With the ease in online transactions, transferring money is not as complicated as it used to be in earlier times. From pure cash transactions to cheque to online money transfers, it has become easier to transfer money. If you’re wondering how to transfer money online, there are several modes. In fact, you don’t even need to transact through a computer. There are several online money transfer apps that facilitate money transfers.
Here are 5 ways to transfer money:
1. NEFT:
NEFT stands for National Electronic Fund Transfer. It is now possible to use an online money transfer app for NEFT as well. To use NEFT, you need to add a beneficiary to your bank account. After the beneficiary is added, up to Rs. 50,000 can be transferred in the first 24 hours and up to Rs. 1,00,000 can be transferred in the first 48 hours. Once the beneficiary is added, then there are no restrictions on the transactions that can be done. NEFT transactions are settled in hourly batches every day.
2. RTGS:
RTGS stands for Real Time Gross Settlement. RTGS is used for high value fund transfers where the value is more than Rs. 2 lakhs. These transfers are final fund settlements, they cannot be reversed since they are affected in RBI’s books. If you want to know how to transfer money online in real time, then RTGS is the mode you should use.
3. IMPS:
IMPS stand for Immediate Payment Service. It can be affected through any bank’s online money transfer app. You need a 7-digit IMPS identifier code to receive payments via IMPS. Each customer gets their own unique Mobile Money Identifier (MMID). While making the transfer, the system matches the mobile number and MMID of the beneficiary. Only if these two matches, the transaction goes ahead. IMPS is available 27/7. Fund transfer in IMPS is immediate.
4. UPI:
UPI stands for Unified Payments Interface. If you’re wondering how to transfer money online via UPI, it can be done through the UPI app. Each customer has to create his own UPI ID and an identifier code. This online money transfer app uses the receiver’s UPI ID to make the payment. Each transaction is verified by the identifier code before the transaction proceeds. Once the user verifies the transaction, payment is debited from the bank account. Fund transfer is immediate.
5. Wallets:
Wallets became a popular way of transferring money, especially after demonetization. Money can be transferred from one wallet to another by using a mobile number or a QR code. Wallets have evolved to become complete payment ecosystems now, with bill payments, online purchases, and merchant integrations. Wallets are refilled through a bank account.
Here are 5 ways to transfer money:
1. NEFT:
NEFT stands for National Electronic Fund Transfer. It is now possible to use an online money transfer app for NEFT as well. To use NEFT, you need to add a beneficiary to your bank account. After the beneficiary is added, up to Rs. 50,000 can be transferred in the first 24 hours and up to Rs. 1,00,000 can be transferred in the first 48 hours. Once the beneficiary is added, then there are no restrictions on the transactions that can be done. NEFT transactions are settled in hourly batches every day.
2. RTGS:
RTGS stands for Real Time Gross Settlement. RTGS is used for high value fund transfers where the value is more than Rs. 2 lakhs. These transfers are final fund settlements, they cannot be reversed since they are affected in RBI’s books. If you want to know how to transfer money online in real time, then RTGS is the mode you should use.
3. IMPS:
IMPS stand for Immediate Payment Service. It can be affected through any bank’s online money transfer app. You need a 7-digit IMPS identifier code to receive payments via IMPS. Each customer gets their own unique Mobile Money Identifier (MMID). While making the transfer, the system matches the mobile number and MMID of the beneficiary. Only if these two matches, the transaction goes ahead. IMPS is available 27/7. Fund transfer in IMPS is immediate.
4. UPI:
UPI stands for Unified Payments Interface. If you’re wondering how to transfer money online via UPI, it can be done through the UPI app. Each customer has to create his own UPI ID and an identifier code. This online money transfer app uses the receiver’s UPI ID to make the payment. Each transaction is verified by the identifier code before the transaction proceeds. Once the user verifies the transaction, payment is debited from the bank account. Fund transfer is immediate.
5. Wallets:
Wallets became a popular way of transferring money, especially after demonetization. Money can be transferred from one wallet to another by using a mobile number or a QR code. Wallets have evolved to become complete payment ecosystems now, with bill payments, online purchases, and merchant integrations. Wallets are refilled through a bank account.
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