Different Methods for Online Money Transfer

Online money transfer is the electronic transfer of funds initiated by one person to another. With the development of services like UPI, internet banking, and so on, the old-school means of physically transferring money from one person's bank account to another's via checks, cash deposits at banks, and so on have faded. The post mentions different methods for online money transfer. Let’s take a glance at them:

NEFT

NEFT or National Electronic Funds Transfer is an electronic way of sending money online that is regulated by the Reserve Bank of India (RBI). The NEFT feature is available on most Indian banks' internet and mobile banking platforms. Money transfers are done via NEFT incurs no additional transaction fees. Transactions via NEFT are processed in distinct batches. The RBI has set a target for these transactions to be settled.

Domestic Money Transfers

Domestic money transfer is a service that allows you to transfer money to any bank account in India 24 hours a day, seven days a week. Customers can go to the branches of the service provider with their mobile phones to rapidly create a wallet and transfer money to any bank account in India, even on bank holidays or during non-business hours. There are very few charges on domestic money transfer transactions. Many banks and NBFCs facilitate domestic online transfers.

UPI

UPI or unified payment interface is the latest technique of sending money online from one bank to another. UPI money transfer, introduced by the NPCI (National Payments Corporation of India) and the RBI (Reserve Bank of India), eliminates the requirement for complex bank account details of the receiver in order to commence money transfer.

IMPS

IMPS stands for immediate payment service, and it is a way of transferring funds from one bank account to another. Banks offer IMPS money transfers via online banking and mobile banking platforms. IMPS, as the name implies, is useful for instant money transfers. Irrespective of public holidays, one can use IMPS 24x7 to transfer up to Rs. 5 lakhs.

It is important that you keep your entire internet banking information to yourself. While online banking has benefited users in the long run, it also poses a risk of fraud. As a result, you must be cautious with your passwords and bank account information.