Balance transfer
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A balance transfer is the transfer of (part of) the balance (either money or credit) in an account to another account, often held at another institution.
[edit] Types of balance transfers
There can be transfers between two similar types of accounts or different ones. These include:
- Credit card accounts
- Bank savings accounts
- Bank checking accounts
- Trading accounts at financial institutions
Transfers are sometimes facilitated by companies trying to recruit new consumers. Sometimes transfers are accompanied by transaction costs paid by the consumer.
