Finance

Account Label — What is it?

Question about bank account wording and bank transfer ? What are these headings? Please provide me with simple definitions and meanings.

I want to make an online bank transfer , what does “reference to transmit” mean and “account wording” to put into the RIB?

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Answer: The reference to send

The bank account wording is optional (not mandatory to fill in): this means the reason for your shipment — the reason for the bank transfer such as a refund, a donation, a purchase of an item, etc. means the expression that will appear on your bank account statement, for example: bank transfer for Jean, Madeleine or Rachid.

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These elements allow you to track and memorize your transfer transactions. So that if you check your bank statements next year for a variety of reasons, you will remember, with the wording and the reference to send, why the transfer was made.

Precise annotations on the transfer are also a form of collateral in case the tax authorities ask you — you never know — to justify transfers or transfers of money to an account or another person.

More: A bank transfer (definition) is a transfer of money from one bank account to another that belongs or does not belong to the same person.

RIB is the acronym for the bank identity statement. It is a document that allows the precise identification of a bank account — account number, identity of the holder, etc. The RIB is used to be paid by bank transfer.