Finance

Different Ways to Transfer money online

Due to the recent technological advancement most of the work is done online. Today’s world can be broadly defined as a technology – driven universe. Almost everything is possible at a single click. Similarly, ways of transferring money and paying bills have also changed. The traditional ways of transferring money were through money orders, bank drafts, cash and cheque. This required a lot of time and manpower. However, the digital revolution has made this task easier for both the bank employees as well as their customers. The latest ways to transfer money and to pay bills are far more easier and less time consuming. Even though there are new techniques available that doesn’t mean the old ones are banned or unavailable. Some of today’s popular ways of transferring money are –

  • NEFT (National Electronic Fund Transfer) – It is one of the most common ways to transfer money these days. The two important things that are required for a bank NEFT transfer are, a bank account and the IFSC code of the account in which you need to transfer the money. This is one of the easiest ways to transfer money from one bank account to another easily.
  • UPI (Unified Payments Interface) – A unified payments method is used to directly transfer the money from one place to another via mobile phones. This is referred to as the real time payment service that allows the user to instantly transfer money via their mobile phones via Virtual Payments address. The best part about this method is that you don’t have to share your confidential information with a third party, you can transfer your funds directly and instantly. To transfer money via UPI, all you need to do is download the mobile application, enter your bank account details and the app will generate a VPA for you. Once this VPA is generated you can send or receive money instantly via the app. This option is better than bank money transfer because the transfer of funds happens instantly and does not require personal information.
  • Apps – Many Banking institutions have come up with their own apps to help their customers with their daily transaction needs. Also banks issue a debit and credit card through which you can make payments easily. These cards are connected to your bank accounts directly. Hence, all you have to do is ask your bank to issue a card, and you can use it for online shopping, bill payments etc. Apart from this, many third party applications also known as mobile wallets in which you can transfer the money from your account and then use it for various purposes. The biggest advantage of using mobile apps is that they have various lucrative cashback features and discounts.

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