When transferring money from one bank to another digitally, what exactly is being transferred?

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When transferring money from one bank to another digitally, what exactly is being transferred?

In: Economics

They obviously don’t literally transfer the money, it’s more of like the permission from you to the other bank to let the “certain person” (other accounts) take out money from them. Imagine it’s all borrowed money , the same money you put in your won’t get back , you’ll get back the same amount but Not that EXACT money. If everyone decided to withdraw all their money at once the bank would run out. It’s always borrowed money.

Its trading IOUs

All your bank account really is, is the bank saying they ‘owe’ you your balance whenever you’d like it. And of course, you trust them to pay you when you want it.

All this does is shift that. Lets say you transfer $100, the other bank now has an IOU you for $100, and your original bank takes $100 off their IOU to you.