How tiring is it to walk to the bank and transfer some money? What if you have to get it done really quickly, and it is an emergency? Worse – what if it’s lunch break and the bank is shut, or even worse, if it is a government holiday?
Remember the days when we used to think about all of these factors and break our heads?
Remember how scary it was to walk around with a bundle of cash?
We used to set things according to the timelines of others and work according to what everyone else said and did (meaning institutions and working hours.)
This has somehow changed now – we live in a modern world where the internet exists. Along with the internet, so does internet banking.
Do you use the internet banking services of your bank? Of course, you do, and if you don’t, you might want to remember that you could just be a little behind on what is happening at the pinnacle of the digital world.
What’s the best part about the internet banking services of any bank? I would say – it is the ‘money transfer facilities.’
Yes, we are talking about the money transfer struggles that are mentioned above.
So, what are the ways of transferring money through internet banking? Let’s look at it.
Types of Money Transfer through Internet Banking
Net banking provides easy money transfer alternatives as one of its characteristics. Individuals can transfer money in a variety of methods, including:
National Electronic Funds Transfer (NEFT): This payment method enables the individual transfer of funds to all NEFT-enabled banks in India. Money can be transferred on a half-hourly basis using NEFT. It can be operated by a single person everyday. NEFT has emerged as the most preferred means of transfer among banks as digitalization has increased.
Real-Time Gross Settlement (RTGS): With this money transfer method, cash is moved in real-time and on a gross settlement basis from one bank account to another. While real-time refers to the prompt execution of transactions initiated by the sender, bulk settlement refers to one-to-one instructions for the transfer of funds. Individuals can transfer a maximum of Rs 2 lakh. The maximum limit, however, is uncapped.
Instant Payment Service (IMPS): As the name implies, an individual can make a payment to any bank or Reserve Bank of India (RBI)-approved prepaid payment instrument (PPI) in the country. This service is also available 24 hours a day, seven days a week. In this scenario, the transfer threshold is Rs 5 lakh.
For instance, let’s just say you hold an account with Bandhan Bank; you can easily get all these three facilities through internet banking Bandhan Bank.
Some Other Ways of Online Transfers
The Unified Payments Interface (UPI) – from the National Payments Corporation of India is a new idea for digital transactions introduced by the Indian government. UPI, which is based on a mobile platform, allows the users to transfer money from a bank account to another without the usage of bank data. UPI sends and receives cash using a Virtual Payment Address (VPA), which is formed during the registration process and requires bank account details. After completing the registration process, any UPI user can utilize the VPA to transfer funds.
Digital Wallets – Following the demonetization of high-value currency at the end of 2016, a slew of digital wallets were introduced to the Indian market to allow digital transactions. Digital wallets are popular and beneficial not just for providing an optional method for online transactions but also for the ease and convenience with which money may be transferred to another user or bank account. To meet the increased demand following the demonetization, numerous institutions have launched their own digital wallets.
Factors of Consideration When You Transfer Money through Internet Banking
Danger considerations – Regardless of the bank account you have, whether you utilize internet or mobile banking, your bank should be sending out dos and don’ts of secure online banking habits. Although they may appear to be simple instructions, they must be followed in order to avoid falling victim to any online banking scams.
Beneficiary information – When transferring money online, the beneficiary’s information, such as account number, branch, and so on, is critical. As the individual initiating the online fund transfer, you must ensure that all of the details are correct, as this will determine the effective fund settlement time. You will also be responsible for paying the applicable transaction charge for the online transfer.
How do you Transfer Money with Internet Banking Services?
Choosing a Contact/Entering a Phone Number – Sending money is as easy as sending a text message. Simply choose a contact from your phonebook or enter a cell number, enter the amount to be transferred, and enter your PIN. That’s all! Your payment will be processed in a matter of seconds.
Entering UPI ID – To send money using UPI ID, simply launch the mobile payment app and enter the recipient’s UPI ID. Following that, enter the amount to be transferred and confirm the transaction by entering your MPIN. Your transaction will be finished in a matter of seconds.
UPI QR code – You can also transmit money over UPI by scanning the QR code of the recipient. All that you need to do is open the Paytm mobile app on your phone, click on the option ‘Pay,’ and select ‘QR code.’ Scan the receiver’s QR code and enter the amount to be paid. Just enter your PIN, and your payment will be processed in a matter of seconds.
Input an Account Number and an IFSC Code – This is the traditional method of payment, and it is also supported by UPI. You can input the account number and IFSC of the person to whom you have to transfer money, as well as the amount and your PIN. Your payment will be processed in a matter of seconds.
Conclusion
Someone once said that the internet would be the factor that revolutionized the world once more, without a doubt – that is quite true. Here’s what it does for you in terms of transferring money from one account to a different one. Isn’t it a great deal? If you haven’t yet explored it – go ahead and do it soon!
