In this digital age, how we handle our finances has changed tremendously. One of the most significant changes is how we transfer money. Gone are the days when sending or receiving money meant going to the bank or waiting for a cheque to clear.
Today, online money transfers using payment gateway and other payment solutions have made transferring funds from one account to another easier and faster than ever. But with so many platforms and service providers available, like payment gateway service providers in India, knowing which one best suits your needs can take time and effort.
To make it much easier, in this blog, we have discussed online money transfer to know all the options to transfer funds. So read till the end of the blog to discover more.
All about Online Money Transfer
To use an online money transfer service, you must have an account with the bank and provide some personal information.
You can log in and see your account balance once you’ve registered for the service. From this point, you can send money to a person who has an account with the same bank as your own or with a different bank.
In most cases, you can do this by entering the recipient’s name, account number, and the amount of money you wish to transfer.
Some banks may also offer additional features, such as setting up recurring transfers or notifications when your balance drops below a certain point. These can be helpful if you want to ensure that your bills are always paid on time or to be alerted if your account is running low.
Online money transfer services are generally secure and safe. Nevertheless, it is essential to remember that no system is faultless, and there is always a chance of fraud or identity theft. Anytime you have questions regarding a transaction, get in touch with your bank right away.
Different Types of Online Money Transfers
Online money transfer is an excellent option with various modes to choose from. Sending and receiving money has never been easier or more convenient.
Here are some of the online money transfer methods:
The UPI service lets you send and receive money using your mobile phone. UPI allows you to send money to anyone and use it to pay for goods and services. UPI is relatively simple to use and is gaining popularity in India. Although there are other online money transfer options, UPI is one of the most widely used.
UPI may be the best option if you want a quick and simple way to transfer and receive money.
IMPS, or Immediate Payment Service, is an interbank electronic instant money transfer service through mobile phones. It is available 24/7 and all 365 days of the year. This service allows you to transfer funds instantly from one bank account to another.
The sender must have an active mobile number registered with the relevant bank to use this service. Additionally, the receiver must have a bank account with an IMPS facility. Once these two basic requirements are met, the sender can initiate a fund transfer by following these steps:
- The sender must log into their net banking account and select the IMPS option.
- Then they must submit the amount and the receiver’s mobile number registered with their respective bank.
- An 8-digit MMID or a 10-digit IFSC code of the receiver’s bank is also required. The recipient will provide this data to the sender.
- After entering all the relevant details, the sender will be asked to confirm the transaction. On confirmation, the funds will be transferred immediately from the sender’s account to the receiver’s.
It often takes less than five minutes to complete the process. Both parties will be notified by their banks confirming the transaction once it has been completed.
National Electronic Funds Transfer (NEFT) is maintained by the Reserve Bank of India (RBI), which facilitates the interbank transfer of funds.
The NEFT system is available for large-value transactions. Transactions up to Rs. 5 lakhs can be made through NEFT transactions.
The main advantage of using NEFT for fund transfers is that it is a quick and efficient way to move money from one bank account to another.
NEFT transactions are also very safe and secure since they are processed through the RBI’s centralised database. Another advantage of using NEFT is that it is available 24×7, which means you can make fund transfers at any time.
The Reserve Bank of India’s (RBI) RTGS is an electronic payment system enabling customers to transfer funds from one bank to another in real-time. The RTGS system is used for interbank funds transfer and is the fastest mode of fund transfer available.
Under this system, the customer’s banks initiate the fund transfer, and the receiving bank credits the beneficiary account within minutes.
To make an RTGS payment, the customer needs to provide the following information to the bank:
- Beneficiary bank name
- Beneficiary account number
- IFSC code of the beneficiary bank
- Amount to be transferred
Once these details are provided, the customer’s bank will initiate the fund transfer and send a message to the receiving bank with these instructions. The receiving bank will then credit the beneficiary’s account with the specified amount within minutes.
Card payment transfers money from one account to another using an electronic card. It can be done through an ATM, a POS (point-of-sale) terminal, or an online banking service.
Card Transfer is a safe and convenient way to send and receive money. It is fast and easy to use. You can send money to anyone with a Card Transfer account.
Card Transfer is a great way to keep your money safe. Your money is transferred immediately and securely between two banks. You can also track your transfers and see when they are completed.
How to Choose the Right Method?
When it comes to choosing an online money transfer service, there are a few things you should keep in mind.
Consider the costs associated with the service. While some services charge a flat cost, others charge a percentage of the transfer amount.
Consider the speed of the transfer. Some services send your money instantly, while others may take a few minutes or hours.
Consider the security of the transfer. You must ensure your information is safe when using an online money transfer service. Choose a reputable service that protects your data with encryption.
Consider how much money you need to send. Use a method that offers high limits and low fees if it is larger.
NTT Data Payment Service for Seamless and Secured Money Transfer
NTT DATA Payment Service provides a wide range of payment gateway services with over 100 options, ensuring a seamless and superior payment experience. It includes multiple payment methods that enhance convenience, speed, and security during the transaction process.
Online money transfers make sending and receiving money extremely simple and convenient. Anywhere in the world, transferring money between bank accounts only takes a few clicks. You must be informed of your options before deciding on the most efficient way to send or receive money online. Knowing which choice is best will make the transfer of funds much simpler and more secure, enabling you to manage your transactions.