After demonetization, digital transactions have sharply increased. So, there is a wide range of options for customers if they want to complete online transfer of funds conveniently. Therefore, it is difficult for people to compare money transfer facilities as there are so many options. If you are one such customer who has no idea about the several online methods of transferring money from your bank to another bank, this article is for you. Read the complete article to learn about the three most common methods used by people these days for transferring funds online.
- The NEFT method
The full form of NEFT is National Electronic Fund Transfer. It is very common among users as it is one of the easiest methods of transferring an amount online from your account to the account of someone else. For taking advantage of this facility, it is mandatory for the branch of the bank where you have your account to be NEFT-enabled. All you need to do is add the beneficiary’s details like his IFSC code, account number etc. and transfer money easily.
- The UPI method
Before you compare money transfer, you also need to know that UPI or Unified Payments Interface is another popular way of transferring money with the help of the internet. Apps that are UPI-enabled allow people to finish transactions from their Android phones with the help of the Virtual Payment Address. The main aim is to give people a chance to finish transactions in a few steps and therefore, in far less time. The best part about UPI is that you can do transactions at all hours of the day and the night.
- The RTGS method
RTGS stands for Real Time Gross Settlement. It is perfect for transactions of high value. The starting amount of money is Rs. 2 lakh. You cannot transfer any amount less than 2 lakh with the help of the RTGS option. The transfer can take place only within the business hours of RTGS. The person to whom one intends to transfer the money, his bank gets half-an-hour for crediting it to his account. The only requirement is that the branch of the beneficiary needs to be RTGS-enabled. The remaining process is quite similar to the NEFT’s process. As far as cost is concerned, the NEFT costs less than the RTGS.
It is better to have some basic idea about the abovementioned money transfer mediums to be able to compare money transfer.