No, there are many ways of transfer settlement, which are mainly divided into two categories: settlement in the same city and settlement in different places. City settlement includes cheque settlement, payment authorization settlement, city collection and acceptance settlement, collection and non-acceptance settlement, limit cheque settlement, etc.

Off-site settlement includes off-site collection and acceptance settlement, off-site entrusted collection settlement, exchange settlement, letter of credit settlement and limit settlement.

In order to effectively curb the behavior of buying and selling accounts and opening fake accounts, and comprehensively promote the real-name management of accounts, since 20 16 12 1, when banking financial institutions open bank settlement accounts for individuals, the same person can only open one Class I account in the same bank. If a Class I account has been opened, a Class II account or a Class III account should be opened. This move aims to protect the safety of funds.

At the same time, in order to reduce the cost of residents' transfer, banks will charge off-site handling fees for cash access and transfer business in different places within the bank, which will be free within three months from the date of promulgation of this notice.

Baidu Encyclopedia-Transfer