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27 Jul 2021 Conveniently move your funds using electronic transferring methods Key Takeaways
IntroductionAs the banking system in India continues to evolve, the need to visit a bank for any transaction is reducing with every new facility being introduced. The most significant development in the last decade is the emergence of electronic fund transfer systems, making transferring money between bank accounts more accessible than ever. You can conveniently move money from one bank to another electronically from anywhere, at any time. Let us find out how to transfer money to bank accounts in this article. How To Transfer Money To Bank Accounts
Ways To Transfer Money To A Bank AccountNow that you know how to transfer money to another bank account let us look at various ways to transfer money to bank accounts. With online banking, you get access to multiple online fund transfer options ranging from National Electronic Funds Transfer (NEFT), Real-time Gross Settlement (RTGS), Immediate Payment Service (IMPS) and UPI-based options. The facility of transfer you select essentially depends on the amount you wish to transfer and the pace of delivery.
How to transfer money to another bank account using NEFT and RTGS
It typically takes 30 minutes (on the back end) to set up a beneficiary account. Once it is set up, you need to log in to your savings account, select the beneficiary account details, enter the sum you wish to transfer and authenticate the transaction with an OTP sent to your mobile number. The amount will be transferred within 30 minutes. Are you looking for an intelligent mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes. Download digibank Now
If you need to transfer and settle funds immediately to another account, you can use IMPS. This facility is also available with your internet banking and mobile banking platforms. You can initiate this transfer via mobile number and MMID or account number, and IFSC code of the payee. Here is how to transfer money to another bank account using IMPS. Steps For IMPS Transfers
After your transaction is complete, your payment confirmation number will be displayed on the screen.
How To Transfer Money To Bank Account – Other Options
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How digibank by DBS can help you with fund transfersWith digibank by DBS, you can leverage all the methods mentioned above of fund transfers at your fingertips. You can easily make inter and intra bank transfers in seconds. You can just as seamlessly transfer funds to your loved ones abroad or receive inward transfers. Moreover, you can open an online digibank account and utilise the digibank by DBS mobile application to initiate transactions on the go. With digibank banking, you can manage banking on the go, take advantage of various facilities and add several beneficiaries for money transfers. Send or receive money without any trouble with digibank’s fund transfer channels. Download the digibank by DBS app to get started. Download digibank Now *Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice. Keep ReadingWhat is the best way to send money to someone?The most convenient option for your recipient is likely to be sending money to their bank account directly. You’ll usually be able to do this through your regular bank or using a specialist third party provider.
How can I send cash to someone else’s account?There are many different ways to send cash from your bank account to someone else’s account. Some of the most common ways to make these types of transfers include electronic deposits via websites like PayPal, mobile apps, paper deposit slips, paper checks, and bank to bank funds transfers.
How can I direct deposit money into someone else’s account?There are various ways to direct deposit money into someone else’s account. There’s not just one way to deposit money. There are a lot of different options when putting money into someone else’s account. You can choose from bank transfers, apps, PayPal, and other easy processes.
Can I make a payment directly to someone’s bank account?Getting a payment directly from your bank account to your recipient’s account means no carrying or handling cash, no visits to the bank or waiting in line, and faster, more secure money transfers. If you need to make a payment direct to someone’s bank account you have a few options.
Can I directly transfer money to someone else's bank account of a different bank?Bank-to-Bank Money Transfer. A wire transfer is a safe way to transfer money from one bank to another. Traditional bank wire transfers are often used for domestic bank-to-bank transactions. They are fast, but their fees can be costly.
How can I send money to someone's bank account instantly?Best Methods for Quickly Transferring Money. Zelle. Zelle can be used online, through the Zelle mobile app or through participating banks' online banking platforms. ... . PayPal. PayPal lets you send, request or collect money online or with the PayPal app. ... . Venmo. ... . Western Union. ... . Walmart2Walmart.. |