How Can I Transfer Money From One Person To Another Free

At that place are quite a lot of situations where nosotros need to transfer money from one depository financial institution account to another. Throwing some calorie-free on how of import information technology is to know about diverse methods to transfer money from one bank account to another banking concern account, we take curated a list of options and the steps to exercise that. Read this weblog thoroughly and never confront problems in transferring coin from 1 bank account to another!

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

You can use either of the post-obit online methods to transfer money from one bank account to another-

Transfer money from i Banking company to some other Banking company account via UPI- Unified Payment Interface

Unified Payment Interface (UPI) is a popular mobile payment method that allows y'all to transfer funds from one bank account to the other, instantly and free of accuse. 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 business relationship that is used to send and receive funds from one bank to another. The UPI PIN is a 4-digit personal identification number required to transfer money through UPI. Every business relationship holder has the option to choose his/her UPI PIN.

Here'due south how you lot tin transfer money from i banking concern to another through UPI-

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

Mobile payment applications such equally Paytm accept made it further easy to perform UPI transactions at the comfort of your home. In UPI payment applications such as Paytm, you donâ€™t need to enter the receiverâ€™s UPI ID. You can but select the receiverâ€™southward contact from your phone book or enter the receiverâ€™s contact number to send money via UPI.

IMPS is some other method that allows users to transfer funds from one bank to another. IMPS stands for Immediate Payment Service, implying that using this method, you lot tin transfer funds immediately. IMPS transactions have a daily maximum limit of Rs. 1 Lakh and levy an additional service tax. The charges on transactions made through IMPS vary between Rs. v to Rs. fifteen, depending on the bank's weather. Immediate payment service is a robust, real-time fund transfer selection that offers 24*vii inter-banking concern fund transfer facility, which is safe and economical for all the users.

Hither's how you tin can transfer coin from i bank to another through IMPS-

Login to your mobile/internet cyberbanking account
On the main page that appears, click on 'Fund Transfer' selection
Select 'IMPS' as your method of fund transfer
Provide the beneficiary's MMID and your MPIN to proceed
Enter the amount that needs to be transferred
Click on 'Confirm'
Y'all might be asked to authenticate the transaction by submitting the OTP sent to your registered mobile number
Enter the OTP and consummate the transaction

Transfer coin from one Bank to another Banking company business relationship via NEFT- National Electronics Fund Transfer

NEFT is basically a one-to-one payment facility wherein the transactions can be candy only between the banks that offer NEFT-enabled services. Transactions made through NEFT do non take place in real-time; implying that it takes a few days for NEFT transactions to complete. To transfer funds through NEFT, y'all must add beneficiaries on the internet cyberbanking portal of your required bank. There 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. As per RBI guidelines, the payments made via NEFT are processed and settled in batches of half-hour.

Hither's how you lot can transfer money from 1 bank to some other through NEFT-

Log in to the your internet banking account
On the primary page, click on 'Fund transfer'
From the drop down menu that appears, select 'NEFT'
Notation that you need to 'Add casher' to the listing of beneficiaries in your business relationship if you haven't done so already
To add a new beneficiary, you demand to click on 'Add beneficiary' option on the page
Enter the casher's required data such as his/her name, bank account number, IFSC, etc.
Click on 'Ostend' or 'Add together'
To authenticate this footstep, you will exist asked to enter the OTP sent to your registered mobile number
After doing so, your action would be processed. It will take around 24 hours to add a casher
Once the beneficiary is added to your account, you demand to select the casher details (to whom you lot demand to transport the coin) from your list of beneficiaries
Enter the amount that needs to be transferred and confirm your transaction
Click on 'Confirm' and the amount will be transferred from your banking concern account to the other's

Transfer coin from i Depository financial institution to another Banking concern business relationship via RTGS – Existent Time Gross Settlement

RTGS stands for Existent Fourth dimension Gross Settlement. It is a money transfer system that allows the transfer of funds from one bank business relationship to another in existent-time and on a gross settlement basis. The term, 'real-time' 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 i-to-1 basis. Transactions made through RTGS are processed on a one-to-one footing and can be performed at any time, on any twenty-four hours of the yr. The Real Time Gross Settlement method is generally used for transactions of loftier value. RTGS transactions can be used using both online and offline modes.

Here's how y'all can transfer money from 1 depository financial institution to some other through RTGS-

Log in to the your internet cyberbanking business relationship
On the main page, click on 'Fund transfer'
From the driblet downwardly menu that appears, select 'RTGS'
Note that you need to 'Add together casher' to the list of beneficiaries in your business relationship if you haven't washed so already
To add together a new beneficiary, you need to click on 'Add together beneficiary' option on the page
Enter the beneficiary's required data such as his/her proper noun, depository financial institution account number, IFSC, etc.
Click on 'Confirm' or 'Add together'
To authenticate this step, yous will exist asked to enter the OTP sent to your registered mobile number
Later doing so, your action would exist processed. It will take around 24 hours to add together a beneficiary
Once the beneficiary is added to your account, you need to select the beneficiary details (to whom yous need to send the money) from your list of beneficiaries
Enter the corporeality that needs to be transferred and confirm your transaction
Click on 'Ostend' and the amount will be transferred from your banking company account to the other'due south

Transfer money from one Bank to another Bank account via Cheque

Check is one of the most traditional ways to transfer money from one bank business relationship to another. The payee signs a check in the name of the receiver, mentioning the amount that needs to be paid. The receiver can further visit the bank and submit the cheque to the concerned official at the bank. The coin will be deducted from the payee's bank account and will be transferred to the receiver's bank account as soon as the check gets cleared. It is important to notation that if there's not enough coin in the payee's depository financial institution account, the cheque volition bounce back and the payee will take to pay an additional fee for the same. In that location are no restrictions on the minimum/maximum amount that can exist transferred to a bank business relationship via cheque.

To Conclude:

Since the online ways are more than preferred, considering the ease and convenience, in that location are only a few ways that let you to transfer money from one bank account to another using the offline methods. While near 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 nearly preferred method to transfer coin from i bank business relationship to another attributable to the innumerable benefits that it offers.

Bonus Read: Acquire how to use UPI to transfer coin from one bank account to another!

FAQs

What are the nigh common methods of online money transfer?

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

Is money transfer free of cost?

In virtually domestic transactions, coin transfer is free of cost. However, some banks may accuse a minimal fee on coin transfer through a specific method.

How much fourth dimension does it take to transfer money online?

Online money transfer takes merely a day's time to consummate. Various methods of coin transfer like UPI or IMPS can exist completed immediately.

Which is the all-time method for online money transfer?

All the methods of coin transfer are useful depending upon the sender's needs and preferences. For instance, if you demand to transfer an amount more than Rs. 2 lakh, then you should opt for RTGS. If you need to transfer coin to your landlord as your monthly rent, so UPI money transfer could be your preferred method. Similarly, if you lot wish to transfer a lesser amount immediately, then you may become for IMPS.

When should I use RTGS to transfer money?

RTGS is best suitable for transactions that must be settled in real-time, and that have a minimum corporeality of Rs. 2 lakh.

Is IMPS better than other modes of online money transfer?

IMPS tin can be considered better than other modes of online coin 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 practise NEFT money transfers work?

As and when a user initiates a transaction through NEFT, information technology gets queued up. Every hour, these transactions are cleared in batches. It must be noted that NEFT transactions that are initiated later the bank working hours are automatically assumed to be automated transactions initiated using the 'Straight Through Procedure' (STP) modes by the bank.

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

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

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