Different types of money transfer

Do you wish to transfer funds through bank accounts? The good news is that various money transfer methods are available to assist you. Money transfers are now simpler due to the development of new payment solutions. Technology development has made all kinds of money transfers simple and practical. These techniques are gaining popularity as more individuals become aware of Internet transactions. You can now instantly move money from one bank account to another with the use of adigital account app, in contrast to the past. Here you can see about the different types of money transfers:

NEFT

NEFT refers to National Electronic Fund Transfer. One of the most common methods of sending money is through the transfer of funds between bank accounts. Although there is no maximum amount that can be transferred through this mechanism, every bank is free to impose any limit they see fit. You require the recipient’s bank account number and the bank’s IFSC code in order to complete NEFT transactions.

IMPS

Through IMPS, the transfer of funds is finished instantly. Using this strategy, you can transfer money whenever you want. You can complete IMPS utilizing mobile or online banking. To transmit money, various digital banks use IMPS services. The cost of a transaction may vary depending on the bank.

RTGS

Real-time gross settlement is referred to as RTGS. This method of sending money is identical to NEFT. However, NEFT has a lower minimum and takes longer to credit the funds to the recipient’s account. Large transactions over Rs. 2 lakhs are carried out through RTGS. But since there is no upper bound to this procedure, it is simpler for people to conduct large-scale transactions.

One of the key distinctions between RTGS and NEFT is that money is sent in real-time, as the name suggests. The money is credited to the recipient’s bank account within 30 minutes of finishing the transaction, so it is extremely helpful in times of need.

UPI

UPI is Unified Payments Interface and it is one the most practical ways to move money from one bank to another. To complete the transaction, you only need a smartphone and a reliable internet connection. For doing payment virtual payment address, is used in this procedure. You don’t need to carry any information about the recipient’s bank account, which is an advantage. You only need to know their registered mobile number with UPI or their name in place of their bank account number and IFSC code. Additionally, this type of money transfer is always available, so you can utilize it whenever you like. You cannot use this method while making large transactions because UPI only permits transactions up to one lakh. For doing the UPI transaction, choose the right digital account app.

Final thoughts

As a result, the above details are about the different types of money transfers. Money can be sent and received from anywhere at any time due to the different payment alternatives that are accessible. Using amoney transfer app is an even more convenient option to transfer money.