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Bank to Bank Money Transfer Apps

Home Money Transfer Bank to Bank Money Transfer
Updated: 10-01-2024 05:48:17 AM

Online funds transfer is becoming a norm these days. Even in the cash-oriented economy of India, more and more people are using the net banking and mobile banking facilities provided by their banks for funds transfer and bill payments. The younger generation is more keen on dealing with plastic money and online transfers but the others are also slowly warming up to the idea of carrying out banking transactions online.

After the demonetisation drive carried out people realised that they cannot rely on cash completely and need to learn how to use digital money. Until this point, many people relied on ATM cards to withdraw money from the banks to carry out transactions in their daily lives. Now they are using credit cards, net banking, mobile banking, and e-wallets frequently instead of solely relying on apps.

If you want to carry out money transfers online from the comfort of your home, there are plenty of ways to do so such as:

  • Bank website
  • Bank’s Mobile website
  • Bank’s Mobile App
  • E-wallets
  • Third-party money transfer apps

One of the easiest ways to carry out bank to bank money transfer is by using mobile apps. You can download the mobile app and use your smart phone to transfer money easily to others or from one of your own bank accounts to another. These mobile apps give you instant access to your money wherever you are.

These apps also keep your data secure since you carry out transactions using a virtual payment address instead of your account number, IFS code, etc. If you have multiple bank accounts, some of these apps allow you to access them in one place and carry out interbank transfers from one of your accounts to another. These apps are safer and simpler to use than using individual bank mobile apps.

If you use a bank to bank money transfer app, you can send money to anyone at any time without the need to visit a bank. Before mobile apps were introduced, people had to visit their banks to transfer money. This took a lot of time since they had to spend a lot of time in going to the bank, waiting in the queue for their turn, completing the transaction, and then going back home.

It is important to remember that you will need to be registered for net banking and/or mobile banking with your bank for the account you plan to use for the funds transfer. You will need your net/mobile banking credentials to login to your bank account and transfer money to use the bank to bank money transfer apps.

Bank to Bank Money Transfer Apps: Features & Benefits
Frequently Asked Questions

Bank to Bank Money Transfer Apps: Features & Benefits

  • When people want to send money, if they do not have the option to send money online using a mobile app, they need to visit the bank during the business hours to carry out the transaction. They cannot send money on weekends, bank holidays, or even on weekdays after business hours. With a money transfer app, they are free to send money 24/7 irrespective of time or day.
  • Some of these mobile apps come with a facility where you can view the list of recent and favourite payees. This will help you even more in carrying out funds transfer transactions faster and keep a track of your finances. You will not have to remember the beneficiary details each time you need to make a payment for the payees you send money to frequently.
  • People do not need to spend much time in carrying out funds transfer if they use a mobile app. In this day and age where time is money, this can be a huge time-saver since you can transfer money instantly. This is one of the main reasons why these apps are gaining popularity amongst the masses.
  • Digital wallets are also quite popular amongst people but bank to bank money transfer apps offer more benefits. People do not need to add balance to their wallets for funds transfer, the funds transfer mobile apps directly access the bank account of the customer. This also saves a lot of time especially in the case of larger transfers since currently, mobile wallets cannot have more than Rs. 20,000 balance.
  • Wire transfers and other modes of funds transfers from bank to bank can be expensive since there are a lot of fees, taxes or charges involved. With bank to bank money transfer apps, there are nominal transaction charges levied on each transaction based on the policy of the payer’s bank. People who carry out a lot of funds transfer transactions can save a considerable amount of money by choosing the mobile app for money transfer.

Frequently Asked Questions

Q: Can I manage different bank accounts from one app?

A: Yes, some apps allow you to manage all your bank accounts in a single app. You get a virtual payment address for each account that you use to carry out your transactions and there is no need to remember details such as the account number, net banking credentials, IFS Code, etc. for carrying out transactions. You can also transfer money from one of your bank accounts to another using these apps. These apps have made sending and receiving money easier than ever.

Q: Is my account data secure if I use a bank to bank money transfer app?

A: Payments are carried out using a Virtual Payment Address (VPA) which does not contain any direct bank account information such as account number, net banking id and password, etc. Not only does it eliminate the need of memorising all of your net banking or mobile banking credentials, account number and other details to carry out transactions but also keeps your data secure by only using your VPA for money transfer.

Q: Are there an charges to use these money transfer apps?

A: In most of the cases, the bank to bank money transfer apps are free apps in the app stores. You can download and install them for free on your smart phones. There are no charges for registration or setting up of account. However, when you transfer money from one bank to another, even if to your own account, standard charges are levied by the bank. There are no hidden charges. The standard charges levied by the banks of transactions depend on the bank of the beneficiary, transaction amount, etc.

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