Gone are the days of standing in endless queues or filling out tedious paperwork for money transfers. With digital payments exploding, transferring money is as easy as sending a text. From smooth mobile apps to payment gateways, various secure digital options enable smooth transactions within clicks.
This guide will discuss the leading digital transfer methods and provide a step-by-step walkthrough for using mobile banking apps, the most convenient way to send and receive money instantly.
Popular Online Transfer Methods
Here are the online money transfer methods:
- NEFT: National Electronic Funds Transfer, or NEFT, lets you transfer funds digitally from your bank account to another account. Transfers up to ₹20 lakh can be made via NEFT. It usually takes 2-4 hours to process NEFT requests.
- RTGS: If you need to transfer large sums of money, over ₹2 lakh, RTGS, or Real Time Gross Settlement System, is recommended. As the name suggests, transfers via RTGS happen instantly, in real-time.
- IMPS: Immediate Payment Service (IMPS) offers instant money transfers through multiple bank accounts. The maximum amount per IMPS transaction is ₹5 lakh.
- UPI: The Unified Payments Interface, or UPI, has become quite popular for transferring money using a virtual payment address without requiring account details. It enables direct bank-to-bank transfers instantly.
Step-by-Step Guide to Transfer Money Online
Let’s understand the typical process of online payment using a mobile banking app like IDFC FIRST Bank:
1. Log in to the Mobile Banking App.
Launch the IDFC FIRST mobile app and log in using your username/password or fingerprint/face ID.
2. Go to the Money Transfer Menu
Go to the money transfer menu and select NEFT, RTGS, IMPS or UPI options.
3. Enter Beneficiary Details
For NEFT/RTGS, enter the recipient’s name, account number, and IFSC code. For UPI, enter their VPA handle.
4. Mention Transfer Amount
Enter the amount you want to transfer. Ensure it is within defined limits based on the mode selected.
5. Add Remarks if Any
You can add remarks/comments to identify the reason for the money transfer.
6. Confirm the Transfer
Verify all details before confirming the money transfer using the OTP sent to your registered mobile number.
7. Check Transfer Status
You will receive a confirmation about the transfer’s success or failure and a reference number to track the status.
Benefits of Online Money Transfers
Here are the key benefits of online money transfers that make managing your finances easier and more efficient.
- Convenient: Transfer money anytime, anywhere
- Quick: Modes like IMPS and UPI enable real-time transfers
- Economical: Nil or minimal fees on online fund transfer
- Secure: Advanced encryption mechanisms protect your money
- Transparent: Get instant transfer confirmations and history
Tips for Safe Online Banking
Here are essential tips to ensure safe and secure online banking practices.
- Only use the official apps of your bank
- Cross-check details before confirming transfers
- Avoid banking over public Wi-Fi connections
- Setup account alerts for suspicious activities
Conclusion
Using online banking and apps of banks like IDFC FIRST Bank, transferring money digitally is easy and convenient. You can choose the mode based on the transfer amount and urgency.
Follow the step-by-step process carefully while entering details for smooth transfers. This brings the flexibility of payments to your fingertips securely.