The advance of technology in every aspect of our life has made things easier than they were before. The same is the case when it comes to transferring money from one bank account to another. We now have many ways to ensure we can transfer our funds. However, all these methods come with their own set of advantages and disadvantages, which helps them to stand out from the rest. For transferring money, you can take your pick among these options, and choose the one that suits you best. Thinking how to transfer money from one account to another? Keep reading this blog as it will help you answer all your online money transfer doubts.
How to transfer money offline
First, let us look at the more traditional way of transferring money, i.e., offline.
Using a cheque
Using a cheque to transfer your money from one bank to another is as traditional as it gets. On the cheque, simply sign in the name of the receiver who is supposed to get the money, specify the amount you want to send and simply hand the cheque over to receiver! Done, it is that easy.
Now, the receiver has to take your cheque to the bank, submit it and once the cheque is cleared, he/she will soon receive the amount.
Through an ATM
ATM money transfers are also extremely common and have been so for a number of years now. All you got to do is enter your credit or debit card into the ATM machine, select Fund Transfer, and choose the receiver’s bank account number, name and type of account. Confirm all the details you have entered, and the funds will be sent immediately.
How to transfer money from one account to another online
Thinking about how can I transfer money from one account to another online? Relax, we have got you. Here are some easy ways for online money transfer:
Online money transfer with IMPS
The term IMPS stands for Immediate Payments Service. As the name might suggest, it can be used to send your money to the beneficiaries in an instant. The catch here is that these transactions have a daily limit of up to ₹1 lakh. Moreover, they also levy a service tax since you are availing of the service. Regardless, it is quite a robust and secure method of transaction, and you can use it worry-free.
Online money transfer with NEFT
NEFT stands for National Electronic Fund Transfer, which is allowed only between banks that are able to perform NEFT transactions. In addition, NEFT transactions do not occur in real-time. It takes them a few days to ensure that the transaction goes forward. You are also required to pay a small amount of fee before the transaction is completed. Once again, it is quite a convenient and easy way to transfer money. In addition, there are no 3rd parties involved and RBI plays a role in this transaction too. Hence, you can be quite confident about keeping your funds safe.
Online money transfer using RTGS
The term RTGS stands for Real Time Gross Settlement. This online money transfer system allows you to send funds from one bank to another instantly, on a gross settlement basis. Here, the term gross settlement means that the instructions for the fund transfer are provided on a one-to-one basis.
Furthermore, RTGS is frequently used when it comes to transferring the higher amount of money from one bank to the other. It is managed by the RBI as well, so you need not worry about the safety of your funds. You can also access RTGS all around the year, 24*7, which makes it extremely convenient too. There is a minimal risk when you choose RTGS.
Airtel Payments Bank & Airtel Thanks app
If you are looking for an online money transfer app, then the Airtel Thanks app can certainly help you out. With the help of Airtel Payments Bank, you can send or receive money online very easily, using a quick and convenient way. What’s more, the transactions here are instantaneous, and you need not worry too. In addition, there are no extra charges or service fees added to your transactions either.
But, the Airtel Thanks app offers a lot more than just online money transfers. It lets you recharge your prepaid and postpaid mobile phone connections, pay DTH, broadband, FASTag recharge and other bills. You can also pay utility bills, purchase other financial services, tech products and much more. Download the Airtel Thanks app and see it yourself!