How to Transfer Money from One Bank Account to Another Online:– Banking is one of the most essential part in our day to day life. From all the banking activities, money transfer is a much needed one for all of us. There are two basic methods to transfer money from one account to another. The first one is the old traditional offline method and another is the online or electronic money transfer method.
By using the old method, you can transfer money from one bank account to another bank account by Cash, Cheque and Demand Draft. If you want, you can still use these methods of transferring money, but these methods are very time consuming.
Nowadays electronic or digital transactions are increasing day by day. There are many online methods are available to transfer money from one account to another. These electronic payment methods are very simple, easy, convenient and faster. In this article you’ll get every detail of electronic money transfer methods.
How to Transfer Money from One Bank Account to Another Online (IMPS, UPI, NEFT, RTGS):
Immediate Payment Service (IMPS)
IMPS provides an instant, 24×7 inter bank electronic fund transfer service. Using IMPS
internet and atm which is not only safe but also economical in all perspectives.
How to Register and Send Money using IMPS (Internet Banking Method) –
1. Register yourself with the internet banking service of the bank.
2. Get your user name and password from the bank.
3. Go to Transfers or Payments option and select IMPS fund transfer.
4. Select transaction type IFSC or MMID.
5. Select the beneficiary you want to send money, if you have added beneficiary account before or add a new beneficiary account. ( It may take some hours to get your beneficiary account approved )
6. Enter amount you want to send and confirm the payment.
7. Finally enter OTP and complete your transaction.
How to Register and Send Money using IMPS (Mobile Banking) :-
1. Register with mobile banking and get MMID and MPIN from the bank.
2. Download and login to the mobile banking application for your bank or use SMS facility in your mobile.
3. Enter Beneficiary mobile number, beneficiary MMID, Amount and your MPIN to send money.
4. You’ll receive a confirmation message on your registered mobile number.
Also Check :- How to link aadhaar with sbi bank account through sms
Unified Payments Interface (UPI)
Unified Payments Interface (UPI) is a system which powers multiple bank account into a single mobile application. It provides immediate money transfer through mobile devices 24×7 and 365 days. Make seamless single click payment with 2 factor authentication. You just need the Virtual Payment Address (VPA) to send or receive payments and you don’t need to disclose your account number, IFSC code or card details to anyone. So this is the most secure online transaction system.
(The process may vary depending upon the app you use)
1. Download any Trusted UPI App or UPI App of your Bank. (Best UPI Apps are listed below)
2. Register on the app using your mobile number which is linked to your account and enter other required details.
3. Add your bank account to the UPI app.
4. Create your Virtual Payment Address and set MPIN.
5. Login to your UPI Application.
6. Now select the option Send money or Payment.
7. Enter the virtual payment address of the person you want to transfer money.
8. Enter amount, review payment details and tap on confim.
9. Now enter your MPIN to complete the payment.
10. You’ll get confirmation message.
List of Popular and Trusted UPI Apps:
There are many UPI apps available for instant money transfer. Some popular and trusted UPI apps are listed below.
1. PhonePe – Money Transfer, Recharge & Bill Payment
Key Features of PhonePe:
1. Make transaction 24*7, up to Rs.1 lakh per transaction.
2. Send and request money anytime and anywhere.
3. Recharge prepaid mobile, DTH, data card.
4. Pay postpaid mobile, landline, data card, electricity and gas bills.
5. Check account balance of multiple banks.
6. Shop on online shopping websites like Flipkart, Myntra etc.
2.Chillr: UPI, Banking, Recharge & Bill Pay
Chillr is the solution for all your payment and internet/mobile banking needs. This is a multi-bank app by which you can send and receive money, request payments, recharge your mobile and pay a variety of utility bills.
Key Features of Chillr:
1. This app currently supports 52 banks.
2. Supports multiple regional languages.
3. Send and receive money instantly.
4. Make recharge and pay bills.
5. View account balance and transactions.
6. Pay at stores using QR code.
3.Pockets-UPI, Wallet, Bharat QR
Pockets by ICICI Bank is most comprehensive mobile wallet to for any bank’s customer. This app offers UPI, NFC and Bharat QR code payments. You instantly get a free virtual VISA card. You can also request for a physical card that can be used at stores.
Key Features of Pockets:
1.Shop anywhere using pockets VISA card.
2. Make contactless payments by just waving your smartphone near Near Field Communication (NFC).
3. Get a Pockets Savings Account from this app.
4. Get back account balance and transactions.
5. Make recharge and pay bills.
6. Transfer and receive funds from anyone.
4. Tez – A new payments app by Google
You can send money to friends and instantly receive payments directly to your bank account with Tez app. Tez is Google’s new digital payment app for India. Money transfers are simple & secure with Tez using NPCI (National Payments Corporation of India) Unified Payments Interface (UPI).
Key Features of Tez:
1. Transfer directly to your bank account by linking your account to Tez over UPI.
2. Your money is secure with Google’s multi layered security and 24/7 protection.
3. Pay in stores and online easily.
4. By using Tez’s Cash Mode, you can instantly send or receive payments to anyone nearby without sharing personal details like your phone number or bank account.
5. Pay your friends and family anytime and anywhere.
6. Get rewarded for doing transactions.
5.iMobile by ICICI Bank
Key Features of iMobile:
1. Pay and collect money from anyone instantly.
2. You can View and transact from all your accounts.
3. Check your bank balance and detailed statement.
4. You can transfer funds to an account or to contact no or email id.
National Electronic Funds Transfer (NEFT)
National Electronic Funds Transfer (NEFT) is a nationwide payment system providing one to one money transfer. Individuals or corporates can transfer funds using NEFT. You can transfer up to Rs.50000 per transaction. NEFT operates from 8am to 7pm (Monday to Friday) and from 8am to 1pm on Saturdays. Money transfer is not instant using NEFT, it takes some hours to get credited to your payee account.
How to Transfer Money using NEFT :-
1. Login to online banking account.
2. Select NEFT as transfer option.
3. Select the beneficiary account.
4. Enter the amount of transaction.
5. Review your payment details and confirm.
6. Enter OTP to complete the payment.
Real Time Gross Settlement (RTGS)
This can be defined as a real time settlement of funds transfers individually on an order by order basis. RTGS system is mainly for high value transactions. The minimum amount for RTGS transaction is 2 lakh and there is no maximum transaction limit. The beneficiary Bank has to credit the beneficiary’s bank account within 30mins of receiving the funds transfer message. RTGS transactions are processed continuously throughout the RTGS business hours. RTGS Service window is available for customers from 9am to 4.30 pm (Monday to Friday) and from 9am to 2pm on Saturdays.
How to transfer money using RTGS:-
1. Login to online banking account using your username and password.
2. Go to Transfer or Payment Section.
3. Select RTGS as transfer option.
4. Select the beneficiary account you want to send money.
5. Enter the amount you want to transfer.
5. Review your payment details and confirm.
6. Enter OTP to complete the payment.
USSD *99# Service
This one of the most innovative Payment Service launched by National Payment Corporation of India (NPCI) which works on Unstructured Supplementary Service Data (USSD) channel. This service doesn’t need an internet connection. This service is available 24×7. The user can access this service using a common code “*99#” across all operators. How to Use *99# USSD Service :-
1. Dial *99# from your registered mobile number.
2. You get options like Send money, Request money, Check balance etc.
3. Choose to send money and reply with its serial number.
4. Choose from ‘Send to Options’ like mobile number, UPI ID , saved beneficiary and more.
5. Enter the payee details and amount payment.
6. Finally enter UPI PIN to complete the payment.
Bharat Interface for Money (BHIM)
This app let the users make simple, easy, and quick payment transaction using UPI. You can transfer money instantly from bank to bank and pay and collect money using mobile number or virtual payment address (VPA). The users can pay by scanning QR code. This app supports up to 8 regional languages. How to use BHIM App:-
1. Download and install BHIM App from Google play store or Apple app store.
2. Select your preferred language.
3. Select the SIM card which is registered with your bank account.
4. Set the Application Passcode.
5. Link your bank account to the app.
6. Set your UPI PIN by providing last 6 digits and expire date of debit card.
7. Automatically mobilenumber@upi will be your default virtual payment address. (eg. 9876543210@upi). You can create another virtual payment address.
8. Select your primary VPA.
9. Tap on send and enter virtual payment (VPA) / Account Number + IFSC Code / Aadhhar Number / Scan or Pay details of the person to whom you want to send money.
10. Enter the UPI PIN to complete the transaction.
Can you transfer money from one bank to another internationally:
You can transfer money from one bank to another bank internationally in many ways, but here we will discuss about the two popular ways of international money transfer.
Bank Wire Transfer :-
This one of the most common electronic money transfers method. To make wire transfer the sender needs to provide information on the receiving party’s financial institution to their own bank. The sender receives a confirmation number once the transaction is completed. The sender is charged a fee of 20 dollars to 40 dollars for wire transfer and the recipient may be charged a fee. How to transfer money using Bank Wire:-
1. You will need Bank Identifier Code (BIS) of the receiving bank for making international wire transfers. The BIS code is similar to a SWIFT code of banks.
2. Get a transfer form and fill the required information about the sending bank and the institution that receives the transfer. You may ask your bank to help you gather information.
3. Your transferred funds will be converted from one currency to another in an international transaction.
4. You have to understand the current exchange rates of two currencies otherwise you may not able to transfer the amount of money you want to transfer.
PayPal is an American Payment System company operating worldwide for making online money transfers. PayPal is one of world’s largest internet money payment companies. It operates as a payment processor and charges a fee from the users. How to transfer money using PayPal :-
1. Visit official website of PayPal and Sign up or Register for a new account.
2. Verify your email address.
3. Add your bank account or Credit/Debit to PayPal.
4. To verify your new account, PayPal will transfer a small amount to your PayPal wallet. Or it will deposit two small amounts on your bank account.
5. Confirm the amount credited by PayPal.
6. Your PayPal account is verified now.
7. Now add funds to your PayPal account.
8. Click on “Send Payment” and enter the required details of the recipient.
9. Once the transaction is completed, the recipient can withdraw funds their account.
10. Your registered email address is your PayPal account address.
So friends, I hope you liked the article “How to Transfer Money from One Bank Account to Another Online”.
If you have any question, feel free to write in the comment box below. Share this article with your friends. Thanks a ton for reading this article. Safe banking!
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