Money transfer means transferring funds from one account to another using cashless mode of payment. It can be electronic or physical mode of payment. Money transfer can be of both domestic and international nature. Money transfer can be now done easily using various options in online banking. Net banking is extremely convenient platform to do money transfer.
HDFC Bank is one of the leading private banks in India which offers banking services across the globe. With its world class banking, money transfer facility is made easy not only within the country, but also worldwide.
With the digitalization and advanced technologies, banking services are made easy. HDFC offers many service options to its customers including residents and non-residents. Below are the various money transfer facilities offered by HDFC Bank to its customers:
For Domestic Remittance
National Electronic Fund Transfer (NEFT): It is a country wide payment system that enables you to transfer money from any bank branch to another person having account with any bank within the country. As transactions are settled in batches, it fastens the process of transfer. It’s more convenient as it can be initiated over net banking and mobile banking as well. However, for online transfer the maximum limit is Rs. 50,000 per transaction. For larger amount transfer, transaction can be executed through bank branch. Name of the beneficiary, bank and branch address of beneficiary, account number and IFSC code of beneficiary bank branch is all that you need to produce for initiating NEFT transfers.
RTGS Fund Transfer: RTGS (Real Time Gross Settlement) transfer happens on real time basis. Hence it’s the fastest way of transferring money. Minimum limit is Rs. 2 lakh and there is no maximum limit do fund transfer under RTGS. Transaction needs to be executed anytime between 8 am to 4 pm during business days. If you are executing the RTGS via net banking, first add the beneficiary and then execute the transfer. Adding beneficiary may take 30 minutes.
IMPS: Immediate Payment Service (IMPS) facility by HDFC bank enables you to do instant interbank transfer of funds electronically anytime from anywhere in India. This money transfer service is available round the clock throughout the year including bank holidays. IMPS transaction can be initiated through internet banking or through your mobile phone also. If you do not have account number and IFSC details, IMPS transfer can be done by using registered mobile number and MMID (Mobile Money Identifier) number.
UPI (Unified Payment Interface): It’s a hassle free, safe, convenient and speedy mode of fund transfer using mobile phone. You need to get yourself registered for HDFC mobile banking services. You can create your UPI ID by logging into HDFC mobile banking app. You can send and receive money using UPI IDs. You can choose to make a payment using UPI ID of beneficiary or account number or Aadhaar number. UPI based apps enable to power various bank accounts into a single mobile application.
Visa CardPay: This particular money transfer feature in HDFC enables you to easily make a payment for a bill issued for any Visa card of any bank. It’s a safe and convenient option to make a card payment. Transaction limit for this is Rs. 49,999/-.
For International Remittance
HDFC bank is one of the leading NRI banking service provider in our country. The bank has its presence in various other locations abroad at Dubai, Abu Dhabi, Hong Kong, Bahrain and Kenya. Here are the money transfer options offered by HDFC Bank on an international level:
Telegraphic Transfer or Wire Transfer: Telegraphic transfer allows you to receive money in your Indian account from abroad and also allows you to send money abroad from your HDFC account in India. Wire transfer is transferring money via electronic mode. HDFC has correspondent banks around the world through which wire transfer transactions are executed. Remittances are routed through correspondent banks. Information required for remittance are remitter details, payment currency and the amount to be remitted, beneficiary details, beneficiary bank details, account number, SWIFT code, intermediary bank details and purpose of fund transfer.
Telegraphic transfer usually takes 2 to 4 business days depending on the place of origin and destination. There are also certain charges involved in the process as charges may be levied from remitting bank, intermediary bank and also the beneficiary bank. However, it’s the fastest mode of transferring money overseas. HDFC bank also allows you to execute the wire transfer transaction through net banking. You can avail branch details, SWIFT details from bank’s website to remit money to your HDFC bank account number.
Fund Transfer through Cheques, Demand Draft and Travelers Cheque: To make a money transfer, you can send cheque or demand drafts to your HDFC bank branch in India along with the letter clearly stating the account details and reason of transfer. HDFC has an arrangement to collect cheques in various currencies like USD, GBP, EURO, SGD, CAD, AUD, SEK, AED, NZD, CHF, HKD, ZAR, and SAR.