3 Ways In Which You Can Send Money Online

Banking services in the digital age have become more convenient than ever. Today, one can conduct a wide range of transactions, from any corner of the world, without ever stepping foot in the bank. As technology keeps advancing, banks keep introducing new and modern ways in which transactions can be conducted. Money can be transferred from one account to another, within a matter of minutes. The beneficiary too, receives the remittance within a couple of hours. Thanks to these advanced methods of banking, it is now possible to send and receive cash online in 3 different ways. Let’s find out the 3 ways in which you can send money online.

National Electronic Fund Transfer (NEFT)

NEFT is the most widely used mode of transferring funds online form one account to another. As per RBI guidelines, there is no minimum or maximum cap on the amounts that can be transferred via NEFT, barring funds sent to or received from Nepal, under which one can send a maximum amount of ₹50,000. Funds are transferred in half-hourly batches from Mondays through Saturdays.

To transfer funds using NEFT you need to have a registered net banking account.

Let’s understand the steps to conduct money transfer services using NEFT. 

Login to your net banking account.

1. Add the beneficiary’s details i.e. the name (as per bank records), account number and IFSC code of the bank you are transferring funds to. The bank verifies the beneficiary’s details, which are added to your account within a few hours.
   
   
2. Once you have added the beneficiary successfully, funds can be transferred to his/her account. You need to conduct the transaction by visiting the ‘transfer funds’ tab on you internet banking portal. Select the beneficiary, input the amount you want to transfer, and click on ‘submit’.
   
   
3. You will receive a One-Time Password (OTP) on your registered mobile number (RMN), which you must enter to authenticate the transaction.
   
   
4. The amount will then be credited to the beneficiary’s account as per the scheduled batch.
   
   

Real Time Gross Settlement (RTGS)

As the name suggests, funds are settled in real time basis if you send money to India via RTGS. RTGS is especially designed for high value transactions with a minimum amount of ₹200,000, but there is no maximum limit. Unlike NEFT, funds are transferred in real time which means the beneficiary receives the funds immediately. That said, you must ensure your bank branch is enabled by RTGS before you send funds.

Steps to transfer funds via RTGS

1. Login to your net banking account
   
   
2. Add the beneficiary’s details – name on bank account, account number, IFSC code of the bank and wait for the bank to verify the beneficiary’s details.
   
   
3. You can now transfer the funds by visiting the ‘fund transfer’ tab on your internet banking portal. Select the beneficiary and enter the amount and click on ‘submit’.
   
   
4. Enter the OTP sent to your RMN and authenticate the transaction.
   
   
5. The beneficiary will immediately receive the funds.
   
   

Immediate Payment Service (IMPS)

Launched by the National Payments Corporation of India in 2010, IMPS is ideal for people who need to transfer funds in cases of emergencies. This is because IMPS, unlike NEFT and RTGS is not time-bound and funds can be transferred even after banking hours and on bank holidays. Launched as a part of the Government of India’s Digital India services, this money transfer service is extremely secure and easy to use.

Steps to send money online via IMPS

1. Login to your internet banking account
   
   
2. Add beneficiary details – name as per bank account, account number and IFSC code.
   
   
3. After adding the beneficiary, click on the ‘fund transfer’ tab, select IMPS and enter the amount.
   
   
4. Enter OTP sent on the RMN to authenticate your transaction
   
   
5. The amount will be credited in the account of the beneficiary within seconds.

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Created on Aug 13th 2019 02:18. Viewed 744 times.

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