How to Transfer Money Between Accounts at Different Banks | iServeU
Transfer Money from One Bank to Another

How to Transfer Money Between Accounts at Different Banks

Are you wondering “how to transfer money from one bank to another bank”? With a plethora of options, one can get easily confused. There are so many choices for the transfer of funds but one must go for the easiest, quickest, and cheapest way. To help you out, here are the steps to follow to transfer money from one bank to another bank account:

Step 1:   Check out your bank’s website to link accounts

  • Log in & click on the “Transfer Funds” option
  • Add an external account

Step 2: Verify your ownership

  • Verify the bank account you want to transfer funds to with your bank account. Your bank will ask for proof that you are the owner of the account at the Bank you want to transfer funds to.

Step 3: Provide the required details

  • Your bank will ask for the account and routing number for Bank you are transferring funds to.

Step 4: Verify the accounts

  • Your bank will ask you to verify your account with Bank you want to transfer funds by providing the username and password you use for Bank you are transferring fund and get instant approval for external transfer.

Step 5:  Verify the deposits

 Log in to your bank’s official website & go to the “External Accounts” section. Click on “Verify Your Deposits,” and enter the amounts that were transferred to another bank.

Step 6: Transfer money between Banks

You are now able to transfer money between banks according to your needs.

How to transfer money from one bank to another bank:

 The following are the ways banks adopt to transfer money between banks.

RTGS (Real-Time Gross Settlement)

RTGS is an online cash transfer method that If your payment is done, can’t be reversed. It’s an excellent way to send money online instantly from your account to your loved ones’ accounts. This method of transfer has basically used for high-value interbank transactions due to less settlement risk.  To send money online instantly, you have to pay some additional charges between Rs.25 to Rs.55.

How long does it take to transfer money between banks via RTGS Method?

 RTGS is a quick cash transfer system that completes payment on an individual order basis continuously. It takes up to 30 minutes to settle money transfers.

NEFT (National Electronic Fund Transfer )

To send money online instantly, you can use NEFT, one of the popular ways of transferring money from your bank account to your friend’s bank account digitally. Now, you don’t have to wonder “how can I send money online” as one can transfer a sum of money through the process of NEFT.

There are some charges incurred in this process of money transfer that ranges from Rs. 2.50 to Rs. 25 on the amount between Rs. 10,000 to the amount more than Rs. 2 Lakh.

How long does it take to transfer money between banks via NEFT Method?

 The NEFT fund transfer is done in batches and in 48 half-hourly every day. The batch timing is 30 minutes.

IMPS (Immediate Payment Service)

 IMPS is the best method to transfer cash to your friends and family member during emergencies. You can transfer money up to the limit of 2 lakhs per day. You can transfer money in bank off days as well and round the clock. Many money transfer organizations like iServeU are offering this method of fund transfer.

How long does it take to transfer money between banks via IMPS Method?

 Within a few seconds, your money will be transferred to the beneficiary’s account.

How to transfer money from one bank to another bank

 Alternatives to money transfer process in bank

  1. Ewallets

E-wallets need to be linked with an individual’s bank account. It is a type of electronic card that is utilized for digital transactions like booking hotel rooms, train &  flight tickets, groceries, online purchases, shopping, or fund transfer, etc

  1. Unified Payments Interface (UPI)

 Unified payments interface is developed by NPCI and regulated by RBI. It is commonly used in smartphone apps and promotes easy cash transfer. You don’t need to use your confidential bank information each time you make transactions. UPI is using already existing methods like IMPS, AEPS for real-time settlements. You can use UPI through Phonepe, Google pay, Paypal, or Paytm.

  1. Banking Apps

 Several banking apps are now available in the Google play store with good ratings. You can easily download those apps of your bank accounts and make quick fund transfer, open RD, FD, or send money to your friend’s account. You can also use apps like Phonepe, Google pay, Paytm, and various apps to make online transactions.

If you want to transfer cash without taking many headaches as the money transfer process in bank is very slow then you can rely on various fintech startups like iServeU that are offering similar services as banks and you don’t need many documents and also don’t have to share much information to make transactions. iServeU is offering various ways to transfer money between banks. For more info, visit at iserveu.in or call us on +918338088000.