How many times have you been stuck with a Visa Credit card bill that needed to be paid out immediately but you did not have sufficient funds available. With various advancements to technology, digitization has widened the scope of Visa credit card payments. Not long before, people used stand in queues to have their dues cleared and suffer through the stress of paying fines on late payment. However, soon enough, banks and credit card companies, together came up with new and innovative ways to solve this issue through the concept of Visa Money transfer. Let us understand what it is all about.
What is Visa Money transfer?
Visa Money Transfer is a convenient service offered by banks in India which enables its customers to pay for a VISA Credit card bill, by using the Bank’s VISA Card Pay service. Such service does not entail any branch queues, any waiting, and any issuing cheques. It is just a fast and safe payments system that can be used whenever you need it. The service is very convenient to use and can be accessed from the comfort of your home or your office.
Why should a customer make use of Visa Money transfer?
The idea behind using Visa Money transfer is pretty much clear and simple. A customer gets the advantage of paying more than one Visa credit cards bills which might be issued to the customer from his bank, right from the comfort of his home or office. The simple yet highly advantageous benefits that accrue to a customer by making use of Visa Money transfer is that one can make safe payments at any point of time and from any place.
What is the process of Visa Money transfer?
As simple and fast as the process of Visa money transfer is, it is also considered quite safe and reliable for use. The process involved in Visa money transfer is described as follows:
- A customer needs to log into his bank account through net banking service.
- The customer should enter his login ID and password for logging into his account.
- For making a Visa money transfer, the customer needs to go to the option of Third party funds transfers and under this option he needs to select Visa Card pay option.
- At this option, the customer is required to fill in the details of the transfer which also include the information relating to the sender and the recipient.
- After this, customer should ensure that he approves the transaction.
- The money will then be credited to the account of the beneficiary.
The bank account of the customer is then debited online after completion of the above steps. The requested funds are sent to the beneficiary bank account, i.e. to the person whom the sender was making the payment, within two working days, and the bank shall then transfer the amount to the beneficiary’s card account.
In one transaction, a customer can make a transfer for the value of not more than Rs 49,999. For every transaction completed by the card account of the customer, a transaction fee of INR 5, along with extra taxes, shall be charged to the account of the customer.
A customer must remember that he needs to register himself for a third party transfer if he is willing to use Visa Money transfer service. Without such registration, all the transfers made by the sender shall be deemed invalid and will also attract fines and penalties for the same. Owing to the convenience of online services, a customer can now register for such third party transfers through online mode and also visit the nearest branch around him to get the registration done.
What are the features of Visa Money Transfer?
Take a look at some of the benefits and features of Visa Money transfer service:
- Customer can pay the bills of multiple Visa Credit Cards that are issued by any bank
- Customer can make transfer of money to the bank account of the beneficiaries possessing Visa Debit Card of any bank
- Customer can schedule recurring payments from his account
- Customer can track the bill payments that he has already made
- Visa Money Transfer usually depends on the time that is taken by the receiver’s bank to process the payment sent by the sender.