OMF transfer in sale: are they recommended

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When we make a sale, the means of payment is determined in advance between the buyer and seller . Nowadays, with the different technological advances and globalization we are experiencing, these payment methods have diversified. One of these payment methods is the OMF transfer for purchase and sale .

Learn in this article how an OMF transfer works and how recommended this type of transfer is in a purchase and sale operation.



How does an OMF transfer work?
OMF transfers or urgent transfers are transfers Email Data that enter the recipient's bank account on the same day they are executed , canceling a commission for it.

For this type of transfer, the TARGET-2 movement settlement system is used, which carries out the transaction between two financial entities through the treasury of the Bank of Spain.

That is, when you make an OMF from your account to a third party, your financial institution transfers the money to the Bank of Spain. Once you make this movement, the Bank of Spain notifies the destination bank of the movement and it reflects it in the amount in the recipient's account.

These transfers are of two types depending on the recipient:

In his own name and on his own behalf.
In own name and on behalf of third parties.
What are the payment methods in a sale?
To pay for a home purchase, the payment methods you have are:

Nominative bank check : which can be made out to the seller or a third party authorized by the seller. It is one of the most common forms, since there is physical evidence of the payment and the name of the person who receives the money.
Bank transfers : it can be through a regular transfer or an OMF transfer for sale.
In cash as long as it is an amount less than €1,000.
Through cryptocurrencies : although it is a totally unusual way, purchase and sale payments have been made with this modality.
Is an OMF transfer recommended in a sale?



Although it is true that OMF transfers for buying and selling are faster than an ordinary transfer, the commissions they generate are higher.

Likewise, to make this type of transfer you must go to the bank's headquarters, you cannot do it online. And be careful to do it before 4 p.m. so that they are completed the same day.

Although they provide security and trust, OMF transfers for purchase and sale are not the most recommended payment method , due to their high commissions and the fact that when a problem occurs, their cancellation is very complicated .

However, they are very useful when you require urgent payment of high amounts that generate interest in the event of delay, since, although the amount of the commissions is high, it does not exceed the value of the default interest in the event of not being paid on time.