With EFT, the money gets transferred to the designated account within a few moments. Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another.
Apps like GPay facilitate easy and contactless transfer and receipt of money within your country. A Google Pay user living in the US will only be able to transfer funds to India and Singapore.
If you want to make a transaction, you must follow the rules established by the Reserve Bank of India. Listed here are the guidelines for Foreign Money Transfer Rules India.
You can still transfer money to someone abroad from India without a bank account. Learn 5 easy ways to transfer money internationally without a bank account.
A wire money transfer is often not quick, but if you initiate it on a workday before your bank's cut-off hour, it should be handled the same day. Read more about this.
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