has lots of great perks. Let’t start with the bonus. its a tiered bonus, you can earn up to 60,000 world of Hyatt Points, 40,000 world of Hyatt points after spending $3000 in the first three months and then if you spend $6000 in the first six months, you can get another $20,000 world of Hyatt points.This card also has some pretty good ongoing benefits of having the card if you stay at Hyatt Hotels. The first one a lot of hotel credit cards are rolling out is a free night at Hyatt Hotel every year that you have the card and if you spend $15,000 or more on the card each year, then you actually get another free night at Hyatt hotels, so that’s a pretty good benefit of having the card and putting a little bit of spend on it. Also it comes with five elite nights that counts to your Hyatt status and you get two more Elite nights to your Hyatt status per every $5000 that you spend on the card and by just having the card, you get a little bit of elite status in Hyatt. it comes with Hyatt discovery status which is the basic status at Hyatt. The earn on this card, you can get four points on every dollar you spend at Hyatt hotels. you get two points in kind of a bunch of odd categories like restaurants, cafes, airline tickets, fitness clubs, gym membership and then 1$ on anything else. The annual on this card is $95 every year. That’s a pretty low annual fee for all those benefits particularly if you’re regular at Hyatt Hotels which is one of my favorite chains to redeem points for.6 CapitalOne Spark Miles for Business Card- This is a new card. Was just released at the end of 2018. It is a business card, so you have to own a business, be part of a business to own this card, but why is it interesting? Well, because it potentially offers a 20,000 point sign up for getting the card and meeting the minimum spend. Now, the signup bonus is another one of this two tiered signup bonuses. You get 50,000 points if you spend $5000 in three months and then you’ll get another 150,000 points if you spend $50,000 over six months. If you have a lot of spend that you can put on the credit card, well then that will be worth about $2000. That’s what those points will be worth for if you redeem them for flights. Now this earns the CapitalOne’s currency which transfers two CapitalOne point to 1.5miles in a variety of different programs which include 11 different airlines. None of the big US carriers but there is a carrier in StarAlliance, OneWorld, and SkyTeam. So you could transfer there to book which most of your favorite airline carriers. Then, from an earn perspective, this card earns two points for every dollar that you spend. No categories, none of that stuff. The annual fee is $0 the first year you have the card and then $95 every year after.5 Chase Ink Business Preferred- This is another business card. This is with Chase. It earns point in my favorite travel currency, Chase Ultimate Rewards Points. We’ll talk more about chase ultimate reward points later when i get to number one and two cards but Chase Ultimate Rewards transfer to what i consider to be the most widest variety of partners including Hyatt Hotels, United Airlines, at least the places that i like to go and the things that i like to travel a lot in so i find Ultimate Rewards to be the most flexible and valuable currency. The Chase Ink Business Preferred Card earns a pretty good sign up bonus. 80,000 if you spend $5000 in the first three months. From an earn perspective, it earns three points per dollar spent on travel, internet, phone, and an interesting category: social media advertising. There really aren’t any ongoing bonuses for having this card and the annual fee is 95$. So you need to have a business to apply for this card but you know what, if you have a blog or YouTube channel or anything that earns a bit of revenue, well you might consider a business for when you apply for this card4 Citi Business AA Advantage Platinum Select world MasterCard- Wow, that is a mouthful. American airlines and Citibank have a ton of different American Airlines cards so it’s this particular one. It’s also new for this year. It has quite a generous sign-up bonus. It has 70,000 American Airlines miles after spending$4000 within the first four months of account opening. Some of the benefits for this card include a free check bag if you are flying on American airline and a free companion ticket if you spend more than $30,000. It also comes with no foreign transaction fees and by the way, most of the cards on this list that have an annual fee come with no foreign transaction fees so i am actually not mentioning it on every card because it it’s usually a common benefit. if you travel a lot and don’t have at least one card with no foreign transaction fees, you should make sure that you have at least one in your wallet for when you travel internationally. You earn two miles per dollars spent on American Airline, telecommunications, cable and satellite providers, rental card and gas stations. The annual fee is $99. it’s waived the first year you have the card3 Platinum Card by American Express- This card comes in a lot of different variants, it comes in a lot of different countries, so if you’re not a US reader like you’re in Canada, Uk, Australia, chances are you can still get this card though the benefits might be a little bit different in your country, the reason you get this card is for the benefits. The benefits are really good but it also has a pretty good signup bonus. The signup bonus is 60,000 membership reward points after spending $5000 in the first three months. Membership reward points transfer to 17 different transfer partners. I talked earlier about this of the value of having a flexible currency. It’s one thing to have points in United or American Airlines and you have to fly with that airline or that alliance, but it’s so much better if you have your travel currency or your points in something that transfers to a lot of different partners so when you’re going to some places like Fiji, you can find that you can transfer points into the alliance that you want to redeem flights for. With earn perspective, the platinum card earns 5X points on air travels and prepaid hotels booked through American Express’s website. One point on everything else. The benefits are really amazing, starts with a $200 airline credit, similar to the American Express Gold Card that i mentioned earlier. The way this works, you pick your airline, Southwest, American, United, whatever, and then your incidental expenses get credited back via American Express up to $200 per calendar year. It also comes with credit for Uber. it’s a $200 annual credit for Uber and that’s parceled out per month. So, you get $15 per month to basically use on Uber rides for free. You have to use it or lose it but you can also use it on UberEats if you’re not a big Uber rider. it comes with a Global Entry Credit $100 that you could use for Global Entry Membership or TSA Pre-check. Another benefit that they added is $100 annual credits with SAKS Fifth Avenue. You can buy free stuffs on SAKS Fifth Avenue on their website or on their stores. The annual fee is $550, but if you take a look at the Uber credit, the travel credit, the earn, the lounge credit, it can be really worth it and American Express purchase protection is amazing. My wife OBgirl accidentally dropped her iPhone after having for just a few weeks and we submitted a claim and American Express credited us back the entire purchase price for the iPhone so we can buy a new one after we broke that one.2 Chase Sapphire Preferred Card- This is number two, but it is kind of tied with number one. Both these cards kind of go together. it depends how much you spend on a card but i consider the Chase Sapphire Preferred Card to be the best all around card if you’re just getting started in this whole game of points and miles for travel and if you’re gonna get one card don’t spend a lot yet, this is probably the one card you should get. It has all around a good signup bonus, all around good spend and all around pretty good benefits with not too high of an annual fee. So, let’s first talk about the signup bonus. You get 50,000 Rewards Points for spending $4000 in the first three months of card ownership and if you add an authorized user, you can get another $5000 Ultimate Rewards Points. The annual fee is waived on this card for the first year. it’s $95 every year after. The earning you earn to points per dollar on travels and restaurants, one point everywhere else. Now, this is earned in the Ultimate Rewards currency that transfers to a lot of great travel partners including Hyatt Hotels, one of my favorite hotels, which is not a transfer partner for American Express that i mentioned above.1 Chase Sapphire Reserve- This is a card they’ve introduced recently in the last two years. This is Chase’s premium card it does have a pretty higher annual fee but it can earn more points and if you spend a lot, then you can earn even more on this card. But is should mention that you can only have one of this Chase Sapphire cards, you can’t hold them both currently. If you currently have both, you can but Chase is not allowing you to sign up for one and the other. You can switch between the two products, but you can’t get both as a new card holders. The Chase Sapphire Reserve has a similar signup bonus to the previous one. 50,000 Ultimate Rewards points for spends in the first three months of cards ownership. Now, this one differentiates itself, the annual fee is higher. It’s $450 every year, but it comes with a $300 travel credit and they are very generous with the categories they consider travel. There’s a lot of different things they consider travel and it’s much like that American Express credit i talked about. Basically you busy something they consider travel and they rebate it right back to you. It also comes with a $100 Global Entry or TSA Pre-check credit, pretty similar to some other cards i mentioned before and it comes with that same priority pass membership that i talked about in American Express except the Chase version has unlimited guests so if you have a big family, you can bring them all into the lounge with you as you go in. The other big differentiation between this card and the preferred card is the earn. The preferred card earns 2X points on travels and restaurants, this card earns 3X points on travels and restaurants. So three points for every dollar spend. so if you spend more than $12,000 a year on travel and restaurants being a really broad area, then you will definitely make your money back on the Chase Sapphire Reserve Card.There are a few of other cards that are like these that are rotating category cards, Chase Freedom is an example of it that earns like 5X points in certain categories. Those can be pretty good but they’re usually limited circumstances so i didn’t include any of those rotating categories in this list.Finally if you’re struggling with these increase, the minimum spend on this card is huge, well i have a tip for you. it’s basically a website that that allows you to use your credit card to pay for things that ordinarily you couldn’t use a credit card for. So, for example, you have a mortgage, you have a Home Owner’s Associate, you have utility bills that only accept like a check for payment, well you can contact me via the mail in my Bio on how to go about it. All you have to do is give them(the Agency) your credit card and they will send them a check, it’s a great way to meet your minimum spend with those bills that you already pay. You will get $500 fee free dollars for using it, i will get a few fee-free dollars for referring you which i will definitely appreciate.I hope you enjoyed reading my writing, you might as well follow and contact me via the mail in my bio for business purposes only!!!

Apart from the usual stuff , middle class people can try the followingLong term investments bring fortune. But how to do long term investment with ₹1000 or ₹500 is always a question. People should consider buying stocks. Stock picking always has some perils but there are some safe stocks like private bank which has rarely failed in India. I live in Tamilnadu and here City union bank is a common private bank. If I had invested 1000 per month for last 5 years, buying stocks of it , I would have earned 1,25,000 with just 60,000 investment. Strategy is to invest in well known and commonly used brands, discipline and to avoid greed.If you have FD or RD that generates ₹40000 or more in terms of interest , you will be charged with 10% TDS. Most of them wouldn’t even notice. Work around is to invest them in either Mom, Dad or Wife (whoever is not working) name and fill form 15G . If your Dad is older than 60, you get 0.5% more interest. If you have trust issues get their bank login credentialsDo not buy a flat in an apartment which has not yet started construction. I have never see someone who received flat on time and without being charged extra and by extra I mean like 10% more. If a 40 lakhs apartment delayed by 2 years, you may have to shell out atleast 4 lakhs. You will be forced to pay EMI and Rent at same time. If you have to buy one, look for finished ones or buy used Flats which are less than 5 year old and work on interiors. You and your family members may not like it, but trust me it will be your best decision.Many of my friends who brought home loan in 2010–15 are paying nearly 10–12% interest rate for home loan. I advised few to transfer loans at a cheaper 8.3 - 8.5% with other loan vendors and I showed how they could save atleast 5–15 lakhs. There is some paperwork and other fees which may cost up to 50000 but you are saving 5 lakhs. Many were simply lazy and in comfortable zone. So always check for cheaper loan rates. The above advice also goes to Personal and Car loans. Personal loans are negotiable. You can bring it down to less 12%. It was 16+% 5 years back. The takeaway is your loans can be transferred to a cheaper vendor.In big cities, Renting is meaningful than owning. Big cities will always face water/pollution/Safety issues. So think twice where you want to settle down. Factor this while buying your first home, where you are likely to retire.If there is an option of individual house vs apartment while buying, it’s a no brainer to buy/construct individual house. Land prices will always appreciate in long term , which is very hard to get from an apartment.If you ever visit a resort or hotel in your vacation, and found that food taste is bad and costly as hell, use Swiggy or Zomato. Most often you will get quality and taste and in lesser time.Avoid EMIs for smaller purchases. Buy in debit. Lets say you have 25000 in savings account but you purchase 25,000 worth mobile phone with a 12 month emi and interest comes around 10% (considered generous bank interest rate), you would be paying approx 2500 extra. This would not be noticeable since you will be paying approx 2300 per month, which would seem reasonable first. If you rethink, you give your money to bank at 3.5%(savings account rate) and bank gives you back same money at 10% and profits approx 6.5%. Added benefit if you spend from debit is, it will restrict you from making impulse purchases.If you want car/bike , buy a used one . The catch is you have to invest time in researching . Someone sold me Tata Nano for 80k , which he bought for 2.5 Lakhs. His wife complained it being ugly. I spent 5k for few repairs and now it’s functional. Middle class is about compromises and since I didn’t care about car aesthetics, the car works well for me with annual maintenance of 7k and insurance of 4k. If I bought a new swift car in EMI , I am sure I would be paying around 15k for next 7 years. Ya the highlight of used car is I can still sleep sound , even if someone accidentally bumps into my car.Always buy health insurance for your dependents , preferably from your Employer. Claim and settlement process would be way easier and most of the times insurance coverage amount would be higher.Learn to Negotiate - one of the best skill I learnt from my mother. If you think it as embarrassment, then you are missing one of the most important skills to succeed in life. Keep a smile , talk and negotiate. Practice it locally. Your savings may be less than ₹100 most of the time. The skill will come in handy during Salary and real estate negotiations, where taking hard stance will not work. I have made 5% extra just by negotiations while Salary discussion , that too from companies which take hard stance.Make friends with OLA and UBER drivers and save their contacts. I travel from Kochi to Coimbatore and vice versa during weekends. I usually take cabs for travelling to railway stations. Now I made friends with few drivers , where I simply call them instead of OLA and UBER . What used to be ₹400 for travelling charges, is now ₹250 just by this.Surge Pricing - Let’s say I am charged ₹400 for a normal ₹150 ride. I would simply negotiate with driver for ₹230 or ₹250 and a cancellation charge of ₹40 and to workaround the cab aggregators . It has worked all the time. The catch is to kill the app on user and driver . Sometimes Uber or Ola will reimburse cancellation charge too.There is always an option for prepaid taxis in most of airports and railway stations. They are always cheaper than regular taxis or cab aggregatorsI almost channel all my transactions through Credit card and I usually earn enough points for ₹3500 cash back redemption yearly. I would not suggest Credit cards to anyone if you make lot of online purchases. Impulse buying will get worse over time. The sheer laziness of going to a shop and buying, will naturally filter unwanted purchases.Use BHIM app for railway transactions and save transaction charge .Most importantly up skill regularly and if possible have a side hustle! Your regular job can never make you rich in most of the cases. Only if you build something/ run a service, you can make money!Never ever donate money via Corporate channels ( like the extra 5 rs which you see in BookMyShow, in KFC restaurants etc.). Your 5 rupees will be spent as part of Corporate Social Responsibility, and will be presented as if they spent it entirely out of their profits. Prefer donating it personally. It will make you more human.This is my personal observation and could be biased. Try buying products/Services from Indian companies, if you have a choice. Many of the Indian companies, actually do some sort of meaningful social contribution. For example, Shanti Gears ( a coimbatore based company specialized in making automobile parts), is running a subsidized hospital and food canteen in Coimbatore. There are few local shops / textile companies in coimbatore, that provide butter milk free in Summer season to common man. I dont see similar stuff from foreign based MNCs.Sometimes products are actually cheaper in stores near you than in Amazon/Flipkart.Always check the rupee billed in POS swiping machines, before you enter pin. My friend got charged 8000 instead of 80 while paying toll booth fee, while traveling on long distance.If you are barely above poverty line or in the middle class (i would say salary less than Rs.80,000), its best to stop with 1 kid, especially if you want a easy and less threatened future from an unlucky economic downturn and an early retirement.Will add more as I get