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agreement, or communication, carried out between a buyer and a seller to exchange an asset for payment

A transaction is where something is bought, sold or traded.

A bank transaction is when money is taken out of or put into a bank. There are two mode of transactions as we can bank transact in two ways:

  1. Deposition of money
  2. Withdrawal of money

Transaction of money can be done through any means-by forms, cheques, etc.