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Online Money Transfer in India

Online Money Transfer in India

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Demonetisation brought great changes in India. Demonetisation not just changed notes but even changed the way we make payments. Various digital payment methods came into light for cashless money transaction. Nowadays, there are different methods which are being used for transactions, such as NEFT, RTGS, e-wallets, UPI and many more.

  1. UPI :

Unified Payments Interface (UPI) provides the facility for money transfers from smart phones. One just needs UPI enabled applications in any smartphone for transactions using Virtual Payment Address. It is instantaneous method for fund transfers which requires no IT skills. This method does not depend on banks’ working hours for transferring the amount.  Moreover, UPI does not have transaction charges.

There are also some limitations of UPI. Firstly, the maximum amount of money transfer is Rs. 1 lakh. Secondly, it does not provide international transactions.

  1. NEFT :

The National Electronic Fund Transfer is one of the most widely used method to transfer funds from one bank account to another. This method works on deferred settlement basis i.e, the money is transferred in batches. To transfer money, both customer bank branches should be NEFT-enabled. Every bank has set a limit for NEFT transfer. In addition, there is no minimum amount limit of money transfer but maximum amount is not more than Rs 10 lakh.

Only limitation of this method is that money transfer is not instantaneous. Even this facility is only convenient on banks’ working days.

  1. RTGS :

The Real Time gross settlement (RTGS), that provides large amount of money transfers. The banks should be RTGS enabled, it roughly takes 30 minutes. The money transfer amount limit is minimum Rs. 2 lakh and it has no upper limit. But, the fund transfer is available only in working hours of respective banks. The time taken to transferring the money is based on real time. Moreover, one can avail the services of international transfers. But, this method is requires some transaction cost for fund transfers.

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