Sending money online has become a convenient way to fulfill payment obligations. Because of easy money transfer apps, it has now become commonplace to send money online as compared to using traditional modes of payment, such as cash or cheques. Using apps such as UPI, or mobile banking, it is possible to send money online instantly to accounts all over the world.
The number of people who have shifted to online money transfers is large. Most youth and businesses find it cheaper and more convenient to send money online for whatever payments they need to make. But for a first time user looking to send money online instantly, there are points and tips that need to be remembered for a satisfactory user experience.
Following are 5 things to remember before sending money online:
1. Create your unique login:
Using easy money transfer apps requires logins. Each app works on a different basis. To use UPI, you need to create a UPI ID and a unique code. To use RTGS, NEFT, or IMPS via a bank’s mobile banking app, there is a unique login. Before sending money online, it is important to pick the app to send money online instantly and create a unique login for it.
2. Money transfer is immediate:
One important point to remember is that while sending money online, the transfer is immediate. With payment systems such as NEFT, money is credited in a few hours, but it gets debited from the account immediately. With payment systems such as wallets, RTGS, IMPS, UPI, the money transfer is immediate. That’s why these methods are used to send money online instantly.
3. Recheck the recipient’s details:
This point is very very essential. Most transactions involve instant debits and almost instant credits. This means those transactions are settled. They can’t be cancelled like a cheque. This is why, before you send money online instantly, recheck the recipient’s details that you enter. There are system checks like in IMPS, where the mobile money identifier is matched with the mobile number, but for transfers like NEFT and RTGS that depend on bank accounts, one wrong number can cause an irrevocable payment.
4. Failed transactions:
Even with easy money transfer apps, there is a chance of failed transactions, especially while using netbanking to pay bills or shop online. These are mostly due to internet issues. If an amount is debited but the transaction does not go through, remember to contact your bank and get the transaction reversed.
5. Monetary limits:
Before using easy money transfer apps, there are limits on transactions for each mode. The minimum limit for RTGS is Rs. 2 lakhs and the maximum limit for IMPS is Rs. 25,000.
The number of people who have shifted to online money transfers is large. Most youth and businesses find it cheaper and more convenient to send money online for whatever payments they need to make. But for a first time user looking to send money online instantly, there are points and tips that need to be remembered for a satisfactory user experience.
Following are 5 things to remember before sending money online:
1. Create your unique login:
Using easy money transfer apps requires logins. Each app works on a different basis. To use UPI, you need to create a UPI ID and a unique code. To use RTGS, NEFT, or IMPS via a bank’s mobile banking app, there is a unique login. Before sending money online, it is important to pick the app to send money online instantly and create a unique login for it.
2. Money transfer is immediate:
One important point to remember is that while sending money online, the transfer is immediate. With payment systems such as NEFT, money is credited in a few hours, but it gets debited from the account immediately. With payment systems such as wallets, RTGS, IMPS, UPI, the money transfer is immediate. That’s why these methods are used to send money online instantly.
3. Recheck the recipient’s details:
This point is very very essential. Most transactions involve instant debits and almost instant credits. This means those transactions are settled. They can’t be cancelled like a cheque. This is why, before you send money online instantly, recheck the recipient’s details that you enter. There are system checks like in IMPS, where the mobile money identifier is matched with the mobile number, but for transfers like NEFT and RTGS that depend on bank accounts, one wrong number can cause an irrevocable payment.
4. Failed transactions:
Even with easy money transfer apps, there is a chance of failed transactions, especially while using netbanking to pay bills or shop online. These are mostly due to internet issues. If an amount is debited but the transaction does not go through, remember to contact your bank and get the transaction reversed.
5. Monetary limits:
Before using easy money transfer apps, there are limits on transactions for each mode. The minimum limit for RTGS is Rs. 2 lakhs and the maximum limit for IMPS is Rs. 25,000.
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