Best Ways To Transfer Money Online
Gone are the days when you have to go to banks for money transfers and wait for the turns while standing in long queues. In this digital era, transferring funds/money from one bank to another has become so easy and convenient without any hassles.
The banking system has evolved and brought you the easiest ways to transfer funds or send money from one account to another. There are several ways in net and mobile banking through which money can be sent, and bills can be paid. Here are some:
- By using IFSC Code
You can transfer funds online using NEFT (National Electronic Funds Transfer), RTGS (Real-time gross settlement), and IMPS (Immediate Payment Service). It requires IFSC Code, which helps in performing online transactions without any error. Moreover, the NEFT and RTGS payment services were initiated by the Reserve Bank of India (RBI), while NPCI (National Payments Corporation of India) launched IMPS service. Don't use plagiarised sources.Get your custom essay just from $11/page
Payment Service
NEFT
RTGS
IMPS
Process
This payment process is dependent on Deferred Net Settlement (DNS).
The funds transfer will be implemented in half-hourly batches that start from 12:30 am to 12:00 am.
In this payment process, the money is transferred to the beneficiary’s account on a real-time and gross basis.
This payment process is the most secure and fastest mode of fund transfer as the transmission takes place on a real-time and instant basis.
Minimum Transfer Limit
₹1
₹2 lakhs
₹1
Maximum Transfer Limit
No limit
No limit
₹2 lakhs
Effective Timings
The process can be availed 24×7, 365 days (including bank holidays)
The process can be availed on all working days between 7 am to 6 pm.
The process can be availed 24×7, 365 days (including bank holidays)
Inward Transaction Charges
No charges
No charges
Decided by individual member banks and PPIs
- By Unified Payments Interface (UPI)
National Payments Corporation of India (NPCI) has developed another instant real-time payment system, which is Unified Payments Interface (UPI). It can be used for immediate transfer process around the clock 24×7 and 365 days through a mobile device.
- Through UPI, you can transfer funds to any bank account using a Virtual Address (VA) or pay merchants. It requires the recipient’s VA or mobile number with MMID (Mobile Money Identifier) to make payments.
- The alternative way to make UPI transfers is through the mobile application of banks.
- By Mobile wallet
A mobile wallet is a virtual wallet that collects payment card information available on a mobile device. It is another convenient way for money transfer from one bank to another.
- Link your virtual wallet to your bank account, debit, or credit card and start using it for funds transfer.
- There are several online applications available today, like PayPal, Google Pay, Paytm, PhonePe, etc. used for online transfers.
Special Tip
Digitalization is a boon to modern society, but it comes with cons as well. Many fraudulent activities take place during electronic/online transactions, so it is advisable always to seek help from reliable sources while attempting any important transactions for the first time.
Some safety precautions one should abide by:
- Never reveal your passwords, OTPs, UPI Pins, ATM Pins to anyone, and keep them very private.
- Make sure your device is safe and secure an unlock feature.
- Change your password regularly and use a strong one.
- Avoid Using Public Wi-Fi or Use VPN software.
- Always save your receipts after funds transfer.
- Remember to log out when you have finished using the app.
- Avoid using public Wi-Fi or use VPN software.
- Be careful of imitation apps from non-reputable sites.
- If your phone gets lost or stolen, inform your respective bank immediately.