Payment Methods And Transferring Money

Definition

Payment Methods And Transferring Money. In the context of the Financial Competence Framework, Payment Methods And Transferring Money is a topic in the Money And Transactions subject matter domain.

Competences

Mastering the role of Payment Methods And Transferring Money in financial literacy context requires the following competences:

Code	Competency Description	Competency Type
72	Understands the difference between various payments methods and knows how to use them safely (e.g. debit or credit card, online transfer services, bank transfer to a retail account, mobile/digital wallet, instant payment)	Knowledge
73	Knows how to assess the potential risks and benefits of different payment methods	Knowledge
74	Aware that some methods of payment are a form of borrowing and understands how this will affect the overall price paid and that different types of transaction have different implications for cash-flow	Knowledge
75	Knows basic anti-money-laundering rules with respect to the use of cash and payments and complies with them	Knowledge
76	Aware that in the EU there is a right to a payment account with basic features regardless of a person's place of residence or financial situation	Knowledge
77	Aware that EU rules allow consumers to open and change bank accounts anywhere in the EU	Knowledge
78	Aware that a payment account with basic features can be offered by traditional and online credit institutions	Knowledge
79	Aware of the existence of a quick procedure for consumers who want to switch their account from one bank to another	Knowledge
80	Uses appropriate methods and technologies to make payments, taking into account the overall cost, risk and personal convenience of the method chosen	Skill
81	Able to execute online payments on different payment facilities, following digital security measures	Skill
82	Takes steps to use a payment account with basic features, if eligible	Skill
83	Take steps to use a payment account that fits individual needs and demands	Skill
84	Motivated to learn about different payment and transfer methods	Attitude
85	Confident to use different payment and transfer methods and to choose the best ways to transfer money, while considering costs and risks	Attitude
86	Confident to request the opening of a payment account with basic features, if eligible	Attitude