How To Transfer Money From My Bank To Another Bank

There are quite a lot of situations where we need to transfer money from 1 bank business relationship to another. Throwing some calorie-free on how important it is to know about various methods to transfer money from one bank account to another depository financial institution business relationship, we have curated a list of options and the steps to exercise that. Read this blog thoroughly and never face problems in transferring money from ane banking concern account to another!

Online Means to Transfer Money from Ane Banking concern Account to Another

You tin can use either of the following online methods to transfer money from i banking concern account to another-

Transfer money from 1 Bank to another Bank account via UPI- Unified Payment Interface

Unified Payment Interface (UPI) is a popular mobile payment method that allows you lot to transfer funds from one bank account to the other, instantly and free of charge. Transferring money through UPI requires each user to have an ID, termed as the UPI ID. The UPI ID is a unique identification for a bank account that is used to send and receive funds from one bank to another. The UPI Pivot is a 4-digit personal identification number required to transfer money through UPI. Every account holder has the option to choose his/her UPI PIN.

Here'south how you tin transfer money from ane bank to another through UPI-

Selecting a Contact/Entering Mobile number – Sending money is as simple as sending a message. But select a phonebook contact or enter a mobile number, specify the amount to exist transferred and enter your PIN. That's it! Your payment volition be completed in a few seconds.
Scanning a UPI QR lawmaking – You can also transport money through UPI by scanning the receiver's QR code. All you need to do is open up the mobile payment application similar Paytm on your phone, click on 'Pay', and select 'QR code'. Scan the QR lawmaking of the receiver and enter the corporeality to be paid. Now enter your Pin and your payment will be completed in a few seconds.
Entering UPI ID – To send money through UPI ID, all you demand to do so is open the mobile payment application, and enter the receiver'south UPI ID. After this, you demand to enter the corporeality that needs to be transferred and verify the transaction by entering your MPIN. Your transaction will be completed in a few seconds.
Entering Account Number & IFSC – This the traditional manner of payments and it is also supported on UPI. You lot may enter the account number & IFSC of the person yous want to send money to, specify the corporeality and enter your PIN. Your payment will be completed in a few seconds.

Mobile payment applications such as Paytm have made it further easy to perform UPI transactions at the comfort of your dwelling. In UPI payment applications such as Paytm, yous donâ€™t need to enter the receiverâ€™s UPI ID. You can simply select the receiverâ€™s contact from your phone book or enter the receiverâ€™s contact number to send coin via UPI.

IMPS is another method that allows users to transfer funds from one banking company to another. IMPS stands for Firsthand Payment Service, implying that using this method, you can transfer funds immediately. IMPS transactions take a daily maximum limit of Rs. i Lakh and levy an additional service tax. The charges on transactions fabricated through IMPS vary betwixt Rs. 5 to Rs. fifteen, depending on the banking concern's conditions. Immediate payment service is a robust, existent-time fund transfer option that offers 24*7 inter-bank fund transfer facility, which is safe and economical for all the users.

Here's how you can transfer money from 1 bank to another through IMPS-

Login to your mobile/net banking business relationship
On the principal folio that appears, click on 'Fund Transfer' option
Select 'IMPS' as your method of fund transfer
Provide the beneficiary'southward MMID and your MPIN to keep
Enter the amount that needs to be transferred
Click on 'Confirm'
You lot might exist asked to authenticate the transaction by submitting the OTP sent to your registered mobile number
Enter the OTP and consummate the transaction

Transfer money from ane Bank to some other Bank account via NEFT- National Electronics Fund Transfer

NEFT is basically a 1-to-one payment facility wherein the transactions can exist processed only between the banks that offer NEFT-enabled services. Transactions made through NEFT do not take place in existent-fourth dimension; implying that information technology takes a few days for NEFT transactions to complete. To transfer funds through NEFT, y'all must add beneficiaries on the internet banking portal of your required bank. At that place are no limits on the amount of NEFT transactions. There is a fee applicable on all NEFT transactions; the amount varies from Rs. 2.5 to Rs. 25, depending on the amount being transferred. Every bit per RBI guidelines, the payments made via NEFT are candy and settled in batches of half-hour.

Hither's how you can transfer coin from one banking concern to another through NEFT-

Log in to the your cyberspace cyberbanking business relationship
On the master folio, click on 'Fund transfer'
From the drib downwards carte du jour that appears, select 'NEFT'
Annotation that you need to 'Add beneficiary' to the list of beneficiaries in your business relationship if y'all haven't washed so already
To add a new beneficiary, you demand to click on 'Add beneficiary' option on the folio
Enter the beneficiary's required information such every bit his/her proper noun, bank business relationship number, IFSC, etc.
Click on 'Confirm' or 'Add'
To cosign this pace, yous volition be asked to enter the OTP sent to your registered mobile number
After doing so, your activeness would exist processed. Information technology will take effectually 24 hours to add together a beneficiary
Once the beneficiary is added to your account, yous demand to select the beneficiary details (to whom yous need to send the money) from your listing of beneficiaries
Enter the amount that needs to be transferred and ostend your transaction
Click on 'Confirm' and the amount volition be transferred from your banking concern account to the other'southward

Transfer coin from one Banking concern to another Bank account via RTGS – Real Time Gross Settlement

RTGS stands for Existent Time Gross Settlement. It is a coin transfer system that allows the transfer of funds from ane bank account to some other in real-time and on a gross settlement ground. The term, 'existent-fourth dimension' implies that transactions through RTGS are processed right when they are initiated by the sender, and 'gross settlement' means that the instructions regarding the transfer of funds occur on a one-to-ane basis. Transactions fabricated through RTGS are candy on a i-to-i basis and can be performed at any time, on any mean solar day of the year. The Real Fourth dimension Gross Settlement method is mostly used for transactions of loftier value. RTGS transactions can be used using both online and offline modes.

Here's how you lot tin can transfer money from ane banking concern to another through RTGS-

Log in to the your internet banking business relationship
On the main page, click on 'Fund transfer'
From the drop down menu that appears, select 'RTGS'
Notation that you lot need to 'Add beneficiary' to the list of beneficiaries in your account if y'all haven't done and then already
To add a new beneficiary, you demand to click on 'Add beneficiary' option on the page
Enter the casher'due south required information such as his/her proper name, banking concern business relationship number, IFSC, etc.
Click on 'Confirm' or 'Add'
To authenticate this pace, y'all will be asked to enter the OTP sent to your registered mobile number
After doing so, your activeness would be processed. It will accept effectually 24 hours to add together a beneficiary
Once the beneficiary is added to your account, yous demand to select the beneficiary details (to whom you demand to transport the money) from your listing of beneficiaries
Enter the amount that needs to be transferred and confirm your transaction
Click on 'Confirm' and the corporeality will be transferred from your bank account to the other'south

Transfer money from one Bank to another Bank business relationship via Check

Cheque is one of the most traditional ways to transfer money from one bank business relationship to another. The payee signs a bank check in the name of the receiver, mentioning the amount that needs to exist paid. The receiver tin can farther visit the banking company and submit the cheque to the concerned official at the bank. The coin volition be deducted from the payee's bank business relationship and will be transferred to the receiver's banking company account equally soon equally the cheque gets cleared. It is important to note that if there'due south non enough money in the payee's bank account, the cheque volition bounce back and the payee will have to pay an additional fee for the same. There are no restrictions on the minimum/maximum amount that can exist transferred to a bank account via cheque.

To Conclude:

Since the online ways are more preferred, considering the ease and convenience, there are only a few ways that allow you to transfer money from one bank account to another using the offline methods. While well-nigh all the methods, apart from cheque, tin be used to transfer money online, there are a few methods such as NEFT and RTGS that offer both online and offline services. Out of all, UPI has been the most preferred method to transfer money from one bank account to another owing to the innumerable benefits that information technology offers.

Bonus Read: Learn how to use UPI to transfer money from one bank account to some other!

FAQs

What are the nigh mutual methods of online money transfer?

The various methods of online money transfer include RTGS, IMPS, NEFT, UPI and digital wallet. Each of these methods tin be performed online and allow easy and fast money transfer facility.

Is money transfer gratuitous of cost?

In most domestic transactions, money transfer is free of cost. However, some banks may charge a minimal fee on money transfer through a specific method.

How much time does it take to transfer money online?

Online money transfer takes only a day's time to complete. Various methods of money transfer like UPI or IMPS can be completed immediately.

Which is the best method for online money transfer?

All the methods of money transfer are useful depending upon the sender's needs and preferences. For example, if you need to transfer an amount more than Rs. two lakh, and then you should opt for RTGS. If you need to transfer money to your landlord as your monthly rent, then UPI coin transfer could be your preferred method. Similarly, if you lot wish to transfer a lesser amount immediately, then you may get for IMPS.

When should I use RTGS to transfer money?

RTGS is best suitable for transactions that must be settled in existent-time, and that take a minimum amount of Rs. 2 lakh.

Is IMPS better than other modes of online coin transfer?

IMPS tin can be considered better than other modes of online money transfer as it facilitates immediate transfer of funds. Additionally, this immediate payment service tin be accessed even on depository financial institution and public holidays.

How do NEFT money transfers piece of work?

Equally and when a user initiates a transaction through NEFT, information technology gets queued up. Every hour, these transactions are cleared in batches. Information technology must be noted that NEFT transactions that are initiated after the banking concern working hours are automatically causeless to be automatic transactions initiated using the 'Direct Through Process' (STP) modes by the banking concern.

Mehak Bagla is a fiscal Content Writer with over 3 years of work experience in the industry. She is a passionate writer with professional arroyo in digital marketing. In her spare time, Mehak loves to write, travel, and heed to music.

Source: https://paytm.com/blog/money-transfer/transfer-money-from-one-bank-account-to-another/

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