Transferring funds from one account to another by visiting a bank branch is the least chosen option nowadays. Though the transfer of funds through mobile banking and net banking are the most preferred options, the transfer of funds through ATMs is also widely practiced. Let us check how to transfer money from ATM below.
How to do Account to Account Funds Transfer via ATM?
Funds can be transferred from one bank account to another bank account through ATM. Any account holder who is wondering how to transfer money from ATM should follow the steps mentioned below:
Step1: Visit an ATM and insert the ATM/debit card
Step 2: Choose the preferred language
Step 3: Enter the debit card PIN and click ‘Yes’ to continue
Step 4: Then choose the “Fund Transfer” option provided at the bottom most corner of the ATM display
Step 5: Enter the beneficiary’s bank and account number
Step 6: Choose the type of account – Savings Bank Account or Current Account
Step 7: Enter the amount to be transferred and click ‘Correct’. Then click ‘Yes’ to confirm the amount entered
Step 8: After providing the fund transfer amount, the fund will be transferred successfully. If a transaction is not completed within the time limit provided then a ‘time out’ message will appear. In such a case, the account-to-account transfer from the ATM process has to be repeated
Suggested Read:Transferring Money from Credit Card to Bank Account Online
Benefits of Money Transfer Service from ATM
Below are some of the key benefits of transferring money through an ATM:
- This facility is available 24X7 for transferring funds without visiting the bank or waiting for the banks to open
- You do not have to worry about a bank holiday or bank timings
- Any nearest ATM will serve this purpose for which you are not required to visit a specific bank branch. However, this may incur a few charges on your transactions
- ATM money transfer reduces your dependency on the bank officials
- ATMs reduce the work pressure on bank staff and avoids queues in bank premises
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Other Ways to Transfer Money
1. Net Banking
To avail net banking services, account holders need to register and sign up for the same. Once registered for the internet banking facility, the account holder can login using the User ID / Customer ID and net banking password to transfer funds anytime during the day.
Following details would be required during internet banking –
- Name, Account number and IFSC code of the beneficiary
- Amount to be remitted
2. Mobile Banking
Customers can transfer money through mobile banking by downloading the official mobile banking application provided by the bank. Using the mobile banking application, account holders can avail services like balance enquiry, mini statement, fund transfer, utility bill payments, and much more on-the-go.
3. Visiting the Bank Branch
Customers can visit their respective bank branch as well and fill the fund transfer form for fund transfer. Account holders can opt for NEFT, RTGS, IMPS or intra bank fund transfer depending upon their requirement.