Online funds transfer is becoming a norm these days. Even in the cash-oriented economy of India, more and more people are using the net banking and mobile banking facilities provided by their banks for funds transfer and bill payments. The younger generation is more keen on dealing with plastic money and online transfers but the others are also slowly warming up to the idea of carrying out banking transactions online.
After the demonetisation drive carried out people realised that they cannot rely on cash completely and need to learn how to use digital money. Until this point, many people relied on ATM cards to withdraw money from the banks to carry out transactions in their daily lives. Now they are using credit cards, net banking, mobile banking, and e-wallets frequently instead of solely relying on apps.
If you want to carry out money transfers online from the comfort of your home, there are plenty of ways to do so such as:
- Bank website
- Bank’s Mobile website
- Bank’s Mobile App
- E-wallets
- Third-party money transfer apps
One of the easiest ways to carry out bank to bank money transfer is by using mobile apps. You can download the mobile app and use your smart phone to transfer money easily to others or from one of your own bank accounts to another. These mobile apps give you instant access to your money wherever you are.
These apps also keep your data secure since you carry out transactions using a virtual payment address instead of your account number, IFS code, etc. If you have multiple bank accounts, some of these apps allow you to access them in one place and carry out interbank transfers from one of your accounts to another. These apps are safer and simpler to use than using individual bank mobile apps.
If you use a bank to bank money transfer app, you can send money to anyone at any time without the need to visit a bank. Before mobile apps were introduced, people had to visit their banks to transfer money. This took a lot of time since they had to spend a lot of time in going to the bank, waiting in the queue for their turn, completing the transaction, and then going back home.
It is important to remember that you will need to be registered for net banking and/or mobile banking with your bank for the account you plan to use for the funds transfer. You will need your net/mobile banking credentials to login to your bank account and transfer money to use the bank to bank money transfer apps.