Top Money transfer apps of 2018

A money transfer app has become an essential commodity with the growing use of digital currency. A money transfer app can do just about everything from sending cash to your friend to making international payments. Despite this, a large number of people still do not know how to transfer money online.

Almost all money transfer apps are user-friendly and everyone can follow the simple steps that the money transfer app prompts. However, choosing the best money transfer app can be difficult. All seem to promise the best features, but every app has its own set of advantages and disadvantages.

If you are among the many who are confused about which money transfer app to download, here is a list to help you!

Western Union
This is probably the most popular money transfer app, providing the most exciting features. The app secures all transactions with your thumb impression if your phone has a fingerprint scanner. A card-scanning feature also eliminates the need to enter your card number.

You can transfer money from your previously linked bank account or debit card. Apple Pay users can also transfer cash using the app. Although downloading the app is free of cost, the money transfer app charges a nominal fee for every transaction.

WorldRemit
If you are wondering how to transfer money online in an instant, WorldRemit is your solution. WorldRemit holds a top position in the list of high-speed money transfer apps. This app boasts of instant money transfer across 140 countries. Transfers can be in the form of bank deposit, mobile wallet balance, airtime top-up or cash pickup. The money transfer app sends a notification to both the sender and the receiver at the successful completion of the transfer.

While your first transfer is free of cost, WorldRemit charges a fee for every subsequent transaction, proportional to the amount you transfer. The fee also depends on the location of the transfer.

HDFCChillr
If you are wondering how to transfer money online in an instant, HDFCChillr is your solution. This money transfer app instantly transfers money in a few simple steps. With this app you are able to send money to any of your contacts, without going to the troubles of adding beneficiary. This money transfer app can also be used to recharge, split bills, request funds etc.

Azimo
Azimo, despite its niche popularity, is among the top money transfer apps. This money transfer app keeps you updated about every detail from the initiation of the transfer process to the completion of the transfer. It also prompts instructions for collecting the money suitable for your location.

The app charges an amount for every transfer that depends on the location but is very reasonable. There is also a reward system for inviting friends and on your friends’ transfers. Azimo also boasts of strong customer service.

With this list, you can download the money transfer app that suits you the best, on your smartphone. After that, you will be able to transfer money to your loved ones and others in a matter of a few clicks and few minutes.

Top money transfer apps in India 2018

Smartphone apps have become the new and most popular way of transferring money. From the smallest of transactions at a store to transferring lakhs of rupees, Indians have embraced the technological marvel, known as wallet apps. Here is a look at the leading mobile money transfer apps of India in 2018.

1. Paytm
Paytm was one of the first to enter the mobile wallet market in India. Since its inception, the company has grown rapidly. Recently, it has even garnered the status of an independent bank, rather than being a mobile app. It allows people to book movie tickets, pay bills and even book trains, buses and flights through the app itself. It is a popular wallet app, simply because of the range of features offered.

2. HDFC PayZapp
Another well-reputed money transfer app designed for smartphones, the PayZapp application allows registered users to transact in a cashless manner for a number of things, such as bill payments, ticket booking, hotels, online shopping, groceries and more. Moreover, even though the app itself belongs to HDFC, it can link the accounts of almost all banks, making it just as useful for people who do have bank accounts with other banks. Lastly, a wide range of discounts, promotional offers and cashback opportunities make PayZapp one of the best money transfer app in India.

3. Tez or Google Pay
A newer app that was launched in India in September 2017, Tez app was rebranded into Google Pay in August 2018. Within its short lifespan, Google Pay has managed to captivate customers with its user-friendly interface and features. Additionally, Google Pay allows users to win attractive cashback offers on almost all transactions. Moreover, users do not need to enter any details apart from the account information of the beneficiary and their own MPIN.

4. PhonePe
Similar to Google Pay, PhonePe is a useful mobile app that is full of interesting and useful features. Apart from the payment using IFSC code and account number of the beneficiary, the transaction can also be conducted using the UPI ID. Additionally, PhonePe offers cashback and discount on a certain transaction. Lastly, PhonePe also allows users to transfer money to self, using two of their own bank accounts.

If you have never transacted using one or more of these money transfer app, you should start doing so immediately. It will make your life easier and all online transactions much more convenient.

Which are the best mobile banking apps in India?

What started as an SMS service in 2002 has expanded into an all-inclusive internet banking service with the boom of the internet and smartphones. A majority of banks are exploring the territory that keeps expanding due to consumer demand. The growing popularity of internet banking with the users can be attributed to the easy access and better level of services.

Here is a list of the best internet banking apps that allows you to access your account with just a few clicks on your smart device.

State Bank of India Anywhere Personal App

As the name suggests, this app provides you easy access to basic banking features from anywhere. It is available in Hindi and English and gives you an insight into your deposits, withdrawals, and generates a mini balance statement. You can pay bills, schedule payments and open or close a fixed or recurring deposit through this app. Premiums of SBI Life Insurance can also be paid through this app.

ICICI Mobile Banking iMobile App

It is among the most popular apps that allows access to around 100 services. This eliminates your need to visit a bank. You can go about your transactions using your mobile number, e-mail ID or ICICI Bank account number. From opening a fixed or recurring deposit to paying for life insurance, this app covers it all. This app also keeps updating you with new services that the bank has to offer. Furthermore, the iWear feature allows you to engage in the banking through your smartwatch as well.

HDFC Bank Mobile Banking

Through this app, internet-banking app you can access your account summary, make credit card and bill payments, and transfer funds. You can also request chequebooks if you have exhausted the previous one. Lastly, the app allows you to stop payments as well.

Axis Mobile App

The Axis Bank application allows you to schedule payments, besides fund transactions and account bookings. You can also convert credit card payments to EMIs, block a card, temporarily deactivate a card and replace them. Using this app, you can set a limit on your card purchases and issue standing instructions for payments of over 200 services.

M-Connect Plus App

Bank of Baroda’s app enables you to transfer funds, make bill payments and credit card payments as well. It also has cardless cash withdrawal facility from Bank of Baroda ATMs. You can also view your transaction history and account details through this app. It is available in seven regional languages and has upgraded security features to enhance user experience.

If you already have an account in any of these banks, you can simply download the apps, free of charge and start using the banking features from anywhere in the world. Besides being extremely secure and reliable, these internet-banking apps save you a lot of time and money and make banking much easier and convenient.

3 ways to transfer money online

There was a time when transferring money meant either using a cheque or withdrawing the money in cash and then transferring into the beneficiary account. However, with the internet and the rising popularity of smartphones, the banking scenario has changed forever. Transferring money is no longer hectic and you do not need to write out a cheque as well.

Here is a look at the three ways in which you can now transfer money online.

1. Unified Payments Interface or UPI

This is the newest form of online payment and transaction procedure introduced by the Government of India, in a bid to promote cashless transactions. It is basically a mobile app that users need to install in their Android, iOS or Windows smartphones. It allows the user to link all of their bank accounts into the same app and conduct transactions using the app itself.

The transaction occurs immediately in most cases, unlike other methods of money transfer, such as NEFT. The user only needs four things to conduct a transaction using the UPI apps, namely, a phone with internet facility, MPIN registered by the user upon installation of the app, and the registered phone number.
People can not only send money using the app but can also receive funds through it. However, at present, a single transaction limit imposed is Rs. 1 Lakh.

2. Internet banking

Internet banking is divided into 4 distinct parts, namely NEFT, RTGS, ECS, and IMPS. NEFT offers a one-to-one fund transfer using the internet. While it is a completely safe procedure, NEFT transactions occur in batches throughout the day and therefore are not instantaneous.
RTGS, on the other hand, is a real-time transfer of funds from one account to another. However, this method is only useful if you are planning to transfer large amounts of money. The minimum fund transfer for RTGS is Rs. 2 Lakhs.
ECS is a procedure for online banking, which is primarily useful in payment of bills and utilities. This form of payment reduces the need for maintaining track of bills and paper trails, thus improving the overall experience for you as well as the beneficiary.

3. Mobile banking

Mobile banking refers to the transfer of fund that takes place using your phone. While internet banking can be conducted using a computer as well, mobile banking can only be initiated using the phone. In the case of mobile banking, the transaction is processed either through the internet or through SMS. Additionally, for NEFT payments using mobile banking, there is no need to register the beneficiary, which can be a time-consuming process.

Therefore, it is clear how the internet has made the cashless transactions and money transfer simpler and more convenient.

5 Simple Ways For Self-Employed Professionals To Get Business Loans

If you are a self-employed professional, your scope of work increases from just using your skills to managing clients, finances and a variety of other documents. For many self-employed professionals, the biggest challenge is securing finances to get the business going.

Before you go into a panic, here are some simple ways in which can secure business loans-

Do Your Research
Research on the various types of business loans available. They include term loans, overdrafts, start-up loans and working capital loans. Find out the business loan interest rate, fees, terms etc. of various lenders. Do not forget to research the reputation of the lender. Choose a lender and a type of business loan that best suits your needs.

Show steady cash flow
You can maximise on your chances of securing a business loan if you are able to show your professional capabilities can attract businesses and generate cash. It is desirable for you to have a steady income throughout. Keep your bank statements, financial statements, and tax return ready to show the lender while applying for the loan.

A Foolproof Business Plan
As a self-employed professional, you must know exactly what work you intend to do and how you plan to finance the business. You should also know the challenges and have a plan to mitigate them. All this information has to be written down in a professional and presentable manner. The more realistic, detailed and loophole-free your plan is the better are your prospects of securing a business loan.

Have the Documents in Place
Getting a business loan is all about reputation. Investors want to invest in people who know their business. If you present all required documents in an organized manner, the entire process becomes much quicker and convenient.
Find out the list of documents required, which includes application forms, tax returns, Form 16A, balance sheets etc.

Getting Around Existing Debts
If you have existing debts, the lender's interest to fund you may drop. The best way to avoid this is to guarantee the lender that the borrowed money would be used to make positive changes like expanding your profits or scope of business. If your assets are enough to meet the business loan interest rate besides the principal, your chances of securing the loan increases.

A sound loan helps you to meet gaps in cash flow and increase your productivity. Since there are several options available, with different terms and rates, only go in for the loan after fully understanding the potential consequences.

How to apply for business loans?

Sometimes small ventures in the world of business require a bit of business funding in order to expand the boundaries and get the plane off the ground. This business loan is also commonly referred to as a commercial loan.  Usually, a bank refrains from giving out loan amounts to start-ups but feel more comfortable in doing so in the case of thriving businesses. The loan amount that a person applies for usually depends on a particular reason. This reason can pertain either to the initial phase or to the growth phase.

The Application Process:

Once you have decided on the loan amount and the bank or organization you want to take the loan from, you need to a compile a documents folder. In case you want quick business loans, you will be better off with a business loan app. Whether you have a start-up business venture or an ongoing one, the credit score is of the utmost importance.  However, in the case of a start-up, if the business is less than three years of age then not only will be the credit score evaluated but also the business credit history.  This is one of the business loan requirements that need to be met.

Sometimes small business ventures need to keep a security deposit in the form of an asset in order for the amount to be finally disbursed. Other eligibility criteria include the client to be at least twenty years of age. His/her business needs to be registered and should have made a profit for three years consecutively. Basically, the turnover needs to be on the positive side.

Interest Rates:

Some banks offer you an interest rate range that varies between 19% and 23% based on the loan requirements. However, some banks also offer fixed loan interest rates.

Documents:

To avail of quick business loans, you need to keep some of these documents handy. These include a detailed company KYC, proof of income tax returns in the last two years, bank statements from last six months that are certified and finally the complete audited amount sheet as well as the profit/loss sheet from last two years.

If you find yourself at a shortage of time, it is advised, that you opt for a mobile app that aids in quick business loans processing and business funding. It also cuts down on time and unnecessary stress that comes with going back and forth to the bank physically.

Two-Wheeler Loan - Benefits And Important Aspects

With the increase in the number of daily commuters, travelling quickly is a challenge. Although buying a bike is a convenient middle ground for quick and comfortable transport, the cost of a bike can potentially burn a hole in your pocket if you have to pay for it in one go. This is where the importance of a bike loan comes in.

Although most people dread taking a loan, a two-wheeler loan is vastly different from your conventional house loans and car loans. It actually benefits you in more than one ways.

Important Aspects of Bike loan

Before we go into the various advantages of a two-wheeler loan, here are the salient features of the loan.

• Banks, as well as non-banking financial companies, provide two-wheeler loans.
• Two-wheeler loans are available directly from dealers if they have a tie-up with the banking institution. You can get added offers and discounts from the dealer along with the loan.
• The interest rates are competitive and vary between 12% and 27%. You have to repay your bike loan by means of equated monthly instalments at this rate over a specified period.
• The tenure of repayment varies from 1 year to 4 years. You are free to choose the period over which you will pay back the money.
• Usually, a lender will pay around 90% of the cost of the bike you intend to buy. You have to pay the outstanding amount. This is known as the margin.
• Eligibility criterions to get a two-wheeler loan includes age, income, occupation, credit score etc. of the buyer. Make sure you meet these to get the loan.
• Bike loans not only cover the cost of the bike but also cover registration cost, cost of accessories and insurance.

Advantages of a Two Wheeler Loan

• Two-wheeler loans have a long tenure, which enables you to pay back your loan without excessive pressure on your finances.
• According to the regulations of the Indian Motor Act, all bike loans come with two-wheeler insurance and accidental cover.  This enables you to save on the premiums of your insurance by wisely choosing your lender.
• Since the lender pays the major portion of the cost of your two-wheeler, you do not have to pay a large amount from your pocket. This allows you to buy a vehicle without significantly disrupting your finances.
• Getting a bike loan is a simple and quick process. This makes two-wheeler loans the best way to own a vehicle.
• Getting a house loan or a car loan requires you to have a high credit score. Proper repayment of your two-wheeler loan helps you to improve your credit score to apply for a house or car loan in the future.
• The instalments of your two-wheeler loan are often less than your daily commuting expenses. A bike loan can actually save your monthly expenses.

Having your own vehicle has become an essential commodity today. Bike loans are the quickest solution to your daily commuting issues. Availing a two-wheeler loan allows you to buy a bike on spot and save time and money. Therefore, it is time you started evaluating your choices and getting yourself the two-wheeler that you always wanted.