How to Transfer Money From One Bank to Another

Online banking makes it easier than ever to transfer money between bank accounts. You can transfer money electronically from one bank to another bank using various devices.

If you own both bank accounts, then a basic bank-to-bank transfer is a good option.

You can set up a transfer with the sending or receiving bank, and the funds arrive at the destination after two or three business days.

The timing ultimately depends on which banks you use and whether you are raising money internationally or domestically.

There are many ways to transfer money from one bank account to another. With increasing technology, online money transfer has become the easiest way to transfer money from one bank to another without any hassle.

Many banks allow you to make free transfers between connected accounts, but it is good to check with both banks, just to be safe.

You must link your accounts before you can complete a transfer. That process can take about a week, so be sure to establish the link before sending money.

How to Transfer Money From One Bank to Another

1. NEFT (National Electronic Fund Transfer)

National Electronic Fund Transfer or NEFT is the simplest and preferred form of money transfer from one bank to another.

To perform any NEFT transaction, all you need is two important information – first, the account number, and second, the IFSC code of the destination account.

In NEFT, there is no cap on the amount of money that can be transferred. However, individual banks may set a limit.

Steps for an NEFT money transfer

1. Go to Fund Transfer tab, and select ‘Transfer to other bank’ (NEFT)
2. Select the recipient account and enter the relevant details
3. Accept the (Terms and Conditions)
4. Recheck the details, if all and complete the process

2. RTGS (Real Time Gross Settlement

A real-time gross settlement or RTGS is almost similar to NEFT, but attributes the minimum payment and how it varies to the destination account.

If you want to do more than 2 transfers then you can use it. There is no upper cap on the amount.

RTGS money transfer takes place on a real-time basis. For the person whose money was transferred, his bank gets 30 minutes to deposit it in his account.

Steps to make RTGS funds transfer

1. Go to Fund Transfer tab, and select ‘Transfer to other bank’ (RTGS)
2. Select the recipient account and enter the relevant details
3. Accept the (Terms and Conditions)
4. Recheck the details, if all are correct, then confirm and complete the process

3. IMPS (Immediate Payment Service)

Immediate Payment Service or IMPs an instant fund transfer service and it can use anytime. IMPS can simply define as NEFT+RTGS.

To avoid fraud complaints, the cap on transaction limits is very low. For IMPS transfer, all you need to know is the IMPS ID (MMID) of the destination account holder and its mobile number.

Steps to make IMPS money transfer

1. Using your Customer ID and Password into Net Banking/Mobile Banking
2. Go to Funds Transfer tab (Other Bank Account)
3. Select Debit / Credit Account, mode of transfer as IMPS and beneficiary account
4. Enter the amount to transferred and click on Submit
5. Click on the confirm button
6. Recheck all the information and approve the transaction using OTP (one time password) received on your registered mobile number
7. And at last, confirm by clicking on the submit button.

Through IMPS, you can transfer money 24/7, but RTGS and NEFT can be done only on weekdays, working hours + Saturdays in just a few hours. Apart from NEFT, RTGS, and IMPS, you can also transfer your money through UPI and check.

4. UPI (Unified Payments Interface)

The Unified Payments Interface a real-time payment system that allows transactions to be made via any smartphone using a VPA (virtual payment address).

No bank account details required for money transfer through UPI. Only a mobile number or name is sufficient and transactions can be done 24/7. UPI-enabled apps allow transfers of up to Rs 1 lakh.

5. Cheque

You can transfer money from one account to another by check. All you have to do is draw a stitching paper with your name in your account in which you want to transfer the amount with your signature.

This is done immediately at a branch if the transfer is within your bank.

There is no limit if you want to transfer money from your a / c to another bank / c, but if you want to withdraw a certain amount, there are restrictions.

Through a check, you cannot withdraw more than Rs 50,000 from a non-home branch.

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