What Does Money Transferring Mean?

In simple words, money transfer is transferring money from one bank account to another bank account. It can be a physical or electronic fund transfer from one bank account to another bank account. It may occur between the same bank operators, different bank operators, in the same country, in different countries.

This is the act of transfer money from one place to another place either in the same country or overseas. When it occurs in the same country known as domestic money transfer and when it occurs in overseas known as International or global money transfer.

Basically money remit is used for electronic fund transfer. This is the cashless mode of transferring money from one bank account to another bank account.

What are the Different Types of Money Transfer?

There are plenty of ways of transferring money from one bank account to another bank account. As technology is growing, it becomes very easy to transferring money. Today you can transfer money by one click, anytime anywhere.

Here we are discussing the top 3 trending ways of transferring money.

1. NEFT
2. RTGS
3. IMPS

NEFT (National Electronic Fund Transfer)

NEFT or national electronic fund transfer is the easiest and most liked way of transferring money from one bank account to another bank account.

To transfer money using NEFT, you need two important pieces of information, first is account number and second is the IFSC code of the receiver’s account.

There is no limit of money remit through NEFT, however Individual banks set the limit.

This is the smother way to transferring money which is generally used by us through the money transfer app.

Steps for NEFT fund transfer

Step 1: Go to fund transfer function and select transfer to another bank

Step 2: Fill up recipient account details & IFSC code

Step 3: Accept terms and conditions

Step 4: Complete the process and check report

RTGS (Real Time Gross Settlement)

RTGS is quite similar to NEFT, but the minimum amount limit and how to credit it to the receiver account are different.

You can use RTGS as a real-time fund transfer service. It takes almost 30 minutes to transfer. There is no upper limit of transferring amount.

Steps of RTGS fund transfer

Step 1: Go to fund transfer tap and select transfer to another bank

Step 2: Fill recipient account details and related information

Step 3: Accept terms and conditions

Step 4: Complete the process and check report

IMPS (Immediate Payment Service)

As per the name, IMPS is the fastest money transfer service now a day. You can use this service at any time. We can say it is the combo of NEFT and RTGS.

To avoid the fraud transactions, it has set a low cap of transaction limit. You require recipient phone number and account details to transfer funds.

Steps of IMPS fund transfer

Step 1: Use your customer ID and Password for login into mobile banking

Step 2: Go to the fund transfer tab

Step 3: Select debit/credit account, mode of transfer as IMPS and beneficiary account

Step 4: Enter the amount to be transferred & click to submit

Step 5: Click on the confirm button

Step 6: Double-check all the information and approved the transactions using OTP received on the registered number & check the report

Using IMPS, you can transfer money 24*7 anytime anywhere whereas NEFT and RTGS occur in working hours.

These are types of money remit services through which you can transfer funds online using account details. Along with these, you can transfer money through UPI and cheque. In UPI (Unified Payments Interface) you don’t need recipient account details, you can transfer money through register mobile number linked with Individual bank accounts. For ex. Paytm UPI, Google Pay etc.

Keep Reading: Money Transfer