How can i transfer money from one account to another

The advance of technology in every aspect of our life has made things easier than they were before. The same is the case when it comes to transferring money from one bank account to another. We now have many ways to ensure we can transfer our funds. However, all these methods come with their own set of advantages and disadvantages, which helps them to stand out from the rest. For transferring money, you can take your pick among these options, and choose the one that suits you best. Thinking how to transfer money from one account to another? Keep reading this blog as it will help you answer all your online money transfer doubts.

How to transfer money offline

First, let us look at the more traditional way of transferring money, i.e., offline.

Using a cheque

Using a cheque to transfer your money from one bank to another is as traditional as it gets. On the cheque, simply sign in the name of the receiver who is supposed to get the money, specify the amount you want to send and simply hand the cheque over to receiver! Done, it is that easy.

Now, the receiver has to take your cheque to the bank, submit it and once the cheque is cleared, he/she will soon receive the amount.

Through an ATM

ATM money transfers are also extremely common and have been so for a number of years now. All you got to do is enter your credit or debit card into the ATM machine, select Fund Transfer, and choose the receiver’s bank account number, name and type of account. Confirm all the details you have entered, and the funds will be sent immediately.

Thinking about how can I transfer money from one account to another online? Relax, we have got you. Here are some easy ways for online money transfer:

Online money transfer with IMPS

The term IMPS stands for Immediate Payments Service. As the name might suggest, it can be used to send your money to the beneficiaries in an instant. The catch here is that these transactions have a daily limit of up to ₹1 lakh. Moreover, they also levy a service tax since you are availing of the service. Regardless, it is quite a robust and secure method of transaction, and you can use it worry-free.

Online money transfer with NEFT

NEFT stands for National Electronic Fund Transfer, which is allowed only between banks that are able to perform NEFT transactions. In addition, NEFT transactions do not occur in real-time. It takes them a few days to ensure that the transaction goes forward. You are also required to pay a small amount of fee before the transaction is completed. Once again, it is quite a convenient and easy way to transfer money. In addition, there are no 3rd parties involved and RBI plays a role in this transaction too. Hence, you can be quite confident about keeping your funds safe.

Online money transfer using RTGS

The term RTGS stands for Real Time Gross Settlement. This online money transfer system allows you to send funds from one bank to another instantly, on a gross settlement basis. Here, the term gross settlement means that the instructions for the fund transfer are provided on a one-to-one basis.

Furthermore, RTGS is frequently used when it comes to transferring the higher amount of money from one bank to the other. It is managed by the RBI as well, so you need not worry about the safety of your funds. You can also access RTGS all around the year, 24*7, which makes it extremely convenient too. There is a minimal risk when you choose RTGS.

Airtel Payments Bank & Airtel Thanks app

If you are looking for an online money transfer app, then the Airtel Thanks app can certainly help you out. With the help of Airtel Payments Bank, you can send or receive money online very easily, using a quick and convenient way. What’s more, the transactions here are instantaneous, and you need not worry too. In addition, there are no extra charges or service fees added to your transactions either.

But, the Airtel Thanks app offers a lot more than just online money transfers. It lets you recharge your prepaid and postpaid mobile phone connections, pay DTH, broadband, FASTag recharge and other bills. You can also pay utility bills, purchase other financial services, tech products and much more. Download the Airtel Thanks app and see it yourself!

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If your funds are spread across accounts at different institutions, it helps to have an easy way to make transfers between them. Online transfers are a convenient way to move money from one bank account to another.

Online transfers are generally free, though some financial institutions do charge, and transfers usually take up to three business days to complete. Check with your institution when setting up a transfer to know when to expect funds to arrive and whether there are fees.

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How to transfer money from one bank to another online

To get started, you’ll need to set up a relationship between the two accounts you have at different banks — the one that will send money and the one to receive it.

1. Link the two accounts

Log in to the first bank’s website or mobile app and select the option for making transfers. There may be a choice for internal transfers, that is, moving money in between two accounts within the same bank — from checking to savings, for example. You want the external option, which lets you move funds out to a different bank.

2. Provide external account information

Have the second bank’s routing number and your account number handy. You can usually get this information from the bank’s website or mobile app, or printed paper check. You can also check this list of routing numbers at some of the largest banks.

3. Confirm the new account

After you enter the required information, the first bank will typically want to verify that you have access to the second bank’s account. You might be asked to enter your username and password for the second bank, which the first bank would then verify electronically. Another way the first bank could verify the account is to make a small deposit or two (think a few pennies each) and ask you to confirm the amounts. This process could take a couple of days to complete.

4. Set up transfers

Once the account is confirmed, you can set up transfers from the sending bank’s website or app. Select the sending and receiving accounts, and enter the amount to be transferred and the date for the transaction to occur. From there, you can usually see which date the funds are expected to be available in the receiving account. You’ll also want to choose whether you want to make a one-time transaction or a recurring transfer (once a week, for example). After you’ve made your choices, select the option to submit them.

Benefit to external bank transfers: Boost your savings yields

Bank transfers are common for people who have a checking account at one bank and a high-yield savings account at another bank. If you open a new savings account, you can link your existing checking account for automatic transfers.

This also works for online bank customers, who often need to link their existing bank accounts to fund their online accounts. These folks tend to get the benefit of better rates while having the convenience of keeping their existing accounts.

Check the limits to savings withdrawals

You can generally make as many transfers into savings accounts as you’d like, but there are some points to consider when it comes to taking money out. Online withdrawals from savings accounts are considered convenient transactions per the Federal Reserve. There used to be a limit on the number of convenient transactions you could make per month. The Federal Reserve no longer enforces that limit, but if you have more than six convenient transactions in a month, some institutions will charge an excess withdrawal fee for each transaction over that cap. This fee is typically up to $10 per excess transaction. If you think you might run up against the limit, check with your financial institution to see if it caps withdrawals and charges a fee.

More options to send money to others

• Online bill pay: If you don’t own the account you plan to send money to, you may need to explore other options. Many banks offer online bill pay services, which send a check or electronic payment to a merchant or vendor on your behalf.

• Peer-to-peer payments: If you need to send money to another individual quickly, you can also use a peer-to-peer payments service, such as Venmo, PayPal or Zelle.

• Wire transfers: If you need to send thousands of dollars quickly, it may make sense to use a wire transfer. These services are not always free, but the funds often reach the recipient much faster, sometimes in as little as a few minutes.

Transferring funds from one bank account to another does not have to be a burden. Moving money can be just another online banking convenience.

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