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ToggleWith technological development, you no longer need to visit the bank to transfer money from one account to another. Using online platforms, you may now easily execute all your banking transactions via the internet or mobile banking.
Although there were some concerns about the safety of digital transfers, the convenience and secure options offered by the banks have encouraged their usage.
Post-monetization and with the COVID-19 pandemic, online transfers have seen a further increase in demand due to their convenience and flexibility.
EFT is the transfer of money using an online network. The funds are moved between accounts via a computer network. Online bank transfers can be between the same or different financial institutions. Digital transfers eliminate paper-based transactions and reduce human efforts.
You may choose from the following different options to transfer funds online.
It is the commonest method used for online money transfers and is a deferred settlement procedure. The transfers are executed hourly with no cap on the minimum or maximum amounts.
You may transfer funds via NEFT by following these steps:
Such transfers are executed in real-time without any time gaps. RTGS transfers are not bundled and scheduled in batches, which means the receivers get the funds immediately.
Here is how to transfer money from a bank account to another bank account online via RTGS.
The National Payments Corporation of India (NPCI) launched IMPS in November 2010.
The biggest advantage of this option is that it is not time-bound, which means you can transfer funds during non-banking hours and bank holidays.
Here is the procedure on how to transfer money from one account to another via IMPS.
You may also send money via IMPS mobile transfers. You will require the beneficiary’s bank account number and Mobile Money Identifier (MMID). It is a seven-digit number provided by the beneficiary’s bank to receive funds via mobile banking.
If you transfer funds via MMID, you do not need to add the beneficiary to your account.
This is one of the most popular methods for online fund transfers. It is a mobile-based payment mechanism that uses a Virtual Payment Address (VPA) for fund transfers.
One of the benefits of UPI transactions is that you do not have to share your bank account and other personal information. Follow these steps to transfer funds via UPI.
Since the demonetization of high currency notes, several digital wallets were introduced in India.
These are popular alternatives to make online fund transfers and other transactions. You may store money in these digital wallets to execute online transactions.
Based on the type of usage and payments, there are different options like open, semi-open, semi-closed, and closed wallets.
Some of the popular digital wallets include Paytm, Amazon Pay, and PhonePe.
Knowing how to transfer money online is important; however, it is equally crucial to keep in mind certain things to ensure the security of such transactions.
Here are some things to consider before transferring funds online.