Examples of Destination Bank in a sentence
In an Interbank Credit Transfer funds are credited to the Destination Bank once the Interbank settlement is completed, which includes the sending of the Payment Order by the Sending Bank.
In an Interbank Transfer there are at least two Payment Orders, with each Receiving Bank other than the Destination Bank executing its Sender’s Payment Order by issuing a corresponding Payment Order to a Receiving Bank, with the last Payment Order sent to the Destination Bank.
Destination Bank means a financial institution specified by us, from time to time, on our website (at www.bankofchina.com/au) as permitted by us to be a Destination Bank for Funds Transfers using the Personal Internet Banking Services and includes the Bank.
Upon the completion of a Debit Transfer the Destination Bank and each Receiving Bank that obtained payment from its own Receiving Bank becomes liable to its Sender in the amount of the Payment Order.
A Credit Transfer is completed when funds are credited to the Destination Bank and when a Payment Transaction debits the Originator’s Account in the amount specified on the Payment Order.