How To Transfer Money From My Bank To Another Bank

In that location are quite a lot of situations where we demand to transfer coin from i bank account to another. Throwing some light on how important it is to know virtually diverse methods to transfer money from one depository financial institution business relationship to another bank account, nosotros take curated a listing of options and the steps to practice that. Read this blog thoroughly and never confront problems in transferring money from one depository financial institution account to another!

Online Ways to Transfer Money from One Bank Account to Another

Yous tin can apply either of the following online methods to transfer money from ane banking company business relationship to another-

Transfer money from ane Bank to some other Depository financial institution business relationship via UPI- Unified Payment Interface

Unified Payment Interface (UPI) is a popular mobile payment method that allows yous to transfer funds from one bank business relationship to the other, instantly and free of accuse. Transferring coin through UPI requires each user to take an ID, termed every bit the UPI ID. The UPI ID is a unique identification for a bank account that is used to transport and receive funds from 1 banking concern to some other. The UPI PIN is a 4-digit personal identification number required to transfer money through UPI. Every account holder has the option to choose his/her UPI PIN.

Hither's how y'all can transfer money from 1 banking concern to some other through UPI-

• Selecting a Contact/Entering Mobile number – Sending coin is as elementary as sending a message. Just select a phonebook contact or enter a mobile number, specify the amount to exist transferred and enter your PIN. That'southward it! Your payment will be completed in a few seconds.
• Scanning a UPI QR code – You lot can also transport money through UPI by scanning the receiver's QR code. All you demand to do is open up the mobile payment application like Paytm on your phone, click on 'Pay', and select 'QR lawmaking'. Scan the QR lawmaking of the receiver and enter the amount to be paid. Now enter your Pin and your payment volition be completed in a few seconds.
• Entering UPI ID – To send money through UPI ID, all you need to do so is open up the mobile payment application, and enter the receiver's UPI ID. Later this, you demand to enter the amount that needs to be transferred and verify the transaction by entering your MPIN. Your transaction volition be completed in a few seconds.
• Entering Business relationship Number & IFSC – This the traditional way of payments and it is as well supported on UPI. You lot may enter the business relationship number & IFSC of the person you want to send money to, specify the amount and enter your PIN. Your payment will exist completed in a few seconds.

Mobile payment applications such as Paytm have made it further easy to perform UPI transactions at the condolement of your abode. In UPI payment applications such equally Paytm, you don’t need to enter the receiver’s UPI ID. You can only select the receiver’southward contact from your phone volume or enter the receiver’s contact number to transport money via UPI.

IMPS is some other method that allows users to transfer funds from one bank to another. IMPS stands for Immediate Payment Service, implying that using this method, you tin can transfer funds immediately. IMPS transactions have a daily maximum limit of Rs. 1 Lakh and levy an additional service tax. The charges on transactions made through IMPS vary between Rs. v to Rs. 15, depending on the bank'due south conditions. Firsthand payment service is a robust, real-time fund transfer option that offers 24*7 inter-bank fund transfer facility, which is safe and economical for all the users.

Hither's how you can transfer money from one banking concern to another through IMPS-

• Login to your mobile/internet banking business relationship
• On the main folio that appears, click on 'Fund Transfer' option
• Select 'IMPS' every bit your method of fund transfer
• Provide the beneficiary'southward MMID and your MPIN to proceed
• Enter the amount that needs to be transferred
• Click on 'Confirm'
• Y'all might be asked to authenticate the transaction by submitting the OTP sent to your registered mobile number
• Enter the OTP and consummate the transaction

Transfer money from one Bank to some other Depository financial institution account via NEFT- National Electronics Fund Transfer

NEFT is basically a i-to-one payment facility wherein the transactions can be processed but between the banks that offer NEFT-enabled services. Transactions fabricated through NEFT do non have identify in real-time; implying that it takes a few days for NEFT transactions to consummate. To transfer funds through NEFT, you must add beneficiaries on the internet banking portal of your required bank. There are no limits on the amount of NEFT transactions. At that place is a fee applicable on all NEFT transactions; the corporeality varies from Rs. ii.v to Rs. 25, depending on the amount being transferred. As per RBI guidelines, the payments made via NEFT are processed and settled in batches of one-half-hour.

Here'southward how you can transfer money from one bank to another through NEFT-

• Log in to the your cyberspace banking account
• On the main page, click on 'Fund transfer'
• From the drop down menu that appears, select 'NEFT'
• Note that yous need to 'Add casher' to the list of beneficiaries in your account if you haven't washed so already
• To add a new beneficiary, you need to click on 'Add beneficiary' option on the page
• Enter the beneficiary's required data such as his/her name, bank account number, IFSC, etc.
• Click on 'Confirm' or 'Add'
• To cosign this step, you will be asked to enter the OTP sent to your registered mobile number
• After doing so, your action would exist processed. It will take effectually 24 hours to add a casher
• One time the casher is added to your business relationship, you lot demand to select the beneficiary details (to whom you need to send the money) from your list of beneficiaries
• Enter the amount that needs to be transferred and ostend your transaction
• Click on 'Ostend' and the amount will be transferred from your banking concern business relationship to the other's

Transfer money from i Bank to another Banking company account via RTGS – Real Time Gross Settlement

RTGS stands for Real Fourth dimension Gross Settlement. It is a money transfer system that allows the transfer of funds from ane bank business relationship to some other in real-fourth dimension and on a gross settlement ground. The term, 'real-time' implies that transactions through RTGS are processed right when they are initiated past the sender, and 'gross settlement' ways that the instructions regarding the transfer of funds occur on a ane-to-one basis. Transactions fabricated through RTGS are processed on a one-to-ane footing and can be performed at any time, on any twenty-four hours of the twelvemonth. The Real Time Gross Settlement method is mostly used for transactions of high value. RTGS transactions can be used using both online and offline modes.

Here's how you can transfer money from one banking concern to another through RTGS-

• Log in to the your internet banking account
• On the main page, click on 'Fund transfer'
• From the drib down menu that appears, select 'RTGS'
• Notation that you need to 'Add beneficiary' to the list of beneficiaries in your account if you oasis't done so already
• To add a new beneficiary, you need to click on 'Add together beneficiary' selection on the page
• Enter the beneficiary'south required data such equally his/her name, bank account number, IFSC, etc.
• Click on 'Ostend' or 'Add'
• To authenticate this step, you lot volition exist asked to enter the OTP sent to your registered mobile number
• Later on doing so, your action would exist processed. It will take around 24 hours to add together a beneficiary
• One time the beneficiary is added to your account, you need to select the beneficiary details (to whom you lot need to send the money) from your listing of beneficiaries
• Enter the corporeality that needs to exist transferred and confirm your transaction
• Click on 'Confirm' and the amount will exist transferred from your banking concern account to the other's

Transfer money from ane Bank to another Bank account via Cheque

Cheque is one of the near traditional ways to transfer money from one bank account to some other. The payee signs a cheque in the name of the receiver, mentioning the corporeality that needs to exist paid. The receiver can further visit the banking company and submit the bank check to the concerned official at the bank. The coin will be deducted from the payee's bank account and will be transferred to the receiver's bank account as soon as the check gets cleared. It is of import to annotation that if there's non plenty money in the payee'south bank business relationship, the cheque will bounce back and the payee will have to pay an additional fee for the same. There are no restrictions on the minimum/maximum amount that can exist transferred to a bank account via check.

To Conclude:

Since the online ways are more preferred, considering the ease and convenience, there are only a few ways that allow you lot to transfer money from 1 depository financial institution business relationship to another using the offline methods. While almost all the methods, apart from cheque, tin be used to transfer coin online, at that place are a few methods such as NEFT and RTGS that offer both online and offline services. Out of all, UPI has been the most preferred method to transfer coin from one bank account to another attributable to the innumerable benefits that information technology offers.

Bonus Read: Learn how to use UPI to transfer money from i bank business relationship to another!

FAQs

What are the near mutual methods of online money transfer?

The various methods of online money transfer include RTGS, IMPS, NEFT, UPI and digital wallet. Each of these methods can be performed online and allow easy and fast money transfer facility.

Is money transfer gratis of cost?

In virtually domestic transactions, coin transfer is free of toll. However, some banks may charge a minimal fee on money transfer through a specific method.

How much time does it take to transfer money online?

Online money transfer takes only a 24-hour interval's fourth dimension to complete. Various methods of money transfer like UPI or IMPS can be completed immediately.

Which is the best method for online money transfer?

All the methods of money transfer are useful depending upon the sender's needs and preferences. For instance, if yous need to transfer an amount more Rs. 2 lakh, then you should opt for RTGS. If you demand to transfer money to your landlord as your monthly rent, and then UPI money transfer could exist your preferred method. Similarly, if you wish to transfer a lesser amount immediately, then you may go for IMPS.

When should I use RTGS to transfer coin?

RTGS is best suitable for transactions that must be settled in real-fourth dimension, and that have a minimum amount of Rs. 2 lakh.

Is IMPS better than other modes of online money transfer?

IMPS tin can exist considered better than other modes of online money transfer as it facilitates immediate transfer of funds. Additionally, this firsthand payment service can be accessed even on depository financial institution and public holidays.

How practise NEFT money transfers work?

As and when a user initiates a transaction through NEFT, it gets queued up. Every hour, these transactions are cleared in batches. It must be noted that NEFT transactions that are initiated after the banking company working hours are automatically assumed to be automated transactions initiated using the 'Straight Through Process' (STP) modes by the depository financial institution.

Mehak Bagla is a financial Content Author with over 3 years of work experience in the industry. She is a passionate writer with professional person approach in digital marketing. In her spare fourth dimension, Mehak loves to write, travel, and heed to music.

Source: https://paytm.com/blog/money-transfer/transfer-money-from-one-bank-account-to-another/

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